‘Lagging the world’: Australia’s fintechs grew despite lack of incentives

Jan 04, 2021
SeedSpace Team

Australia’s fintech sector continues to grow, despite the challenges of the COVID-19 recession, new research has shown. Despite a growing number of fintechs entering the market, venture capital investor Seed Space highlighted Australia cannot compete globally in a fintech market due to weaker global initiatives. 

In a submission to the Senate committee on fintech and regtech, the company said not only were the incentives available in Australia not large enough to push investor money towards the fintech sector, the concession scheme was also restricted in the types of companies investors could fund, with service businesses such as robo advisers and neo-banks excluded.

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