FinTech industry could fill mining void
Australian investors are being urged to support local FinTech start-ups to take advantage of the opportunities of digital disruption.
Industry consultant, Ian Dunbar, said that while the sector could fill the hole in the economy created by the end of the mining boom, he warned that failing to act quickly could see $27 billion of total revenue stripped from the banks.
"With the end of the mining boom, we must foster more home-grown innovation and help FinTech start-ups commercialise their ideas, because we can't just keeping digging stuff out of the ground," he said.
"We will become a buyer of services from overseas if all the innovation is occurring in the US and the UK — and all of those profits, and jobs, will stay overseas."
Announcing the launch of online FinTech network, Afiniation, Dunbar said, "if you believe there are big changes occurring in the global economy we have to want some winners".
"Start-ups have the potential to create wealth, employment and bring income back to our region and drive further innovation and creativity," he said.
Dunbar said Afiniation will officially be launched on 14 July, with a showcase event for leading digital disruptors scheduled for Sydney's Ivy Ballroom on 24 September.
AUTHOR
Nicholas O'Donoghue
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