Start-up incubator and accelerator F10 Global and the Australian Trade and Investment Commission will create an Asia fintech bootcamp to connect Australian financial technology firms (fintechs) with key Asian markets.
The three-week market validation programme operated by F10 Singapore will leverage its regional market expertise to coach – through a series of masterclasses, mentors and networking opportunities – eight promising Australian fintechs from a range of sectors and help them gain deeper insights into Asia’s markets and consumers, with a focus on those in Malaysia, Thailand, Vietnam, Philippines, Indonesia, India, South Korea and Singapore.
“In recent years, Australia has made headlines with several newly minted unicorns,” says Jonas Thuerig, head of F10 Asia. “We hope to play our part in fostering and accelerating the next generation of those successful founders.”
Australia has one of the world’s most dynamic fintech ecosystems with over 700 companies based in all of the country’s state and territorial capitals. The national association Fintech Australia estimates that the fintech industry in the country was worth US$2.9 billion in 2021.
However, with a domestic population of just over 26 million, Australian fintechs need offshore hinterlands, such as Asia and the US, to scale and grow their business.
Last month, the Monetary Authority of Singapore and Australia’s Department of the Treasury signed the Australia-Singapore Fintech Bridge Agreement, strengthening cooperation between the financial technology ecosystems of both countries.
F10, which is focused on fintech, insurtech and regtech, currently has operating hubs in Zurich, Singapore, Madrid and Barcelona.