“Brand Australia” keeping fintech investment strong: Fintech Australia CEO

Elizabeth Barry 27 October 2016

AICC fintech event

Danielle Szetho, CEO of Fintech Australia, said Australia's gold-class regulation and branding means finding capital investment is no longer an issue for fintech startups.

The strength of Australia's reputation in areas outside of fintech and our "gold class" regulation has led to strong capital investments in the fintech sector. CEO of Fintech Australia Danielle Szetho discussed the capital needs of fintech startups among other things at a panel, hosted by the Australia-Israel Chamber of Commerce, for Sydney's Spark Festival.

"Brand Australia has so much promise, and we see that all the time when we talk to internationals," she said. "They say that Australia has the hardest regulations to crack, and if they can make it here they can make it anywhere."

Szetho, who had just returned from a tour of Australia, also touched on where cities outside of Sydney were looking for investments.

"When you think about the geographic proximity of Perth, the time zone, a lot of the entrepreneurs I spoke to there, they’re not actually thinking about Sydney, they’re not necessarily looking East...they’re looking north instead of east," she said.

"They’re looking at Singapore and China, which gives them opportunities in so many more markets, and this is a mindset we need to cultivate going forward."

According to Szetho, access to working capital, which was originally an issue for Australian startups, has really turned around in the last 12 months.

"The areas we are seeing as really big challenges, though, is access to customers, so demand as well as getting partnerships with banks, in a survey 41% indicated they were finding it really challenging to build partnerships with financial institutions, and the other one is access to talent."

Szetho was joined on the panel by Beau Bertoli, CEO of SME lender Prospa and deputy CEO of the ASX Peter Hiom. Bertoli discussed partnerships with key players such as Reckon Loans and XERO, as well as developing Prospa's brand, as key to leading to a "fantastic flow of customers".

Hiom, at the opposite end of the both the product development journey and the market, explained the ASX's process for partnering with a startup to replace its CHESS system with a blockchain infrastructure in 12 months.

"We partnered with a company who had other shareholders like us. You remember Betamax vs VHS? We wanted to make sure we didn’t find ourselves wandering around with a tape that didn’t fit in the cassette recorder at the end of this process," Hiom said.

Latest fintech headlines

Image: Shutterstock

More great ideas from finder.com.au

Get a life insurance quote
Get a life insurance quote

Find out what it costs to protect yourself and your family

More info...
Refinancing home loans
Refinancing home loans

Choose from offers with rates as low as 3.39% p.a.

More info...
Google Pixel
Google Pixel

Compare plans for Google's flagship Android phone

More info...
Christmas ideas
Christmas ideas

Visit our Christmas homepage for gift ideas, markets, travel & deals

More info...

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback