New report highlights the role of fintech in bridging financial divides in Asia Pacific

  • Asia is home to nearly half of the Top 20 global fintech hubs
  • 45 fintech hubs were identified across the Asia Pacific region – nine more than last year
  • Hong Kong, Singapore and Sydney ranked first, second and third in the Asia Pacific city fintech rankings
  • The report from findexable, powered by Mambu, includes in-depth case studies on Vietnam and Indonesia

SYDNEY, 16 December 2021: Fast-paced fintech innovation in Asia Pacific is having a measurable, positive impact on access to financial services in the region, according to a new report from findexable, powered by Mambu, titled ‘Asia Pacific Fintech Rankings: Bridging Divides’.

The report, which provides an APAC-centric deep-dive into the Global Fintech Rankings released mid-2021, highlights the vital role fintech innovation has in closing the gaps between the ‘banked’, ‘underserved’ and ‘unbanked’, particularly in countries which may have low levels of formal financial inclusion, but high levels of smartphone ownership and internet penetration.

Simon Hardie, CEO & co-founder at findexable, said: “The 2022 rankings of Asia Pacific fintech hubs are testament to the region’s diversity, ingenuity, and commitment to innovation. With 45 hubs across the region (one third more than in 2020) – fintech firms across Asia Pacific are proving fintech is the engine of the digital economy. More importantly, as this report shows, fintechs are showing that building successful businesses should go hand in hand with contributing to wider financial inclusion and development goals.”

Myles Bertrand, Managing Director at Mambu, said: “We’ve seen an astounding acceleration in the rate of fintech innovation across the region over the past year, and while some of that was a direct result of the pandemic, the adoption of new financial technologies is now being driven primarily by consumer demand. Consumers across Asia Pacific have experienced how digital banking technologies can make their lives easier, with a huge range of faster, more convenient and much less expensive ways to manage their money. So, we’re seeing a rapidly growing number of previously unbanked consumers who are now able to participate in the formal economy.”

Bryan Carroll, CEO of innovative Vietnamese digital-only bank TNEX, who was interviewed for the report, agreed with this assessment, adding: “We have customers whose annual income may be less than $2,000. These are people who, in the past, wouldn’t be able to afford banking.”

The report, which includes in-depth looks at Vietnam and Indonesia, and commentary from a number of Asia Pacific fintech leaders, identifies the countries and cities leading the fintech charge in the region, including Jakarta, which jumped 27 places in the city rankings this year, and New Zealand, which rose 15 places in the country rankings to sit inside the top 10 for the first time. Also unpacked in the report are some of the new financial technologies – particularly in the payments space – that are changing the way that people across the Asia Pacific region manage their money, where cash has been relegated from its long-held position of king.

However, while fintech innovation is increasing at pace, old roadblocks remain and new barriers arise frequently, with the report highlighting some of the issues faced by fintechs due to the region’s complex regulatory framework and the disparity in economic maturity of different countries.

“Asia is home to nearly half of the Top 20 global fintech hubs identified in the report, but the differing regulations from country to country can be a real hindrance to multinational growth in the region,” continued Bertrand. “Each country’s central bank or government has its own agenda, so it’s incredibly important for fintechs to work collaboratively with the regulators in each country to understand their concerns, and to help support the creation of mutually beneficial ecosystems that support innovation. That’s what’s going to truly drive continued improvements in financial inclusion.”

The Asia Pacific Fintech Rankings: Bridging Divides report is available to download here.

For further insight and commentary into the findings of the report, download the webinar-on-demand Fintech in Asia – Defining Success at Scale, which discusses the booming fintech landscape in Asia Pacific and  features Simon Hardie from findexable, Myles Bertrand from Mambu, Bryan Carroll from TNEX, Arvind Sankaran from AFG Partners, and Yosia Sugialam from

 About Mambu

Mambu is the world’s only true SaaS cloud banking platform. Mambu fast-tracks the design and build of nearly any type of financial product for banks, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be configured any way our customers require to meet their customer’s needs. Founded in 2011, Mambu has 800 employees​ and ​200 customers globally, including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, BancoEstado, League Data and Orange Bank.

About findexable

Findexable is a global research and analytics firm on a mission to digitise investment in fast-growth private market fintech. Regardless of location. Using real-time mapping and indexation technology, findexable maps and scans markets, and provides latest insight on the innovators, innovations and trends in financial technology.

The Global Fintech Index is the world’s first real-time indexation of global fintech ecosystems and companies scoring the strength of fintech ecosystems globally across 85 countries and 275 cities using a proprietary algorithm and proprietary datasets via a network of global partners.

FinTech Voice December 16 – Sponsored by Asian Financial Forum (AFF)

It’s almost the end of 2021! We’ve accomplished a lot together and we are committed to advocating for the industry and building opportunities for collaborations. We thank you all for your amazing support and feedback.

