Financial technology (fintech) is where the future lies for Australia. I recently had the opportunity to visit the offices of Stone & Chalk, the Sydney based fintech hub on Level 2 of the AMP Building in the CBD.
Stone & Chalk has received $150,000 from the government to support its Asia initiative. Announced by Treasurer Scott Morrison during his visit to Shanghai to attend the G20 finance leaders’ meeting, the program aims to provide insights around emerging financial services, including crowdfunding, peer-to-peer lending, mobile payments, digital currencies and artificial intelligence.
The government has also announced that Shanghai as the preferred site for Australia’s latest “landing pad” – a physical location where Australian entrepreneurs can go to get advice about the local market, start networking with other companies and prospective partners, and get a toehold in an international market.
China is a market of 618 million internet users and 300 million online shoppers. Companies will need to take a mobile-first approach to development because 86% of all internet access in China originates on mobile devices.
Fintechs will also have to fight off entrenched technologies, he said, pointing out that 91% of the 600 million users of the China-only social network WeChat already have credit card details attached to their accounts to make payments.
The name Stone & Chalk symbolises the nature of innovation in Financial Services:
“Some things are set in Stone” – integrity, trust, regulatory compliance and customers first, “The rest is written in Chalk” – redefining, re-imagining, and creating.
Check out the resident start ups on the Stone & Chalk website here.