UK opens virtual fintech trade mission to APAC
The UK has set up a virtual fintech trade mission with the Asia Pacific region through the aid of market entry firm Newfound.
Australia has around 630 active fintech firms
Launch partners for the mission include Tech Nation, Edelman, FinTech Australia, Level 39, the New South Wales Government, and the British Australia Society.
The project is launching via a free event opened by the Lord Mayor of London, William Russell. Following that is a two-week digital trade mission to Australia starting on 7 September.
According to Peter Gillingwater, CEO of Newfound, the programme comes on the back of free trade negotiations between the UK, Australia, and New Zealand.
“UK fintech companies raised record amounts last year, making it the UK’s largest tech investment sector, and home to some of the most established fintech unicorns in Europe,” says Mike Jackson, entrepreneur success director at Tech Nation.
“[We are] delighted to showcase the high growth fintech clusters all across the UK, and including those clusters outside of London, as alternatives for ambitious fintechs looking to establish a presence in the UK.”
There are 630 active fintechs in Australia, according to KPMG data, while AUD 101 million in investment activity occurred over the first half 2019.
The country also has several neobanks including Xinja, Hay, and 86 400.
Xinja, which holds AUD 300 million in deposits, launched an AUD 33 million Series D in March.
86 400 closed an AUD 34 million Series A round the following month.
Related: Australia’s big four welcomes start of open banking
