UK sights on Sydney fintech expansion
The strength of NSW as a centre for financial services was the focus of a roundtable meeting in London between Premier Gladys Berejiklian and senior executives from leading UK financial firms.
"NSW is fast becoming a world leader in fintech and financial services and would be the natural home for UK companies seeking a foothold in the Asia Pacific region."
"We have much to offer the UK in the Asia Pacific region and in turn we also have much to learn from their cutting edge technologies. As the epicentre for technology, innovation and entrepreneurship in Australia, there is no better location for UK firms to expand. My message to UK companies is that now is the time to invest in NSW," Ms Berejiklian said.
Sydney is Australia's financial services capital, being home to the global headquarters for leading Australian banks and more than 60 international banks.
It is home to the head offices of the Reserve Bank of Australia, the Australian Stock Exchange and the Australian Securities and Investments Commission.
NSW also has the highest number of headquarters of superannuation funds, fund managers and insurance companies in Australia.
The roundtable discussed two significant opportunities for UK and NSW companies: the start of open banking in Australia on 1 July 2019, opening up the industry to new players, and the Australia-UK Fintech Bridge, established last year to set out a framework for ongoing cooperation between the two nations on fintech issues.
The Premier is on a trade mission to the UK and Germany with the Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres, exploring innovative partnership options for NSW from August 11 to 16.