Victoria to set up FinTech hub in Melbourne

The Victorian government will establish a FinTech hub in Docklands, in Melbourne, to help boost start-ups and attract investment into the state’s sector.

The government has released a request for proposal to establish the hub at the Goods Shed North corporate office.

Once complete, the hub will serve as a space to connect start-ups with investors, financial industry companies and researchers. It will offer targeted mentoring services to help resident start-ups develop new business skills, find customers and bring new products and services to market.

To coincide with the announcement, the government has also revealed that Melbourne will host Australia’s first FinTech festival, Intersekt, starting on 27 October. The centrepiece of the week-long event will be the Collab/Collide Summit, the annual FinTech innovation conference, which will be held on 2–3 November.

The Intersekt Festival will be hosted by FinTech Australia and FinTech Victoria in conjunction with FinTech company Next Money and coworking community the York Butter Factory.

“Innovations in financial technology are revolutionising the finance industry and Victoria has an opportunity to win a bigger share of this fast growing sector,” Victorian Minister for Small Business, Innovation and Trade Philip Dalidakis said.

“This FinTech hub will turbocharge our start-up ecosystem and attract new investment that will strengthen our professional services industry and create jobs.”

The FinTech sector has the potential to become a key plank in Victoria’s professional services sector, which is already the largest sector of the state’s economy, accounting for almost 20% of gross state product and around 405,000 jobs.

Image courtesy FinTech Victoria.

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