The Australian fintech market has continued to innovate and grow despite a turbulent year for funding. Since 2020, the transaction value of digital payments has almost doubled from $58billion to $108billion in 2023, according to Statista. With the value expected to rise to $188billion by 2027, many organisations are keen to get involved in the market. Facilitating this possibility is the 2023 UK Fintech Trade Mission to Australia’s Intersekt Festival.
The 2023 UK Fintech Trade Mission to Australia’s Intersekt Festival is a mission organised by the Department of Business and Trade (DBT). It provides participating companies with an opportunity to network, pitch sessions and connect with key stakeholders and decision-makers in Australia’s fintech ecosystem.
The signing of the UK-Australia Free Trade Agreement (FTA) and the UK-New Zealand FTA has bolstered the opportunity for UK-based companies in the APAC region. As a result, two-way trade and investment between the countries will be improved. To capitalise on these, the Mission invites UK-based organisations to learn about payment, lending, opening banking, ESG and more in the region.
The companies taking part in the mission are:
- First Derivative
- KX Systems
- NCC Group
- Veracity Trust Network
The Intersekt Festival 2023
Intersekt Festival is one of the largest gatherings of Australian fintechs and financial services in the market. Hosted by FinTech Australia, the event examines, discusses and unlocks the potential of Australia’s fintech market. Speakers at the event will hail from both Australia and abroad. Round tables and workshops will take place from 30 August – 1 September in Melbourne and Sydney. An optional extra leg will take place in Auckland, New Zealand, from 4 – 5 September.
Discussing the companies capitalising on the opportunity at Intersket following the FTAs, Louise Cantillon, British Consul General and Deputy Trade Commissioner Asia Pacific (Australia and New Zealand) said: “This culture of innovation, partnership and entrepreneurial spirit along with a world-class talent pool will continue to propel the UK’s financial services sector to new and exciting heights. This can best be achieved through UK and Australian collaboration with the fintech bridge accelerating success in both markets.”
Collaboration is key in the world of compliance
As technologies continue to develop and improve, collaboration is going to be key. Especially if organisations want to provide consumers across the globe with the best services possible. One of the areas for collaboration in Australia is anti-money laundering and fraud prevention.
Abigail Thornley, sales manager at NCC Group, the cybersecurity firm told eFintech how the Trade Mission will benefit the company and the ecosystem: “Australia is one of the most innovative technology leaders in the world. As a result, we’re excited to represent NCC Group as one of the delegates joining the Fintech Trade Mission.
“With the software escrow services that NCC Group offers, we are poised to play a pivotal role in strengthening the resilience of the critical software supply chain in Australia. Especially following the Australian Prudential Regulation Authority (APRA)’s new regulations.
“Intersekt 2023 provides us with the perfect platform to collaborate with delegates, explore opportunities and share best practices. This is a positive step forward in collectively shaping the future of resilience in fintech.”
Tackling the late payment issue in the UK and Australia
In late 2022, a report was published by the alternative funding provider Growth Lending, which identified that 93 per cent of UK tech SMEs were not paid on time. However, as noted by CEO of Know-it, Lynne Darcey Quigley: “The plight of late payment culture and outdated manual credit control processes is not exclusive to UK businesses.”
A report by Xero, the cloud-based accounting software provider, revealed that late payments cost Aussie businesses $1.1billion per year. The Mission to Intersekt gives Know-it an opportunity to tackle this issue as Darcey-Quigley said: “Now is the time for Australian businesses to gain access to ensure their cash flow and financial processes are secured and automated from end-to-end. Furthermore, there is a real appetite in Australia with the likes of Xero and MYOB making it easy for businesses to connect their accounts package to our automated credt control solution.”
“Here at Know-it, our long-term goal is to take our offering global and help organisations worldwide wake up to why automating the credit control process is vital to not only business survival, but success too.
“Having this opportunity would not have been possible without our partners at Fintech Scotland and Scottish Enterprise. They have provided the necessary support required for startups to be a part of crucial events such as Intersekt conference.”
Building on previous success
In 2022, eleven fintechs made the trip across the globe to take part in the Trade Mission. It included QV Systems, CurrencyCloud and Clear Bank. The companies delivered presentations to conference delegates and senior officials from the Australian and New Zealand markets.
Senior figures in the market presented speeches to the group about the Australian fintech landscape. Specifically, regarding Australia’s policy developments and how they could work more closely to build partnerships.