Global Fintech Fest 2023: An Early Adopter of Technology, Australia is a Thriving Market for Innovators – AusPayNet CEO Andy White

“Australia was an early adopter of tap-and-go technology, effectively combating frauds. During COVID, there was an incredible adoption of digital wallets, moving away from physical cards while retaining the tap-and-go convenience. There is potential for new payment service providers to enter the market, similar to India’s UPI, emphasizing the use of real-time payment platforms,” said Andy White, CEO, Australian Payments Network (AusPayNet), during a fireside chat with Ritesh Shukla, Chief Executive Officer, NPCI International Payments Ltd. on ‘Crystal ball gazing: the Future of Payments, Data and Digital Trust’ at the Global Fintech Fest 2023 (GFF 2023).

In another session on ‘Australian Capabilities in Tech Sector’, hosted by Vik Singh, Trade and Investment Commissioner, Austrade, Rehan D Almeida, General Manager, Fintech Australia, said that Australia and India could benefit from each other’s strengths. “Australia’s new trade agreement brings opportunities for people with high skills to get access to the market and find opportunities in Australia. Secondly, investors and startups can get access to capital and the massive market.”

He was joined by Malini Dutt, Trade, and Investment Commissioner – India, Investment NSW, Rufus Pinto, Country Manager – India, ANZ Bank, Prem Naraindas, Founder and CEO, Katonic and Janet Salem, Founder, FootprintLab in the panel discussion. “I would like to see the Australian government funding Indian projects and Indian Government funding projects in Australia, so that companies can take their offerings cross-border and create more Google and Wi-Fi stories,” said Malini Dutt, Trade, and Investment Commissioner – India, Investment NSW, speaking on exploring cross-border partnerships to fuel the growth of scale-ups.

GFF 2023, the largest thought leadership platform in the world, is supported by the Ministry of Electronics and Information Technology (MietY), the Department of Economic Affairs (DEA), Ministry of Finance, the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA) and is organized by the Payments Council of India (PCI), Fintech Convergence Council (FCC), and National Payments Corporation of India (NPCI).

Smt. Nirmala Sitharaman, Minister of Finance, Government of India inaugurated the conference. “Fintechs in India are driving more inclusion and influencing India’s financial ecosystem. Today, fintech has become a robust and dynamic financial inclusion tool,” Smt. Sitharaman said, dwelling at length on the role of fintechs in building a global responsible financial ecosystem.