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1、.auAustralias fintech sectorA promising growth trajectoryResearchOctober 2023Australias fintech sectorAustralias fintech sector-at a glanceThe fintech sector refers to the use of technology and innovation to provide financial services and solutions.It encompasses a wide range of activities,including
2、 online banking,mobile payments,cryptocurrencies,robo-advisory and peer-to-peer lending.Australia has emerged as a global leader in the world for fintech,based on the Global Fintech Index which places us in sixth place globally,and second place in Asia-Pacific.Australian capital cities are benefitti
3、ng from several global megatrends,including higher investment into the sector and attraction of talent in recent times.Sydney ranks 11th in the global city rankings,Melbourne is placed 25th and Brisbane broke the Top 100 for the first time in the 2021 Fintech Index report by Findexable.CountryAPAC r
4、ankingWorld rankingSingapore14Australia26China315Japan421India523South Korea626New Zealand730Taiwan835Indonesia943Malaysia1046Source:JLL Research,Global Fintech IndexFigure 1:Global Fintech Rankings2Fintech Australia estimates the industry grew from AUD 250.0 million in 2015 to AUD 4.0 billion in 20
5、22 with over 800 fintech firms active.The sector has attracted significant investment.Venture capital firms,along with government initiatives,have injected funds into fintech startups,promoting their growth and development.In addition,major traditional financial institutions have also invested in or
6、 partnered with fintech companies to stay competitive and tap into new technology-driven opportunities.With new company formations growing at a record pace,the growth trajectory looks increasingly positive as national and global demand and interest for tech-integration solutions continues to rise.Wi
7、th Australia having strongly recovered from the pandemic,the rise of further fintech innovators will only intensify as startup companies mature and new players continue to enter the market.Technology advancements such as artificial intelligence,blockchain,and data analytics hold great potential for
8、driving further innovation in the fintech space.With continuous government support,collaborative efforts,and a strong entrepreneurial ecosystem,Australias fintech sector is set to thrive and transform the countrys financial landscape.Ronak BhimjianiDirectorReal Estate Economist AustraliaAustralias f
9、intech sector3Australias fintech sectorMajor sub-sectors and key playersCompany nameRankingMarket capitalisation (AUD billions)Afterpay*1$19.71Xero2$18.41HUB24 Ltd3$2.24Iress4$1.20Tyro Payments5$0.63Praumium Ltd6$0.30ZIP7$0.29Bravura Solutions8$0.22Livetiles Ltd9$0.14Sezle10$0.12Australia is the wor
10、lds 12th largest economy,with global share of GDP approximately accounting for 1.7%.Despite the relatively low share of global GDP,2.3%of the worlds unicorns (USD 1.0 billion plus)were founded in Australia based on a 2022 report(Turning Australia into a Tech Hub)by the Tech Council of Australia.Grow
11、th has predominantly been derived via strong levels of funding from the private sector,(vastly incorporating venture capital investment)as well as other global and local investment.The nations fintech sector has seen a five-fold increase in the number of startups launched over the past five years(20
12、18 to 2022)to surpass 800,including 21 of the 920 tech unicorns(worth over USD 1.0 billion)founded in Australia(based on data from the Tech Council of Australia).Source:JLL Research,ASX,*Afterpay was taken over by U.S payments service company Square in August 2021.Afterpay market cap estimates exclu
13、de squares valuation.Figure 2:Major listed fintech Australian companies by market size4Australias fintech sectorDigital payments:This sub-sector focuses on digital payment solutions,including mobile payments,peer-to-peer transfers,e-wallets,and cross-border remittances.Companies like Paypal and Squa
14、re are prominent players in this space.Lending and finance:Includes alternative lending platforms,peer-to-peer lending,crowdfunding and online lenders.Wealth technology:Focuses on technology-driven solutions for investments,wealth management and personal finance.Insurtech:Refers to the integration o
