Australia’s fintech sector gathers pace

Australia’s financial system could be turned upside down in a federal government-blessed process heavily involving the nation’s tech community. Treasurer Scott Morrison set the seal on the coming transformation in a presentation in Sydney on 17 June to about 200 young representatives of new business ventures using high level data management, predictive technology and artificial intelligence to mount a head-on attack on existing financial arrangements. Australia’s four comfortable, highly profitable major banks could be facing an imminent death of a thousand cuts from these startups. Scores of agile, innovative specialist companies, many run by recent defectors from the established banks, are applying the latest IT technology to sharpen the business performance of a raft of financial applications, and win customers away from the Big Four. This threat has been gathering…

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