This is the last newsletter for the year as we wrap up before the break. You will hear from us again on January 13, 2021. We wish you a very happy holiday season and prosperous new year.

With respect to policy, we have some exciting updates to round out the year! Following our final CDR webinar for the year, we are excited to announce that Federal Government released our Transforming Australia’s Payment System report this week. We have submitted our drafts in relation to the Online Privacy Bill and Government’s latest Modern Business Communications consultation.

We look forward to continuing our work on the Privacy Act in the new year with our draft submission for the general Privacy Act consultation in mid-January 2022.

Our new FinTech Australia Podcast episode on CDR: A Discussion and Introduction released this week.

If you have queries or require any additional information, the team is always available.

Finally, we welcome our newest member this fortnight – CHIPPER CASH, GREYTHORN ASSET MANAGEMENT, MYLENDA AND HELPPAY.


Rehan D’Almeida
Head of Partnerships and Marketing
FinTech Australia

AFF is Asia’s premier platform for global leaders in government, finance and business to exchange insights, intelligence as well as to explore business and investment opportunities. A community of 66,000+ viewers, investors, fintech innovators and entrepreneurs hailing from 80+ countries and regions. The 15th Asian Financial Forum on 10-11 January 2022 will not be one to skip. Don’t miss the chance to attend a dynamic event packed with impactful exchanges and showcase of a wide array of next-gen #fintech solutions. Grab the exclusively discounted tickets with promo code JMP47D. Register here.

CDR Report

To see which recommendations from the Future Directions Inquiry were accepted (totalling 94 out of 100 accepted or partially accepted) check out the Government’s latest report.

Privacy Act Consultation

We are seeking final pieces of member feedback for the Privacy Act component of this review

We have also submitted the Online Privacy Bill section

Modernising Business Communications Consultation – Technology Neutrality

We have sent in our final submission to the Government

📖 Join the Fintech in Vietnam Program delivered by Asialink Business in association with Department of Industry, Science, Energy and Resources (DISER) and Austrade – a comprehensive online training series for Australian business leaders in the Fintech sector who are exploring opportunities to plug-into Vietnam’s fintech market. Learn more about the program and apply today! Use code FINTECHAUS100 for free registration!

💲 FinTech Australia is partnering with FINTECH21a two-day, two-stream program on Blockchain & Crypto and Fintech Trends. Book your tickets for Australia’s largest fintech event of 2022 – 23-24 March 2022. Also, reach out to us for speaking and exhibiting opportunities. Use Code FAU15.

Don’t miss all the news and insights from our members and corporate partners from our newsroom.

  • Visa, the world’s leader in digital payments, recently unveiled a new research showing the case for crypto is getting stronger for financial institutions
  • WeMoney surveyed 1,046 Australians to uncover their thoughts about money and gauge their overall sense of financial wellness
  • Episode Six Co-founder, John Mitchell shared his opinion on Why the metaverse will go far beyond Meta in his recently published article in Nikkei Asia
  • CreditorWatch data: Recovery to take longer than expected; Perth and Brisbane bouncing back quickest
  • Square, Inc. recently announced that it is changing its name to Block. Block will be the name for the company as a corporate entity
  • Open announced as Australia’s 7th fastest growing company in AFR Fast 100
  • Swyftx announced a major two-year partnership with the Brisbane Lions.
  • According to YouGov research commissioned by Dacxi, Australians look to crypto for wealth building as four in ten see real estate as a bubble
  • Monoova and the NPP: Reimagining the real-time reconciliation of Accounts Payable and Accounts Receivable
  • makes car finance faster through connected insurance with Open
  • Thought Machine raises $200m in Series C funding to bring world’s banks to the cloud
  • Openmarkets goes live on GBST’s Australian Retail Clearing Platform
  • MyBond is officially launching its rental bond services with a new website refresh & series of videos demonstrating a cool new alternative to playing rental bonds
  • RSM Australia recently released a report on Australia’s R&D tax incentive, timing it with its 10 year anniversary.

Wage advance FinTech, MyPayNow, reaches $500m lending milestone

Gold Coast based Fintech, MyPayNow, has officially lent out over $500 million in wage advances to  eligible, working Australians. 

Since inception in June 2020, MyPayNow has set out to solve the age-old problem of waiting for  payday by allowing its users to access a portion of their pay early. In only 18 months of business, the  company has accumulated over 270,000 user accounts with the app downloaded over 400,000  times.  

In October 2021, it was announced that the company would upgrade as the Principal Partner across  the NRL & NRLW teams of the Gold Coast Titans, as part of an initial landmark 3-year deal. More  recently, MyPayNow have joined the Titans’ Physical & Intellectual Disability Rugby League  Program, which is one of many community programs delivered across the club. 

“Advancing $500m in 18 months is a massive achievement and we are proud to have reached this  milestone in such a short time, with our eyes set on lending $1b by the end of next year. We have  some really exciting plans in the pipeline for 2022 and can’t wait to share the news”, said  MyPayNow Managing Director, Bronson Powe.

