Australian fintech revenue up 208% on 2016, companies target global growth – EY
The median income of the Austr...
Australia’s fintech industry continues to grow rapidly with more and more companies targeting international expansion.
The median income of the Australian fintech industry has grown by 208%, with businesses looking to grow into the likes of Europe, the US and Singapore.
According to the 2017 EY Fintech Australia Census, more than half (54%) of native fintech businesses are looking to expand internationally, with 14% more fintechs now at a post revenue stage of development.
“The Australian fintech industry has matured over the past 12 months,” the report outlined. “It has evolved from being quite a fragmented tech sector fuelled by the belief and passion of the founding firms to one that has much greater definition and structure.”
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The number of fintech companies in operation in Australia is now thought to be nearing 600, more than double that seen in 2015. Some 54% of these companies are based in NSW, making Sydney an increasingly important national and global hub for the industry.
A greater proportion (31%) of these businesses are more than three years’ old, a sign that the industry is maturing and becoming more stable.
Globally, Australia ranks 5th from 20 countries examined by EY in terms of fintech adoption. Its adoption rating of 37% is on par with similar developed economies such as the US and UK, but behind the likes of India (52%) and China (69%).
“This level of adoption shows that fintech is now at a tipping point where it is poised for mainstream adoption,” the EY census observed.
Ericsson: 5G will be fastest adopted mobile generation in hi
Ericsson’s June Mobility Report projects that nearly 600 million 5G subscriptions will be active by the end of 2021, making it the fastest adopted mobile generation in history.
The longer range forecast is for around 3.5 billion 5G subscriptions and 60 per cent 5G population coverage globally by the end of 2026.
China, the US, Korea, Japan and the GCC (Gulf states) will lead deployment, with Europe lagging behind. The latter got off to a slower start and has been mired in infrastructure battles over the provenance of hardware.
North East Asia is expected to lead 5G deployment with an estimated 1.4 billion subscriptions by 2026, while North America is expected to account for the highest 5G subscription penetration.
Key findings of the Ericsson Mobility Report, June 2021
5G remains on track to become the fastest adopted mobile generation in history with subscriptions increasing at a rate of about a million per day
China, North America and the Gulf Cooperation Council markets are leading the way on subscriber numbers, while Europe is off to a slow start
5G subscriptions with a 5G-capable device grew by 70 million during the first quarter of 2021 and are forecast to reach 580 million by the end of 2021
5G ready for 'advanced use cases'
Fredrik Jejdling, executive vice president and head of networks, Ericsson, said, “We are in the next phase of 5G, with accelerating roll-outs and coverage expansion in pioneer markets such as China, the USA and South Korea. Now is the time for advanced use cases to start materialising and deliver on the promise of 5G. Businesses and societies are also preparing for a post-pandemic world, with 5G-powered digitalization playing a critical role.”
Photo credit: Ericsson