Victorian government reinforces focus on fintech, announces new hub in Melbourne

Australia's Victorian Government will establish a financial technology hub in Docklands to boost local startups, attract investment and create new jobs.

Fintech is growing in importance as new technologies change the face of the finance industry, and Victoria's reputation for digital innovation means it is well placed to grow in this sector.

The Government has released a request for proposal to establish the fintech hub at the Goods Shed North in Docklands.

The hub will strengthen the local fintech sector by bringing startups together with investors, industry corporates and researchers in one concentrated and collaborative workspace.

Targeted mentoring services at the hub will help resident startups develop new business skills, connect with customers, and bring new products and services to market.

The hub will also build stronger links with international fintech companies and enhance Melbourne's position as an attractive location for investment.

"Innovations in financial technology are revolutionising the finance industry and Victoria has an opportunity to win a bigger share of this fast-growing sector," says Small Business, Innovation and Trade Minister Philip Dalidakis.

"This fintech hub will turbocharge our startup ecosystem and attract new investment that will strengthen our professional services industry and create jobs.

The Government also announced Melbourne will host Intersekt – Australia's first fintech festival.

The Collab Collide Summit will be the centrepiece of the inaugural week-long event, which will begin on October 27.

The Intersekt Festival is hosted by FinTech Australia and FinTech Victoria in conjunction with fintech company NextMoney and coworking community the York Butter Factory.

The fintech industry uses new and existing technologies to find innovative ways to deliver financial services such as payment systems, wealth management, crowdfunding and personal finance.

These innovations will be crucial to the future growth of the professional services sector and Victoria's future economy and jobs.

Victoria's professional services sector is the largest sector in the economy, accounting for almost 20% of gross state product and supporting about 405,000 jobs.