About MyPayNow  

The MyPayNow app provides working Aussies with the freedom to access up to a quarter of their pay early, up to $1250. The  service is quick and easy to use – once funds are requested through the app, money lands in a users bank account in minutes.  The MyPayNow app is powered by custom built AI technology, which automatically assess’ a customers eligibility and  suitability by filtering through income, expenditure and spending behavior. Once approved and money is deposited, the wage  advance (plus a small 5% fee) is paid back via direct debit


 Pty Ltd | PO Box 823 | Surfers Paradise QLD, 4217 | ABN 34 635 410 909 

RSM: Australia’s R&D tax incentive Report

Research & development is a key engine of economic growth and competitiveness for many nations, including Australia.

It can develop new products or improve existing ones and improve the efficiency of an industrial process, allowing companies to survive and thrive in competitive international markets.

Australia’s R&D tax incentive – which provides a tax refund for smaller companies and a tax offset for larger companies – has a number of objectives

Firstly, the Government wants to encourage companies to carry out R&D they wouldn’t have otherwise carried out as well as stimulate economic growth through a couple of key concepts.

Secondly, it’s important for Australia’s R&D system to remain competitive, otherwise companies may take their work offshore to more tax advantageous jurisdictions. It aims to help more expensive jurisdictions better compete with others where costs and wages are lower or tax rates are preferential.

In this report, we perform a review of the last 10 years of the Australian R&D tax incentive, follow its evolution and identify areas for reform.

Download Report

GBST partners with U.S. company to inspire people to tackle debt and conquer financial goals

GBST’s Equate solution is powering five new calculators covering credit cards, savings,  budgets, loans, and repayments. The calculators are on, a domain for the dfree®  Financial Freedom Movement, a trademark of CCCI.  

dfree® is a transformational lifestyle movement that guides people to become free from debt and  deficit, by helping them to establish funds for deposits, dividends, and deeds for a more prosperous and successful future. 

Brianna Dobing, Digital Manager at GBST, said, “We are delighted to partner with dfree and continue  building our presence across North America. Our digital tools are highly flexible, multi-currency, and  can be easily adapted to other markets and jurisdictions. 

“The calculators are designed with the dfree® Movement’s branding and encompass configurable  call to actions, which allow anyone to request to speak with a financial advisor. Working with an  organisation like CCCI has been even more meaningful for the GBST Digital team, knowing we’re contributing to an organisation that places its customers’ financial freedom at the heart of what they  do, by providing the tools that will encourage and teach them to pay off debts, save money, and  make more informed financial decisions.” 

Dr. DeForest B. Soaries, Jr., the CEO of Corporate Community Connections, said, “We chose GBST’s  Equate after conducting extensive market research. We were looking for intuitive, user-friendly calculators that could be incorporated into our marketing strategy to promote financial  sustainability. We’re excited because the digital tools are helping people assess where they are so  they can conquer their financial goals, whether it’s living within their means, setting a budget, paying off debts, investing or building an emergency fund.” 

The GBST Digital team works with financial services clients worldwide to improve brand reputation,  build brand advocacy, and enhance online customer journeys, engagement, and drive acquisition.  GBST’s customer experience experts create bespoke digital solutions for financial institutions from  calculators to portals, apps, content management systems, and more.  

About GBST 

GBST provides financial services technology to the wealth management and capital market sectors  globally. The company creates vital back, middle, and front-office technology solutions for wealth  managers, life and pension companies, global and regional investment banks, stockbrokers, and  fund managers. 

Founded in 1983, GBST works with over 100 organisations across Australia, Asia, the UK, and the US.  Its wealth management technology supports over 5.5 million investor accounts under administration,  its retail broker and clearing clients currently manage over AUD$200 billion in sponsored HIN, cash  holdings, and margin loans, and more than 60% of all ASX trading activity currently travels through  GBST’s systems, which processed more than AUD$2.2 trillion in trade value during FY2021. 

For more information, visit 

About Corporate Community Connections 

Since 1997, Corporate Community Connections, Inc. (CCCI) has created connections between  corporations and underserved communities to accomplish the mutual benefits of increased access to  diverse markets and expanded community resources. From large, expanding health care systems  growing into urban areas to large financial services companies desiring to diversify their employees,  Corporate Community Connections, Inc., has been able to connect organizations to solutions and  create sustainable strategies that become embedded into the institutions.  

Additionally, the dfree® Financial Freedom Movement is a trademark of CCCI. It is transformational,  lifestyle movement that promotes financial freedom through values-based principles and practical  approaches to financial management 

For more information, visit or

Andrew Byrne – Marketing
+61 2 9005 0922

Annual WeMoney Financial Wellness Survey 2021 – 2022

60% of Aussies worry about debt – 30% live paycheck to paycheck 

Australia’s leading social financial wellness platform WeMoney has surveyed 1,046 Australians to uncover their thoughts about money and gauge their overall sense of financial wellness. 