15、f technology and digital innovations in the insurance industry.Cryptoasset exchange and blockchain:Explores blockchain technology to assist in trade settlement,identity verification,personal and financial transactions facilitation and more.Regulatory technology:Using technology to streamline and aut
16、omate regulatory compliance processes for financial institutions.Digital savings:Branchless banking services through mobile applications.The fintech sector encompasses various sub-sectors,each focusing on different aspects of financial services and technology from digital payments and lending to ret
17、ail,banking,cryptocurrency and more.These sub-sectors are explained in greater detail below:5Australias fintech sectorSource:ecosystem.fintechaustralia.org.auFintech Australias ecosystem pie-chart map of Australian fintech companies by sub-sector provides a glance of key players within the sector.Fi
18、gure 3:Ecosystem of Australian fintech companies by fintech sub-sector6Australias fintech sectorAustralia has demonstrated its capabilities to be considered a strong investment destination for global fintech investment with one of the worlds most sophisticated financial technology industries.The Glo
19、bal Fintech Index places the nation in sixth place globally(and second in the Asia-Pacific Region),reflecting a vibrant fintech culture.Australian businesses,governments and citizens are seen as early adopters of fintech more broadly,which has resulted in the establishment of over 800 fintech firms
20、nationwide.JLL Research data shows Australian office gross take-up by the fintech sector recorded a new high in 2020,with take-up totalling 21,900 sqm.The ongoing global economic slowdown has resulted in consolidation within the fintech sector,leading to decreased levels of capital raising and inves
21、tment across various fintech sectors.Australian Securities Exchange(ASX)data shows a decline in initial public offerings(IPOs)with the number of IPOs down 54.0%in 2022 as inflation and interest rates rose.As a result,new office demand from the fintech sector has also recorded a marked slow-down with
22、 gross take-up between 2022 and H1 2023 totalling only 6,700 sqm.Nevertheless,while there has been a slow-down in office gross take-up over this period,the overall growth trajectory remains positive.During the five-year period between 2017 and 2021,gross take-up averaged 13,600 sqm annually.The natu
23、re of fintech companies involves rapid growth and the need for flexible office solutions.Fintech startups and scale-ups often require agility and scalability,making flexible workspaces an attractive option.The inherent need for adaptable office spaces that can accomodate their growth and changing re
24、quirements also positions the fintech sector as a potential large occupier of flexible workspaces.The fintech sector and Australian office market7Australias fintech sector8Markets such as London,New York and San Francisco remain global leaders of fintech development,but the sector is evolving and be
25、coming geographically diverse.According to the Global Fintech Index,Sydney is placed 11th globally,while Melbourne holds a strong position at 25th.Brisbane has also made it onto the list,ranking 98th among the top fintech cities worldwide.Source:JLL Research*2023 figures as at H1 202305,00010,00015,
26、00020,00025,00030,00020000222023*sqmFigure 4:Fintech sector gross take-up Australia wide8Australias fintech sector9Source:JLL ResearchWASAQLDVICNSWBoth Sydney and Melbourne markets are clear leaders in attracting new talent and investment within the fintech sector as
27、 well as providing a platform for new companies to form.A diverse labour market,flow of international capital,government support as well as business to business(B2B)and business to consumer(B2C)collaborative opportunities have provided both cities with a significant advantage to capitalise on a grow
28、ing fintech sector.According to JLL Research data,NSW holds the largest office footprint(tenant moves 1,000 sqm)for fintech companies in Australia,accounting for 57%of the nations total.In comparison,Victoria and Queensland make up 24%and 11%respectively of the fintech companies presence.Figure 5:Fi
29、ntech sector office footprint by state9Australias fintech sectorSource:JLL Research,S&P Global Market Intelligence*2023 data as at H1 2023Looking forward,unused capital(“dry powder”)in Australian private capital markets remain elevated,with untapped capital having significantly grown in 2023 so far.
