Welcome to the EY FinTech Australia Census 2019. FinTech Australia has continued its successful collaboration with Ernst & Young Australia to deliver this important piece of research for the fourth year running. The Census remains the only detailed, industry-backed analysis of the Australian fintech industry.
This research initiative forms a critical part of FinTech Australia’s efforts to foster a thriving fintech ecosystem. Australia’s fintech industry has emerged as being amongst the important fintech ecosystems globally. This year we have seen an increase in the level of partnerships between incumbents and fintechs as the approach to collaboration matures and as consumer and business demand grows.
The Census gives us hard data and credible insights to back our advocacy work to drive the industry’s ongoing expansion. This year’s Census delivers new insights into key industry issues, notably the impact of last year’s Royal Commission and the implementation of Open Banking under the Consumer Data Right (CDR) legislation. It also addresses the progress in creating a diverse and inclusive industry, international expansion intentions and key barriers to growth.
This report is also, arguably, the best source document to define the overall shape of Australia’s fintech industry and how we differ from overseas markets. It gives us fine-grain detail about the established and emerging sub-sectors within fintech and helps track the industry’s increasing maturity in terms of company size and revenue. We hope you enjoy reading the Census report and learning about the dynamic fintech industry we have here in Australia.
General Manager, FinTech Australia
The fintech sector continues to grow rapidly in Australia and around the world. EY is committed to working with fintechs, investors, regulators, governments, education institutions and accelerators/hubs to help the industry realise its potential. An important part of our commitment has been to deliver comprehensive, focussed and prescient thought leadership to help define the industry, identify the challenges and cast light on the best way forward.
For the fourth year, the EY FinTech Australia Census provides an exciting contribution to this commitment and recognises the strong global connection within EY supporting the fintech industry. The Census is essential research conducted with the Australian fintech community by EY Sweeney. It delivers a powerful fact base, combined with broader insight to inform and inspire those involved with the sector. For this first time we have added views from major Australian financial services organisations on collaboration with fintechs and how this has developed in Australia.
We are proud to be collaborating with FinTech Australia on this significant initiative and pleased to be able to share the Census’ findings.
Partner Financial Services,
Ernst & Young Australia