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How is Fintech Changing Australia’s Financial Sector?

How is Fintech Changing Australia’s Financial Sector?

Over the past 4 years, Australia’s financial sector has been characterized by substantial development in fintech. Fintech, a combination of “financial technology”, refers to the use of innovative technology to offer financial services and improve their delivery. Using specialized software and algorithms, fintech transforms the way people manage their financial operations and processes. Australia's fintech ecosystem has matured, become profitable, and positioned itself globally. In this article, we'll describe the nature of fintech in Australia, how it’s changing the financial sector, and future opportunities to leverage. Fintech in Australia today Australia’s fintech industry is expected to reach a value of AU$4 billion in 2020. The financial sector is the largest sector in Australia and is experiencing significant disruptions by fintech. According to the Global Fintech Adoption Index, 58% of Australians use fintech and the adoption rate keeps growing. This easily places Australia as one of the world’s strongest and most dynamic fintech marketplaces. There are three main types of fintech in Australia’s financial sector: wealth and investment, lending, and data analytics/big data. Today, there are over 800 fintech companies in Australia, and close to 25% of them are profitable. In fact, seven of these Australian companies made it in the Fintech 100 list in 2019, a ranking of the top 100 fintech companies in the world. Australia’s fintech industry is expected to reach a value of AU$4 billion (approximately US$2.78 billion) by the end of 2020. In addition, according to the...

Perceptions of Doing Business in Latin America: Cautious Optimism For Future Growth and Opportunities

Perceptions of Doing Business in Latin America: Cautious Optimism For Future Growth and Opportunities

In June 2020, the Biz Latin Hub team launched a survey asking for information about individuals’ perceptions about doing business in Latin America. In June 2020, the Biz Latin Hub team launched a survey asking for information about individuals’ perceptions about doing business in Latin America. We received a range of responses from 75 business owners, executives, government officials and other specialists operating in over 40 countries worldwide. 57.3% of respondents are considering expanding into the region in the future, with many expressing cautious optimism at economies' abilities to bounce back after the COVID-19 pandemic. Find out what the key takeaways from our survey indicate about people’s perceptions on doing business in Latin America. Perceptions on doing business in Latin America: who took part? 75 people responded to the Doing Business in Latin America survey. Of our respondents, nearly half (48%) were business owners, operating in Latin America and across other regions of the world, including the United States, Europe, Asia, the South Pacific, and the Middle East. 29 respondents (38.6% overall) were business owners operating in Latin America. Many survey participants were operating across more than one country. Of all respondents, 66 people (88%) noted they were working or operating their business within Latin America, and 39 respondents (52%) were operating outside of the region. A third of all respondents were running or working in a company that operates in 5 or more countries, and 16% of all respondents claimed to be operating across 10 or more...

Why Get an Entity Health Check in Australia?

Why Get an Entity Health Check in Australia?

Getting an entity health check in Australia is a vital step before incorporating a company in the country.  As it becomes an exciting destination for foreign investors, Australia offers a favorable business environment, promoted by a dynamic and competitive economy. Thus, an entity health check will allow you to access critical information to understand the risks and opportunities when doing business in Australia.  In this article, we will explain what an entity health check is and how beneficial it can be for your company.  What is an entity health check in Australia? An entity health check in Australia calculates potential risks and challenges for a business. An entity health check in Australia is the best way to identify and calculate the risks and challenges executives may face when expanding their business in the country. It relies on a due diligence process to determine whether a company is fully compliant with local regulations or not.  In the same way, an entity health check refers to a detailed professional investigation that examines a company’s legal and accountancy data, human resources processes, and environmental practices to calculate future contingencies.  Evaluating legal, financial and other aspects An entity health check may vary in terms of extension, scope, and depth. It can include legal information but also commercial and financial records. A basic entity health check should cover the following aspects: Basic company details such as the name, commercial address, type of industry, and shareholdersLicense numbers, operational...

