In the past, when you would’ve thought about the prospect of establishing a corporation in Australia, it’s likely you’d have thought of setting up shop in Sydney or Melbourne first. However, Brisbane is quickly becoming an Aussie powerhouse when it comes to emerging digital-ready industries like fintech, thanks to the city’s strong business culture, the rise of local fintech startups, and the city’s proximity to the wider APAC region.
Today, we’ll be taking a closer look at just how Brisbane has become such a hotspot for fintech businesses. We’ll explain how each of the factors below have contributed to Brisbane’s rise as a global tech hub, and what this all means for any entrepreneurs or fintech enthusiasts looking to gain access to one of Australia’s fastest growing digital industries.
Brisbane’s Strong Education Sector
Among Brisbane’s greatest strengths is its educational sector. Whether you want to study in a local college or one from further afield, getting a degree like a master of financial technology or an undergraduate in entrepreneurial finance is easy if you live in Brisbane.
If you want to go local, there’s a host of great universities to choose from. The most well-known of these is the University of Queensland. Some other options include the Queensland Institute of Technology and Griffith University, which both offer excellent tech and finance courses. Students also have the option to study either fully online and gain access to other universities across the eastern coast like UNSW in Sydney, which offers one of Australia’s leading postgraduate fintech courses.
The Brisbane CBD and its Vibrant Business Culture
Anyone who’s lived and worked in Brisbane can attest to the vibrant business culture in the region. From food to fintech, there’s a wide variety of startups in the region, and the rise of new local businesses is showing no signs of slowing down.
One factor that makes Brisbane extremely business-friendly is its CBD, which ranks among the most modern in Australia. Getting around is extremely easy thanks to its organised roads and network of public transport. Brisbane is also home to plenty of networking events that attract APAC professionals as well as local Australian businesses and business owners, which allow entrepreneurs and professionals based in Brisbane to develop far-reaching professional networks.
These and other factors have led to the growth of local businesses across Brisbane and the Gold Coast. What’s more, they’ve also made Brisbane, and Queensland as a whole, an incredibly attractive place for young professionals from all over Australia and the world to live. All this has made Brisbane a hotspot for new fintech businesses that are primed for international rollout.
Brisbane’s Rapid Adoption of Cryptocurrencies
Whatever your opinion on cryptocurrencies as a whole, there’s no doubting the impact they’ve had on the global economy. While they’re far from ubiquitous in Brisbane, they’ve seen wider adoption here than in most other regions.
Over the past few years, cryptocurrency has slowly but surely been making its way into daily life in Brisbane. For instance, many establishments now accept crypto as payment. These include restaurants, hotels and spas. What’s more, you’ll find plenty of crypto ATMs in convenience stores and other similar establishments, so you should have no issue topping up your cryptocurrencies.
While cryptocurrency is a divisive topic, what can’t be argued is that they’re here to stay. Thanks to Brisbane’s culture of innovation and tech-savvy population, it now ranks among the biggest hotspots for crypto both in Australia and around the world.
Government Support Services for Fintech
Among the biggest reasons why Brisbane has become a hotspot for fintech companies is the local government’s willingness to incentivise innovation. Starting a fintech business is, to nobody’s surprise, often very capital intensive. This poses a challenge to any small business looking to make its mark.
Thankfully, the local government has shown plenty of willingness to provide assistance to local businesses that show promise. For instance, the Queensland Government provides grants and funds to startups meeting certain requirements, which lowers the barriers to starting a fintech enterprise.
As part of these grant programs and other schemes, the State Government essentially seeks to offer tailored support for startups and entrepreneurs, allowing up and coming fintech enterprises to gain access to networking events, invest in industry tools, and even access short business courses for staff upskilling. In short, fintech entrepreneurs can access support in ensuring they invest sustainably into their business, as well as into their staff. These support services are strategically granted to help further cultivate Australia’s flourishing fintech sector and consolidate Australia as a leading force in this rapidly scaling global industry.
Brisbane’s Work/Life Balance
Finally when compared to bigger cities like Melbourne and Sydney, the Brisbane CBD and surrounding suburbs offers something that’s truly priceless for hard-working professionals: the opportunity to maintain full control over their work/life balance. Being a coastal city with no shortage of gorgeous beaches, holiday spots, and great weather, it’s easy to shape your working week around your downtime. In fact, professionals in Brisbane often make a habit out of fitting in an early morning gym sesh, beach swim, or even a beachside jog before work, or even heading out in the city for dinner and drinks after the work has been wrapped up for the day.
And thanks to Brisbane’s compact city centre, commutes are generally shorter and easier for Brisbanites than they are for your average Melbournian or Sydneysider, which means more time in your day to put towards your health, hobbies, and family.
Make Brisbane the Home Base for your Career in Fintech
Brisbane has quickly taken its place among Australia’s premier destinations for fintech business founders and professionals alike. As we’ve explored in this article, this is down to a combination of a strong educational scene, government support, widespread crypto adoption and a vibrant local business culture.
If you’re a Brisbane resident who’s interested in getting into the fintech industry, there’s no time like the present to jump in. On the other hand, if you live elsewhere but would like to start a business or pursue a career in fintech, you should definitely consider making a move to Brisbane part of your plans.
