Sydney, 29 September 2021 – Leading commercial credit reporting agency CreditorWatch is today launching its Future of Fintech 2021 thought leadership paper, which is a comprehensive overview of the state-of-play across Australia’s vibrant fintech sector.
This year has been a watershed for the local fintech sector, with a number of pivotal transactions, including US digital payments leader Square’s $39 billion acquisition of buy-now-pay later pioneers Afterpay and, more recently, global fintech platform, Airwallex’s highly successful $275 million Series E capital raising, which valued the business at more than $5 billion.
“These are just two of a slew of deals that have been completed in the local fintech sector this year, which has been buoyed by the strong uptake of digital technologies as a result of COVID lockdowns, among other trends,” said CreditorWatch CEO Patrick Coghlan.
“The local fintech sector has never been hotter, and our Future of Fintech 2021 thought leadership paper outlines exactly why this is. The paper is part of our commitment to bring new thinking to the market through thought leadership,” he said.
This research explores how fintechs are defining the future for financial services, examining new technologies such as artificial intelligence and machine learning, new business models and new regulatory and market structures, such as open banking.
The paper was developed following an extensive research process, as well as exclusive interviews with leading members of Australia’s fintech sector, including global payments platform Adyen, global payments leader Airwallex, business loan disrupter Prospa and industry body FinTech Australia.
The report’s highlights include:
- Consumer confidence in digital technologies is supporting demand for fintech products and services.
- Cross-border partnerships such as Westpac’s tie up with fintech 10x will become more commonplace in the future, improving consumer choice for banking products and services.
- Consolidation is a key trend. Fintechs are banding together to create multifaceted solutions for consumers and businesses.
- Big banks see fintechs as partners that can help them tap into a new wave of consumer demand.
- Australian Payments Plus, a merger of the National Payments Platform, BPAY and EFTPOS, will support faster payments and new payment mechanisms, such as an industry standard for making payments with QR codes.
- Open banking is at a critical juncture. Draft rules for intermediaries have recently been published, supporting a similar model to the UK’s, through which affiliates are sponsored into the system.
The challenge for fintechs is to work out how to survive and thrive in an increasingly competitive market, while navigating new regulations and an ever-changing global marketplace.
Sling & Stone
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GM Communications and Marketing, CreditorWatch
0417 771 778
CreditorWatch is a leading commercial 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 www.creditorwatch.com.au.