The survey found many Australians are anxious about their financial future. 

Over half aren’t confident about their current financial situation. 

Almost a third are living payday to payday. 

Heading into 2022, the cost of living and rising property prices are the top two financial fears for Aussies. 

WeMoney’s Financial Wellness Survey also found that:

  • 29.7 percent live paycheck to paycheck with more than 1 in 3 ‘just surviving’.
  • 55 percent don’t feel confident with their current financial situation.
  • 6 out of 10 worry about debt, with 46 percent doing so on a weekly basis
  • More than 7 in 10 have used a Buy Now Pay Later product.
  • Cryptocurrencies and NFTs, at 42.6 percent, are more popular than traditional stocks, at 36.7 percent. 
  • More than 4 in 10 don’t have an emergency fund with close to 3 out of 10 not planning for large expenses. 
  • Over 40 percent want their next major purchase to be a property. 
  • More than 51 percent are spending more on Christmas in 2021 compared to 2020.
  • 66.5 percent expect their largest line item at Christmas to be gifts.

“Some of our members’ attitudes towards their financial health make for concerning reading. Clearly the pandemic has impacted many people’s finances, and this was born out in a high percentage of people who were anxious about their current and future financial positions” said WeMoney’s Founder & CEO, Dan Jovevski

“On a positive note, while property prices are still a concern, the great Aussie dream of home ownership remains strong and saving is on the agenda for almost 60 percent of respondents in 2022. The survey also confirmed how far crypto has come in the common consciousness of Aussies. We believe this trend is only going to get more popular.” said Mr Jovevski. 

For the full breakdown of data and the report please visit 

Based on survey of 1,046 WeMoney members aged between 18-70 between November 29th 2021 and 1st December 2021. 

Media Contact
John Solvander
+ 61 419 342 192

Dan Jovevski
+61 410 067 079

1 in 3 Aussie Crypto owners likely to switch banks to one that offers Crypto products, Visa study reveals

Visa, the world’s leader in digital payments, has today unveiled new research showing the case for crypto is getting stronger for financial institutions, with one in three (33%) Australian crypto-owners saying they would be likely or very likely to switch their primary bank to one that offers crypto products in the next 12 months.

The global study from Visa, “The Crypto Phenomenon: Consumer Attitudes & Usage,” found that digital currencies are taking greater hold in the popular consciousness – awareness of crypto among financial decision makers in Australia is near universal at 93%.

The research also shows growing adoption of crypto, with more than one quarter (27%) of Australian crypto-aware respondents having directly engaged with crypto either as an investment vehicle or as a medium of exchange.

Anthony Jones, Visa’s Head of Innovation and Partnerships for Australia, New Zealand and South Pacific said: “Digital currencies and crypto assets signify a technology shift not only for money movement but also digital ownership, with growth in this space poised to continue. As consumer investment into this new asset class gains momentum and Australians start to evolve how they think about the future of money, every financial institution will require a strategy for crypto.”

Surveying more than 790 financial decision makers across Australia, the Visa study uncovered the following additional insights:

  • A significant segment is using or investing with crypto. Of the one in four (27%) crypto-aware adults that already own or use cryptocurrency (“crypto-owners”), over half of that group (59%) say their use has increased in the past year. The remaining three quarters (73%) of crypto-aware Australians do not currently own cryptocurrency but 26% of that group have taken steps to learn more.
  • Crypto-owners are excited about new use cases. 36% of crypto owners say they are very likely to use crypto to pay friends or family in the next 12 months and 33% are very likely to buy crypto goods such as Non-Fungible Tokens (NFTs).
  • Key motivators include wealth-building and belief in crypto as the future of financial services. Among crypto-owners, the biggest drivers of owning and using cryptocurrency are to build wealth (40%), to take part in the “financial way of the future” (34%) and not wanting to miss out on its potential rise (28%).
  • Crypto rewards cards and crypto-linked payments are attractive. Among crypto-owners in Australia, 74% express interest in crypto-linked cards, which allow you to spend crypto at the retailers where you shop in the same way you can use a debit or credit card. Similarly, 73% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.
  • Consumers are willing to switch banks in search of crypto products.
    While it’s primarily crypto-owners willing to move banks in search of crypto products, the research also shows that a significant majority of crypto owners (82%) are also interested in buying crypto from their bank.

Visa launches crypto consulting services

In response to growing client interest in building crypto solutions, Visa is also today announcing the launch of Visa’s Global Crypto Advisory, an offering within Visa Consulting and Analytics (VCA) designed to help clients and partners advance their own crypto journey.

For financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies, understanding the crypto ecosystem is a vital first step. Through their work with more than 60 crypto platforms, Visa’s global network of consultants and product experts have deep expertise to help financial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.

