Due to Lack of Education, 70% of Australian Businesses are Missing Out on Blockchain and Fintech Technology

Australia has been a crypto-friendly APAC country for several years, providing a solid ground for fintech companies and the issuance of digital assets.

But despite the record-number of DeFi and Fintech development of several companies in the last month, over 70% of Aussie businesses are missing out on fintech technology.

According to a report from accounting body CPA Australia and Airwallex —called “The Role of FinTech in Modernising Businesses” —only a third of businesses in the Asia-pacific area are willing to implement fintech and blockchain-related technologies.

Main Concerns for Aussies Businesses

Australia is currently a leading APAC country in fintech usage. Although, at least 70% of Aussie businesses are not willing to implement these technologies. One of the main concerns for Aussies was “cybersecurity reasons”.

Several respondents were not educated in these digital spaces, and, naturally, some of them have fear of data leaks, and security and trust concerns.

Although, Australia is a leading country when it comes to fintech and digital assets, around 40% of businesses are unaware of fintech technology.

Despite the several benefits —and challenges as well— that fintech and blockchain technology can bring to Australians, over 70% remain unsure about transitioning to these digital environments.

Educating Aussies in Digital Areas

Several Aussie businesses still struggle with high banking fees and the inability of establishing international bank accounts.

The main problem, accordingly, relies on the lack of education regarding blockchain and fintech-related areas in businesses and finance in general.

Australian businesses are falling behind their international counterparts when it comes to the uptake of fintech solutions. The current business environment amid the COVID-19 pandemic has made digital technologies more essential than ever before.

Stated Gavan Ord, Manager at CPA Australia, for Australian Fintech.

To address these issues, Airwallex and CPA Australia are aiming to educate Aussies so they can jump in on the set of benefits that blockchain and fintech technology can bring to their businesses. We have also seen recently TAFE Queensland list blockchain courses for Advanced Diplomas of Applied Blockchain.