Strong Government support for fintech and alternative finance has seen US$510 million raised in 2016, helping Australia take the crown as the Asia-Pacific’s second largest alternative finance market.
The alternative finance market in Australia grew more than 50 per cent in 2016 to place it ahead of Japan as the holder of 30 per cent of the total Asia-Pacific market, according to a KPMG, Cambridge Centre for Alternative Finance, and Australian Centre for Financial Studies report.
Commenting on the growth, Treasurer Scott Morrison said strong Government support to effectively legislate fintech practices had paid off.
“This is a fantastic outcome and reinforces Australia’s leading global position in the development and use of fintech. It reflects the hard work and dedication by those in the sector,” he said.
“The report confirms the positive impact the Government’s fintech agenda is having in making Australia a worldwide fintech hub.”
Further legislation around fintech was introduced into parliament last week to support the extension of the crowd sources equity funding framework to proprietary companies, and the removal of double taxation on digital currency.