“Over the past year, there has been a notable shift in mindset across the payments ecosystem, with businesses moving from a curiosity in crypto to actually building a strategy and product roadmap,” continued Jones. “We are excited to help our clients and partners, globally and here in Australia, navigate this new era of money movement.”

To download “The Crypto Phenomenon: Consumer Attitudes & Usage” and learn more, click here.

Survey Methodology

This study, conducted in partnership with LRW, a Material Company, included 9 focus groups and 10 in-depth interviews total in the United States, Germany, and Argentina from July 14th –July 26th of 2021, and collected 6,430 online survey responses across Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the US, and the UK between August 25th and September 13th, 2021. In Australia, 797 respondents were surveyed.

The research reflects the views and opinions of online populations in these markets and is demographically representative based on age, gender, household income, region and ethnicity. In order to qualify for the survey, respondents had to:

  • Be at least 18 years old
  • If 25 years old or older, have a household income of at least $35,000 (or market equivalent)
  • Have shared or joint financial decision-making responsibility in their households

Amongst this group, participants were furthered screened on their awareness of cryptocurrency: those who indicated awareness of cryptocurrency were invited to participate in the full survey on crypto attitudes and usage. Screening rates were captured to size this group among all online adults.
Stats referring to “Crypto Owners” represent a combined figure for survey respondents who identify as “Active Owners,” defined as respondents who have used cryptocurrency to send or receive money, buy goods, or to accept payment at least once and “Passive Owners,” who are defined as respondents who have purchased cryptocurrency as an investment but have not transferred/transacted with it.

For the full survey methodology, please view the report, available here.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About and @VisaNews.

About Visa Consulting & Analytics

Visa Consulting & Analytics (VCA) is the payments consulting advisory arm of Visa. This group is a client-facing global team of more than 700 payments consultants, data scientists and economists in more than 75 cities. The combination of our deep payments expertise, our breadth of data and our economic intelligence allows us to identify actionable insights, recommendations and solutions that drive better business decisions and measurable outcomes for clients.

VCA is ideally positioned to work with clients to help formulate a digital currencies strategy, capabilities assessment, business case, and go-to-market approach, including build-partner-buy considerations. Similarly, subject matter experts can assist in areas such as product development, innovation and design, and marketing strategy and execution.


This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth. Forward-looking statements generally are identified by words such as “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, any of these forward-looking statements in our filings with the SEC. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.

Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment, tax, or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.

CreditorWatch data: Recovery to take longer than expected; Perth and Brisbane bouncing back quickest

The November 2021 CreditorWatch Business Risk Index (BRI) has revealed that business activity around Australia is currently weaker than expected, indicating that the return to pre-COVID levels is now likely to take longer than many pundits had anticipated.

The data also showed a jump in defaults, external administrations, payment arrears and court actions from October to November. However, credit enquiries rose 17 per cent, indicating that business confidence is improving.

Key Business Risk Index insights for November:

  • Australia’s economy fails to bounce back as strongly as expected post-lockdown.
  • Trade activity continues to fall.
  • Defaults, external administrations, payment arrears and court actions have jumped.
  • Credit enquiries jumped 16.6 per cent, indicating that business confidence is returning.
  • States that shut their borders but kept their internal economies going, such as WA and QLD, are seeing their metro areas bounce back fastest.
  • Melbourne and Sydney CBDs remain the worst performing capital city centres with probability of default at historic high-levels due to depressed trade activity continuing post-lockdown.
  • Credit behaviour and performance scores are improving among the hardest-hit Western Sydney suburbs including Bankstown, Burwood, Ashfield and Strathfield.

The nationality probability of default for November was flat – 5.79 per cent, compared to 5.80 per cent for October. The probability of default for Sydney and Melbourne CBDs is at record levels. The top five areas at most risk of default are:

  1. Merrylands – Guildford NSW: 7.73%
  2. Gold Coast – North QLD: 7.73%
  3. Bringelly – Green Valley NSW: 7.69%
  4. Canterbury NSW: 7.56%
  5. Coolangatta QLD: 7.50%

The number of defaults spiked higher by 53 per cent in November. Over the three months to November 2021 defaults were still down by 14.7 per cent.

CreditorWatch’s data showed that while business activity remains stubbornly depressed, it is the states that closed their borders but allowed their economic engines, capital cities and industries to continue to operate relatively lockdown-free that are now seeing the strongest bounce backs in metro areas. Meanwhile, businesses in the two cities that endured the longest lockdowns, Melbourne and Sydney, are experiencing record high probabilities of default.

“The increase in credit enquiries in November is an encouraging forward indicator of business confidence, however, there’s a long way to go before business activity is at pre-COVID levels. Worryingly, trade receivables continued to decline last month, and we also saw significant increases in defaults and administrations. Businesses in the Sydney and Melbourne CBDs in particular are at historically high probabilities of default,” says CreditorWatch CEO Patrick Coghlan.

