FinTech in Australia will exceed AUD $4 billion by 2020

FinTech in Australia will exceed AUD $4 billion by 2020

A new report found that FinTech revenue in Australia will most probably grow with a growth rate (CAGR) of 76.3 percent and exceed A$4 billion by 2020,

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A new report found that FinTech revenue in Australia will most probably grow with a growth rate (CAGR) of 76.3 percent and exceed A$4 billion by 2020, as reported by cryptocoinnews.com.

The study named Australian Fintech, Forecast for 2020, revealed that the increase can be attributed to a reduction in taxes on investments in start-ups, tech-savvy digital individuals, and a rise in mobile payments, said cryptocoinnews.com.

“The Australian Fintech Sector generated A$247.2 million in 2015. Sharp growth in the Fintech market in 2016 and 2017, followed by steady increases through to 2020, is likely spur growth.”, as stated by the report available at researchmarkets.com.

Moreover, the description of the report mentions the role of decentralized technology like Blockchain (full liknk: http://www.researchandmarkets.com/research/bwpkq4/australian):

“The replacement of financial advice teams with Robo-Advice teams will be hugely attractive to established financial institutions that want to cut labour costs. Blockchain will radically reduce costs by decentralising ledgers for financial settlements.)”

With billions invested in the FinTech sector, Australia seems to be an attractive location for new businesses to establish themselves.

Cryptocoinnews.com has reported that eligible businesses in Australia would be able to test a range of financial or credit services with up to 100 retail clients and wholesale clients for up to 12 months without a license or approval from ASIC.

Also, Australia`s interest in the blockchain technology has been said to increase, with pilots using blockchain to sell grain and make bookings with Microsoft, wrote cryptocoinnews.com.

Current FinTech leaders like London and Singapore can expect the rise of a new FinTech hub.

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