30、Data from McKinsey&Company shows“dry powder”increased to USD 24.0 billion at the end of 2022,up from USD 7.0 billion in 2016.Globally too,global private equity“dry powder”has soared to a record USD 2.49 trillion in the middle of 2023,as per the latest S&P Global Market Intelligence private equity re
31、port.Global“dry powder”as of early July 2023 represented an increase of 11.0%over the December 2022 total of USD 2.24 trillion.Based on the notable potential global private equity investment pipeline,we can expect upward momentum for office space requirements from the fintech sector over the medium
32、term.$500$1,000$1,500$2,000$2,500$3,00020000222023*USD BillionsFigure 6:Global private equity dry powder(USD billions)10Australia has implemented a host of other regulatory and funding initiatives to support the growth of the fintech sector:-Open banking:The Australi
33、an Government has introduced Open Banking regulations to enhance competition and promote innovation in the banking sector.Open Banking requires major banks to share consumer data securely with authorized fintech companies,giving them access to valuable data to create new financial products and servi
34、ces.01Accelerators and incubators:There are various accelerators and incubator programs specifically focused on supporting fintech startups in Australia.These programs provide mentoring,technical support,and access to networks and investors,enabling startups to accelerate their growth.03Government s
35、upport:The Australian Government provides support through various grants,programs,and funding initiatives.For example,the Australian Business Growth Fund was established to provide long-term equity capital to support the growth and expansion of small to medium-sized enterprises,including fintech com
36、panies.02Collaborations with financial institutions:Traditional financial institutions in Australia have recognised the potential of fintech and have started to collaborate with or invest in fintech startups.These partnerships provide startups with access to resources,expertise,and customer networks
37、 to foster growth.04Australias fintech sectorThe Australian Government has increasingly placed emphasis on diversifying the economy.The fintech sector has been identified as a key growth sector,with talent attraction strategies,private and public sector investment funding,and revised regulations all
38、 possible levers for the government to explore.The Fintech Advisory Group was devised by the Federal Treasury in 2016 to advise government on policy priorities.Various state governments have also followed suit by implementing local grants to small businesses and startups in pre-revenue stages.Furthe
39、rmore,the Australian Securities and Investments Commission(ASIC)has established a regulatory sandbox allowing fintech startups to test innovative financial products without immediately falling under regulatory requirements,providing a controlled testing and development environment.Regulatory environ
40、ment11Australias fintech sectorOver the short term,a consolidation in the market across the fintech sector can be expected,driven by ongoing global economic headwinds.Regardless,the longer-term outlook for the Australian fintech sector is positive,with a well-developed financial services sector,stro
41、ng regulatory framework,and supportive federal government policies all contributing factors in spurring growth.Furthermore,a growing population increasingly leaning towards technology as well as a growing business ecosystem will also create a favourable environment for continued fintech innovation.I
42、nvestment arising from private capital markets has been steadily increasing in recent years.The COVID-19 pandemic further accelerated investment due to increased adoption of technology amongst users,leading to the formation of new fintech companies as well as creating further growth opportunities fo
43、r existing players within the sector.Buy now pay later company Afterpay is one of many examples demonstrating the growing role of technology in financial services within Australia.The companys rapid rise from a Melbourne startup to global unicorn in only five years shows potential growth opportuniti
44、es are a possibility for other smaller startup organisations,given fintech is still a sector considered in its infancy.The disruption of traditional financial services and embracement of technology amongst businesses and consumers is expected to continue to bode well for the Australian fintech secto
45、r,thereby maintaining a positive growth trajectory over the medium to long term.O.auCopyright Jones Lang Lasalle IP,Inc.2023AuthorTo find out more about JLL services,contact:Ronak BhimjianiDirectorReal Estate EconomistARichard Fennell Head of Property and Asset Management-APhylicia CohenHead of Sale
46、sProject&Development Services Australia&New ZThis report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.It has been based on sources we believe to be reliable,but we have not inde
47、pendently verified those sources and we do not guarantee that the information in the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-looking involve known and unknown risks and unc
48、ertainties that may cause future realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be made based solely on t
49、he views expressed in this report.Tim OConnorHead of Leasing-ALuke BilliauHead of Capital Markets Australia and New Zealand Andrew BallantyneManaging Director-NSW Head of Research-AMichael GreeneHead of Tenant Representation-A.auCopyright Jones Lang Lasalle IP,Inc.2023Research at JLL JLLs research t
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