The CreditorWatch Business Risk Index predicts the likelihood of businesses defaulting over the next 12 months across more than 300 regions around the country. The index utilises CreditorWatch’s proprietary data, combined with data the Australian Securities and Investments (ASIC) collects on more than a million local private businesses, among other variables.

Business activity remains stubbornly depressed post lockdown.

Despite the recent end to lockdowns in Melbourne and Sydney and Black Friday sales, small business trade activity remains weak. Many were hoping the first post-lockdown month would see a bump in business activity, however, CreditorWatch’s data paints a picture of a long and slow recovery.

November 2021 small business trade receivables were down 42.2% compared to November last year. Despite greater freedoms for consumers and businesses, ongoing supply chain constraints, labour shortages, cost pressures and uncertainty around emerging COVID variants are contributing to these weaker-than-expected results.

Perth and Brisbane CBDs significantly out-performing capital city peers

Western Australia and Queensland have had the strictest closed border policies throughout the pandemic, coupled with the least restrictive lockdown policies due to lower local case numbers.

This isolationist policy has had mixed results across business sectors within those states over the past two years, however, we are clearly seeing Perth and Brisbane as stand out performers over the last quarter.

In relative terms, Perth city has been the biggest mover up the BRI ranks among capital city CBDs over the past 12 months, in line with a strong performance across Western Australia as a whole, fueled by booming agribusiness and mining sectors.

Queensland is more of a mixed-bag with clear winners and losers.

As a state, Queensland has been the weakest performer over the past year, primarily driven by border closure impacts on the Gold Coast and other key tourism regions, offset to some extent by a strong performance by the agribusiness sector. However, Brisbane city has seen the largest improvement in insolvency risk and credit rating of any major city centre in Australia.

Probability of default by region

The top five regions at least risk of default are:

  1. Murray River – Swan Hill VIC: 3.69%
  2. Limestone Coast SA: 3.73%
  3. Grampians VIC: 3.75%
  4. Moree – Narrabri NSW: 3.76%
  5. Glenelg – Southern Grampians VIC: 3.80%

Why Murray River – Swan Hill?

This region scores better than average against other regions in Australia for rental and property costs, Riskscore, observed default rate and the CreditorWatch Default Rate. These factors have the largest weights and therefore influence in determining the risk of default. Other factors with smaller weightings such as the Index of Relative Social Advantage, Index of Economic Opportunity and Median Income are worse than average, while the Population Density is much better than average and together have less of an overall impact.

Top five areas at most risk of default are:

  1. Merrylands – Guildford NSW: 7.73%
  2. Gold Coast – North QLD: 7.73%
  3. Bringelly – Green Valley NSW: 7.69%
  4. Canterbury NSW: 7.56%
  5. Coolangatta QLD: 7.50%

Why Merrylands – Guildford?

All model factors for this region are below the Australian average except personal insolvency rate. The region was far worse than average for Riskscore, observed default rate and CreditorWatch Default Rate. This region was one of the hardest Western Sydney areas hit by extended lockdowns.

Probability of default by industry


  • Accommodation and Food Services: 5.25%
  • Arts and recreation services: 4.08%
  • Education and training: 4.01%

We are still seeing front-line service industries struggling to recover post lockdowns. They can’t just flick on a switch and get back to previous operations. Fortunes will progressively turn around and the December Christmas period should allow many businesses to up the ante. The education and training sector desperately needs overseas students but isn’t getting them. That is having an impact.


  • Mining: 2.63%
  • Health Care and Social Assistance: 2.84%
  • Manufacturing: 3.00%

The mining industry is benefiting from strong commodity prices and health will be a growth industry as lockdown restrictions recede. Meanwhile, agriculture is reaping the rewards of bumper harvests and prices, but only in areas where they were fortunate enough to complete most of the harvest before the rains and floods arrived. Much of northern New South Wales, for example, achieved that.

Manufacturing in Australia is finding its legs after learning from the challenges of the 2020 lockdowns. In addition, there are positive stories in places like the M7 corridor in Sydney and parts of outer Melbourne as economies open up to foot traffic as well as enjoying continued online demand.

Payment arrears by industry 


  • Construction: 12.6%
  • Food and beverage services: 11.1%
  • Transport, postal and warehousing: 10.7%

These statistics tell a clear tale of what is occurring in the broader Australian economy. Construction was hard hit by mandatory industry shutdowns and now faces severe supply constraints in items such as timber. Food and beverage services suffered with so few businesses being fully open during lockdowns.

As people return to venues, this industry will thrive again, but there were enormous overheads to cover through the middle of 2021 and over the last two years in general. Businesses involved in transportation are being hit by strike action and global supply disruptions. A boom in online shopping is one thing, but these industries also need demand from bricks and mortar businesses, which they have not had for several months.


