Finance is the backbone of any economy, making it one of the most lucrative careers to pursue. However, a closer look at the industry depicts a different story. The tables have turned drastically in the recent past. With governments and international organizations promoting financial inclusion, fintech is the new buzzword for the doyens of the industry. Fintech industry has been warmly welcomed globally and the credit goes to increased access to the Internet and social media, coupled with the market getting flooded with smartphones, tablets and computers. With all these factors in play and people questioning financial institutions after the sub prime crisis, the much needed integration of finance and technology to bring about automated and efficient financial services solutions, has garnered a lot of attention. The popular solutions include mobile wallets, micro financing, alternative lending, etc. There’s also a lot of opportunity that allows startups to break through the current conventional financial systems.
With Britain losing the grip on a host of things post the Brexit vote, Fintech has also followed suit. Fintech startups have been moving their offices to other European cities.
To retain the financial stature of London being the financial capital of the world, the government has strategically, revamped an agreement with Australia to establish a “fintech bridge”, which is a clear win for both the countries.
UK, sees Australia as a gateway to the Asian Market as many Australian start ups have secured a strong foothold in Asia. With a “fintech bridge”, it has become easy for UK fintech startups to penetrate these markets. Having said that, what’s in it for Australia? Basically, the said Fintech Bridge would streamline the licensing process in both countries, which essentially means that it’s now easier for Australian fintech companies to pitch to UK clients, as the licenses they hold in Australia will now be accepted in the UK too. This would save them time, efforts and money, when expanding to the UK. The bridge has given Australian companies a great opportunity for a collaborative effort with UK companies. With the biggest benefit being establishment of a quick compliance mechanism in both the countries.
This has allowed Australia to gain access to the lucrative UK market that will surely have a close relationship with the EU and it has helped the UK avoid too many MNCs from leaving their shores. It’s a solution that has helped both UK and Australia.
Australia, in the recent past has made major progress in the field of finance and technology and is growing at a rapid pace. The Australian Fintech wunderkinds have been putting up a tough fight against every major global financial giant. Australian startups are clearly industry leaders in terms of creativity, accessibility and problem solving. The Australian government is more than supportive. The approach of these companies is on point, simple, yet effective. Their strategy of first focusing on establishing a strong presence in the local market and then venturing into global markets is paying rich dividends. Australian consumers have been highly receptive to the latest trends in the finance industry as most start ups are focusing on solving a grassroots issue like – tackling the loose change conundrum, making tracking of bank charges easy, etc. basically things that come handy on a day to day basis and establishing a level of trust among the users.
The credit for the excellent startup culture goes primarily to Australian Universities. Australian universities focus on imparting skills and education that is currently in vogue. Educational institutions are promoting fintech as an industry that will create millions of new jobs and many leading universities have various courses for the same.
The University of Western Sydney is one of the best for learning about global finance. The alumni vouch for the experienced faculty and the rigorous course structure that focuses on technical knowledge & practical skills, which are needed to function well in the increasingly evolving financial environment. The course structure is also highly industry specific as it is developed by individuals who are actively involved in the financial sector. The university is best known for supervision and assistance for research studies and instilling entrepreneurial values among the students.
The icing on the cake is that this world class university, offers a Masters of Business Administration and Masters of Applied Finance, jointly with BSE institute Limited, a premier financial institute of India. The course trains students to be qualified as global Financial Analysts, Credit Risk Management Analysts, and M&A Analysts and Financial Managers who easily get a salary of over $50,000 in their first job after college.
Your Gold Coast dreams aren’t that far after all.