Australian FinTech Is To Rival UK

Australian FinTech Is To Rival UK

While the UK is known to be a global financial technology hub, Australia is quickly gaining some recognition in the Blockchain community.AgriDigit

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While the UK is known to be a global financial technology hub, Australia is quickly gaining some recognition in the Blockchain community.

AgriDigital, an Australia-based integrated commodity management solution for the global grains industry, was one of the seven Australian fintechs that took part in the British Australian FinTech Forum hosted by the British Australian Chamber of Commerce in London. Some of the key problems discussed at the conference on its opening day were payments, identity, RegTech, blockchain, cybersecurity and partnerships with banks and other financial insitutions, as explained by the report.

In an interview with cryptocoinnews.com, Emma Weston, co-founder and CEO of AgriDigital, said that AgriDigital has been a success since its launch. As she added, this shows that the blockchain technology offers a solution for agriculture.

“We are also investing in using blockchain and distributed ledger technologies to build out an entire digital agriculture supply chain with key industry participants.”, according to her.

“Doing this will provide valuable provenance data and offers participants savings in reducing transaction costs, risk and fraud.”, she elaborated, while speaking to the online media.

Despite of Australia`s efforts in the field, the UK is investing an “enormous amount of economic and legislative power in setting up the right infrastructure’ that aims to support blockchain development, attracting fintechs from other countries”, as Weston noted in the interview.

“This is something we could learn from in Australia, particularly in regards to supporting innovation and competition through open data, and initiatives like the new limited banking licenses.”, she said.

Monzo and Starlin Bank are some of the examples that function under limited banking licenses to provide competition to traditional banking services and an alternative banking model.

It remains to be seen how the two countries will tackle the challenges and opportunities presented by the new technologies in the field.

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