  • Health Care and Social Assistance: 5.8%
  • Agriculture, Forestry and Fishing: 7.5%
  • Education and Training: 7.8%

Health Care and Social Assistance is heavily state-funded (and therefore implicitly ‘guaranteed’) and is still greatly influenced by COVID. Almost the entire agriculture industry is booming right now with some record harvests, strong demand and therefore better than usual income and cash flow. Education and Training benefits from government funding although conversely, it does traditionally display high rates of default.


The number of defaults spiked higher by 53 per cent in November, albeit that is not a seasonally adjusted number. It is a preliminary sign that Small and Medium-sized Enterprises (SME’s) are engaging with a post-lockdown period that isn’t entirely comfortable. It will be important to track how the number of defaults fares in approaching months.

Defaults are like other key contemporary CreditorWatch indicators such as external administrations and the number of court actions. While not seasonally adjusted, spikes of 15 per cent and 85 per cent in November, respectively, for these two measures simply can’t just be ignored.

Defaults are like other key contemporary CreditorWatch indicators such as external administrations and the number of court actions. While not seasonally adjusted, spikes of 15 per cent and 85 per cent in November, respectively, can’t just be ignored.

We may be on the cusp of SMEs facing the commercial reality of a post lockdown environment.

Court actions 

As noted above, the number of court actions spiked by 85 per cent in November, in original terms. Over the November 2021 ‘quarter’ court actions increased by 21 per cent to be up by 27 per cent compared to the same period last year. The number of court actions is at its highest since March 2020 and possibly signals a path back to normalised proceedings.

External administrations

The number of external administrations was up 15 per cent in November, the second consecutive monthly increase. This result follows consistent falls from June in the lockdown periods. We need to observe far more evidence before calling a post-lockdown return to normality, but events are moving in that direction.

Credit enquiries

The number of credit enquiries jumped by 17 per cent in November. This is the largest monthly increase since March. Over the November ‘quarter’, credit enquiries rose by seven per cent compared to the same period in 2020. We’re a long way off from cooking the roast, but a continued improvement in credit enquiries would provide a key leading indication of better business conditions and consequently overall economic activity.

Business turnover 

Business turnover continued to decline from October to November. On an annual basis business turnover dropped by 42 per cent in November, the twenty second consecutive drop and the sharpest during that time. This is a sign that the recovery will be protracted and very uneven across industries and geographical jurisdictions.


The economy is coming back from the contraction of the September 2021 quarter, but we are unlikely to see a consumer-led recovery where households begin spending the $400 billion in savings they have accumulated on a grand scale. The recovery will be patchy and will take time, although we will almost certainly avoid another contraction in Gross Domestic Product (GDP) in the December 2021 quarter. Off a positive base, the economy is expected to continue growing in 2022.

Media Contacts:
Hayley Schubert
Sling & Stone 
0431 651 418

Mitchy Koper
GM Communications and Marketing, CreditorWatch
0417 771 778

About CreditorWatch

CreditorWatch is a digital credit reporting agency, headquartered in Sydney. From sole traders through to ASX listed companies, more than 50,000 Australian businesses now use CreditorWatch to make affordable, informed credit decisions, avoid high-risk customers and ensure they get paid on time. CreditorWatch customers can easily search for and monitor the credit history, court actions, payment defaults and insolvency notices associated with any business entity in Australia (including sole traders, trusts and partnerships) giving them an incredibly accurate picture of the risk posed to their business.

The company was founded in 2011 and has offices in Sydney, Melbourne and Brisbane. Find out more at


Australian digital assets exchange Swyftx has today announced a major two-year partnership with the Brisbane Lions. 

The country’s top rated cryptocurrency exchange will join forces with the AFL team as its official Coaches Partner.

Swyftx chief executive officer, Ryan Parsons, said the Lions sponsorship capped an important year for the Brisbane-based exchange, which has grown its customer base by more than 1,200% since the start of 2021. 

“This partnership brings together the best AFL team in Australia and its most popular cryptocurrency exchange,” he said. “We’re both progressive teams with strong values so we’re delighted to be joining forces.” 

Chris Fagan is one of the most respected coaches in Australian sport, with a huge following and an exciting coaching team behind him. We’re looking forward to seeing what our two great Brisbane-based teams can build.”

Swyftx was founded in 2018 and currently supports more than 470,000 customers around the country. The multi-award winning company is Australia’s top-rated exchange on Trustpilot.

The two-year deal comes with an option for a further one-year extension.

Senior coach Chris Fagan thanked Swyftx for their support and described the success of the award-winning business as an inspiration to the coaches.

“As a coaching group we are always looking for ways to encourage growth in our players and to reward our stakeholders, which are our members and fans, with our performances,’’ he said.

“In Swyftx I see an organisation that has achieved incredible growth and delivered a first-class platform for their clients.’’

