| Over the past five years, Australia's traditional financial landscape has undergone a remarkable transformation, spearheaded by the emergence and evolution of the financial technology or FinTech industry. With speedy transactions, massive volumes, and unerring accuracy and efficiency, the country's FinTech players are capitalizing on growing consumer demand and the need for personalized and technologically adept service providers in the financial ecosystem. According to a recent report, Australia currently has 733 active FinTech companies, a significant surge from 629 (companies) that dotted the landscape in September 2019. The report further attested to a rise in the number of lending-focused and buy-now-pay-later FinTech models in 2020, aided by new participants in the consumer and SME lending segments. |
