Record numbers seek Fintech start-up support
Growing numbers of applications for AWI Ventures' Fintech accelerator program are a testament to the innovation in the financial services sector, the company believes.
AWI Ventures' Toby Heap said the number of applications from start-ups seeking to be part of the company's second Fintech accelerator program had increased by 50 per cent since the program was originally launched earlier this year.
The announcement of the record number of applicants for the program followed the publication of the KPMG and The Committee for Sydney report highlighting city's potential to become a hub for the burgeoning sector.
"When we launched the AWI Ventures Fintech accelerator earlier this year we wanted to see Sydney established as the Fintech centre for the region and we are starting to see traction on that front," he said.
"We are firm believers that there is significant latent potential in Sydney's financial services industry — with the right political and financial support, we are certain that we can grow our industry to match our overseas counterparts.
"After all, financial services is clearly a strength for Australia, and in particular for Sydney, so we should harness this and develop our strength further with technology.
"We are thrilled to have significantly grown our application pool as more people working in the industry hear about us. We have also observed a general increase in the quality of the applications."
As part of the program, the selected start-ups will receive $100,000 from AWI Ventures and spend six months based in AWI's offices in Sydney's CBD to develop their products and business plans.
AWI Ventures also announced that a direct-to-consumer financial services expo day will be held on 27 November 2014 to demonstrate the first cohort of Fintech start-ups along with other Australian Fintech businesses.
AUTHOR
Nicholas O'Donoghue
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