‘New Deal’ Plan Promotes Australian Manufacturing Sector

‘New Deal’ Plan Promotes Australian Manufacturing Sector

In June 2020, communities in the Australian manufacturing sector published the ‘New Deal for Manufacturing’ plan to support growth and innovation. Academics, industry experts and other actors in the sector contributed to what is considered a request for support from state and national governments. The plan comes ahead of a projected recession – the first the country has seen in nearly 3 decades – as a result of measures taken to counter the spread of COVID-19. Find out key elements of the New Deal plan for Manufacturing in Australia, and the potential for growth and development of this industrial powerhouse. Australian manufacturing communities push for self-sufficiency In June 2020, communities in the Australian manufacturing sector published the ‘New Deal for Manufacturing’ to support growth and innovation in the sector. In April 2020, organization @AuManufacturing – with support from Bosch Australia Manufacturing Solutions – and LinkedIn group Australian Manufacturing Forum (AMF) – lead a campaign to crowd-source a modern policy to support the manufacturing sector in Australia. One key driver for contributors to the New Deal plan for Manufacturing is to seek commitment from the government to work towards self-sufficiency for Australian manufacturing and industry. Professor Roy Green, editorial and advisory board member of @AuManufacturing, says “it is clear from both theory and experience that Australia’s problem lies not in any lack of talent but in the absence of a coherent and effective national industrial strategy.” Green goes on to say that “while the...

Overview: Growth of Insurtech in Australia

Overview: Growth of Insurtech in Australia

Gain insight into the developments underway in the insurtech world in Australia. “Insurtech is creating new pathways in an old industry. It’s the most exciting industry in the world today,” says Laura Dabrik, Chief Evangelist at Guidewire Software. “Right now, insurance is on the cusp of large-scale change”.  Insurtech companies in Australia are looking for ways to streamline operations and make communication more efficient using digital technology. Companies using insurtech in Australia are more effective and serve their customers when they need it the most. We explore the future of insurtech in Australia. What is Insurtech? Insurtech is the combination of insurance and technology. Its goal is to make current insurance models more efficient. It enables insurers to offer ultra-customized policies, create on-demand insurance for special events and offer insurance policies for a more competitive price.  Technologies involved in developing insurtech include data analysis, artificial intelligence, ant the Internet of Things, or GPS tracking. Why Australia is attractive for insurtech companies “Australia is fast becoming a global centre for insurance innovation, as demonstrated by in the rapidly increasing size of our insurtech ecosystem." Australia’s insurtech industry is booming. The number of insurtech companies increased by 53% in 2019. Market observers specialised in the Australian market believe that 71% of new start-ups are now post-revenue or post-profit. Simon O’Dell, CEO to Insurtech Australia, said: “Australia is fast becoming a global centre for insurance...

Australia and New Zealand’s Economic Packages to Support Business

Australia and New Zealand’s Economic Packages to Support Business

Find out about Australia and New Zealand's economic packages to support business for local companies. Like many countries. these South Pacific Island nations have taken measures against COVID-19. Strict social distancing measures in place across the world can impact business activity quite significantly, as many are unable to operate, or are operating at a reduced capacity. The global economic situation has changed, and businesses may struggle to stay afloat.Australia and New Zealand are executing campaigns to support local companies in order to prevent them from going bankrupt. Gain insight into this overview: Australia and New Zealand's economic packages to support business. Overview of Support Campaigns in Australian and New Zealand Australia and New Zealand's government introduced economic packages to support business in the countries. The following sub-headings will show you some examples of the actions they carried out. A company called Business Australia, this organization gives advice and guidance to help Australian business owners navigate through these difficult times. Australia's support campaign Business Australia, a free membership organisation that supports over 40,000 companies in Australia, gives advice and guidance to help Australian business owners navigate through these difficult times. To offer extra support during this challenging time, they have converted a big part of their website to offer resources for free for all businesses in a campaign. The resources available support businesses in preparing their continuity plan and finding creative ways to...

Overview of India-Australia Business Activity

Overview of India-Australia Business Activity

Business activity between India and Australia is becoming more important and relevant for both countries. India was Australia’s eighth-largest trading partner and fifth-largest export market in 2018-19. This was mainly driven by coal and international education.  Two-way goods and services trade with India was US$30.3 billion in 2018-19. The level of two-way investment was US$30.7 billion in 2018. Australia has an ambitious agenda to broaden trade and economic relationship, as stated in the India Economic Strategy (IES), which was published in July 2018 and endorsed by the Australian Government in November 2018. What is the nature of India-Australia business activity? The India Economic Strategy 2035 sets the goal for India to become one of Australia’s top three export markets by 2035. India’s young demographic, rising demand driven by digitization, and aspirational market have made it an attractive market for businesses across the globe. Australia acknowledges that it should recognize and respond to India’s priorities of creating ‘New India’, by engaging itself in a dependable bilateral partnership. ‘New India’ is a pledge by premier Narendra Modi for building a New India in terms of a clean, poverty-free, corruption-free, terrorism-free, communalism-free, casteism-free India. Australia has a high reliance on trade with China, and it is therefore important for the country to diversify its market and strengthen relations with other trade partners like India. In comparison with Australia-India trade values, two-way trade between Australia and China is more than US$200...

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