Australian British Financial Services Catalyst (ABFSC) 2019
The four day program was delivered by the Australian British Chamber of Commerce, in partnership with AustCyber and ThoughtWorks, in London on 1-4 July. Delegates included senior representatives from large financial institutions, scaleup companies, investors, service providers, regulators and government.
The Catalyst was designed to build the trade relationship between Australia and the UK, share best practice and promote Australia and the UK as great destinations for FinTech and cyber companies looking to expand internationally.
Following insightful presentations and discussions throughout the week, it was clear that Australian FinTech and Cyber companies are world class and as a result many exciting partnerships and leads have resulted from the event. One of the key messages was the importance of financial services and cyber security firms working together to enable the business models currently emerging. Increased focus on data protection (eg GDPR) combined with increased focus on consumers sharing data securely (Open Banking) are important drivers.
Secondly, there are significant opportunities through the FinTech Bridge Agreement and Brexit to harmonise regulation and promote the UK and Australia as great destinations for companies expanding internationally. The general feedback from the FinTech and Cyber companies on the delegation was that the UK is a more accessible market for international expansion than the US.
Thirdly, the UK remains ahead of Australia in the implementation of Open Banking and the rise of challenger banks and we should adopt the aspects that have worked well and learn from issues arising there so we can move quickly and effectively in Australia.
Overall, the ABFSC was a great success and many thanks to everyone who participated. We will continue to refine the scope and grow the participation in the years ahead.