Image of the Lions Coach, Chris Fagan is available here

Swyftx Media Manager,
Tom Matthews
(0413 938247)


  • Swyftx is Australia’s second largest cryptocurrency exchange by trade volume, with more than 470,000 customers across ANZ.
  • Swyftx is a multi-award winning exchange. In 2021, it was named High Growth Business of the Year and won the Excellence in Crypto Award at this year’s Finnies. 

Bubble trouble: Australians look to crypto for wealth building as four in ten see real estate as a bubble

As regulators, governments, banks and other investment platforms squabble over the viability of cryptocurrency as an asset, Aussies are voting with their wallets, declaring categorically that crypto is a long-term mainstream investment. According to YouGov research commissioned by crypto wealth platform Dacxi, Aussies are looking for alternative routes to build wealth away from traditional assets that have spiked in price such as the housing market. In fact, four in ten (40%) Aussies agree that real estate is currently in a ‘bubble’, which increases to 55% of those who own or have previously owned crypto. 

With this ‘bubble’ in mind, it has become apparent that Aussies are becoming sceptical of housing’s long-term returns, particularly amongst the millennial generation. While 30% of all Australian adults agree that crypto will generate more value over the next 10 years than  housing, that figure rises to almost half (45%) of millennials, in stark contrast to 27% of Gen X’ers and 15% of Baby Boomers.

The biggest divide however comes when you look at those who already own, or have previously owned cryptocurrencies. An incredible 81% of this group agree that crypto will generate more value than housing over the next ten years.

Dacxi CEO, Ian Lowe, said: “Vanguard has done incredible things for democratising access to traditional assets, but it has a blind spot when it comes to crypto. The next generation is looking for an alternative asset class they can have faith in that will perform well over the long term and that is accessible to younger, less established investors.”

The research shows that while 17% of respondents are considering turning to crypto to save for a house deposit, a significantly higher percentage (56%) are investing in crypto for the purpose of long-term investment/wealth building. 

Lowe continued: “This long-termism around crypto does, however, flag the need for investors to diversify their crypto investments. Going all-in on a single cryptocurrency such as Bitcoin is a higher risk play, even over the longer term, which is why we have created packages that include multiple different coins. Dacxi’s Blue Chip bundle allows investors to acquire blue chip crypto currencies including Bitcoin, Ethereum, Litecoin and our Dacxi Coin in a single transaction.  Diversification, or a portfolio approach, has never been easier, and is an ideal entry point for first time and SMSF investors..”

Such is the belief in crypto that 29% of Aussies now agree it is important to include crypto as part of an investment portfolio, with 46% of millennials agreeing with this sentiment. 

And with young Australians finding it increasingly difficult to break into the housing market, especially those unable to rely on a loan from the bank of Mum and Dad, it’s unsurprising that millennials are leading the way when it comes to crypto investment, with 31% already owning one or more coin classes.

Dacxi CEO, Ian Lowe, said: “It’s clear that the days of cryptocurrency being perceived as a volatile mid to long term investment are largely behind us, with investors backing the growth we’ve seen by most of the big-name coins as a clear signal that it’s worth riding the short term bumps to achieve long term gains. 

“Bitcoin recently hit another all-time high of US$68,521, then dropped as low as US$53,701 over the following two weeks. Picking price peaks and troughs is nearly impossible, even for professional traders. However the 1 year and 3 year return on Bitcoin is 190.7% and 235.2% respectively*, returns that have significantly outperformed even the booming equities market. And other headline currencies like Ethereum also continue to perform strongly. It’s not a surprise then to see that our survey found these two coins are considered the most likely to offer the best returns over the next 12 months, with 58% of respondents and 47% respectively.

“The already-accepted legitimacy of digital currencies was only further enhanced in Australia when the Commonwealth Bank revealed earlier in November that it will become the first bank to allow customers to trade in up to 10 selected currencies.”

“When commissioning this research, we saw a gap emerging between customer activity on our platform and what was being reported in the media: so we set out to discover if Aussie investors are actually thinking of using the gains in crypto for short term goals like a house deposit. Instead we are finding the vast majority of investors are looking long term, which is a healthy approach to a rising asset class like cryptocurrency. 

“Cryptocurrency is truly on its way to the mainstream now, with 21% of adults or 4.2 million people already own crypto in Australia, while almost one in four (23%) say they are likely to purchase crypto in the next year,” Lowe concluded.

*Bitcoin price and changes as reported by CoinGecko as at 29 November, 2021

About Dacxi

Dacxi is a global technology company that empowers everyday investors to participate in the growing digital assets market. Its purpose-built platform provides access to a curated set of digital assets and asset classes, allowing investors to quickly and easily build and manage their investment portfolio. Dacxi is a global organisation with operations in Australia, New Zealand, UK, Europe, Brazil and Singapore.

For more information contact
Zanda Wilson
Media & Capital Partners
+61 411 066 554


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