It’s worth mentioning that the past year (i.e., 2020, to be precise) is the biggest year for the cryptocurrency industry in adoption, developments, and other aspects. This, in fact, concedes with the growing number of new companies entering the crypto and blockchain space in different countries, especially Australia.
A new report from KPMG, one of the “big four” auditing companies showed that Australia’s crypto and blockchain fintech increased significantly in the just-concluded year. This shows how much the Aussie crypto industry is growing. Already, the country is rated as one of the blockchain-friendly nations.
Aussie Records More Active Fintech
At first, the auditing company noted in the “KPMG Fintech Landscape 2020” report on Monday that more than 733 fintech from diverse industries is presently active in Australia. Following this record, the number of active fintech in the country is up by 16.5 percent compared to the previous 629 recorded last year. In the Lending industry, the number of companies increased from 77 in 2019 to 103 in 2020, accounting for more than a 30 percent increase on a year-over-year count.
In comparison to the 2019 and 2020 record, other industries in Australia increased or decreased as follows: Neobank (5 to 10 or 100%), Regtech (48 to 47 or -2.10%), Middle & Back Office (65 to 67 or 3.10%), Payments (143 to 151 or 5.60%), Wealthtech (78 tp 79 or 1.28%), Insurtech 35 to 59 or 68.60%), Data and Analytics (37 to 36 or -2.70%), according to the report.
Crypto-related Fintech in Australia Grew by 153%
As per KPMG, the crypto and blockchain industry in Australia had the largest percentage growth in new fintech from 2019 to 2020. Respectively, the number of new companies in the industry increased from 32 to 81, accounting for about 153 percent growth. This corresponds to the general support and interest in digital currencies over the past year, including the underlying technology, blockchain.
“Despite the impacts of COVID-19 on the economy, increased digitization across financial services and new customer behaviors have created new opportunities for innovation. […] The overall impressive net growth in the number of fintech illustrates both the robust market dynamics and strong support for the fintech sector in Australia,” said the National Fintech Lead at KPMG Australia, Daniel Teper.
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