FinTech is the portmanteau of "financial" and "technology" and is all about using cutting-edge technology to deliver financial services. These technologies usually include AI, the blockchain, cloud computing, and big data.
If you're new to FinTech and what it is, the important thing is that you remember ABCD, the four technologies that we just mentioned (the D is for data, by the way) and you could consider it a technical evolution of the financial services industry, it's also big and important enough to be worthy of discussion in its own right.
As with everything involving money, FinTech is hugely important and very lucrative with FinTech investments being hundreds of times greater than they were in the late 2000s. Every modern developed country is involved in FinTech in some way and Australia is no different.
While most FinTech investment is taking place in the Americas and Europe, Australia is taking the lead in the Asia Pacific region. Traditional finance hubs like Hong Kong and Singapore are actually behind Sydney, which many say is the Australian capital for FinTech.
To get a better idea of what's happening with FinTech in Australia, let's see where and how you learn about FinTech, what kind of jobs there are in FinTech, why you should be in FinTech and the biggest companies and businesses in the industry.
FinTech Courses in Australia
There are plenty of FinTech courses in Australia, especially thanks to Fintech Australia, which has partnered with several universities offering FinTech courses.
For those interested in FinTech, you can always complete an undergraduate degree specialising in FinTech, but there's no reason you can't study a more general bachelor's degree and then move on to specialised FinTech postgraduate courses like a master's degree, graduate certificate, or short courses.
First, we'll see some bachelor's options and then look at the courses at the Australian National Institute of Management and Commerce (IMC) as it offers a great selection of courses for graduates interested in FinTech.
University of New South Wales
UNSW offers a bachelor of commerce with a specialisation in FinTech. This is a 3-year undergraduate degree offered through the UNSW's Business School.
RMIT
The Royal Melbourne Institute of Technology (RMIT) offers a Bachelor's of Business with a major in Blockchain Enabled Business.
Beyond a bachelor's degree, there's also a master's available in Blockchain Enabled Business. With so many businesses and startups focusing on cryptocurrencies and the blockchain for everything from investment to payments, it could be an excellent decision for your career.
IMC
Graduate Certificates in Financial Technology Management
The Australian National Institute of Management and Commerce (IMC) offers several graduate certificates including a useful one in Financial Technology Management.
The course takes one semester and looks at how advanced technologies are being used in the world of finance and business. You can always study this course part-time over two terms if you can't commit to full-time study.
Master of Applied Financial Technology and Blockchain
The IMC also offers a master's degree in Applied Financial Technology and Blockchain. You can either study this course over two years as a full-time student or four years with part-time study.
You'll study subjects like e-business strategies, big data for business, data analytics, python programming, cryptography and blockchain, and data visualisation and storytelling.
This is an excellent option for anyone thinking about a career in FinTech.
Master of Business Administration (FinTech Management)
This master's is a mix of management studies and FinTech topics and is a good idea for anyone ready to commit to two or four years of graduate study.
This course covers areas including marketing management, human resource management, leadership and ethical behaviour, financial technology and the digital economy, international finance, etc.
Micro-Credential Courses
IMC also offers “micro-credentials”, shorter courses in specific areas of FinTech costing a few hundred dollars. There are courses in FinTech and Big Data, FinTech Technologies, or FinTech Security.
The courses last two or three weeks and are a useful introduction for anyone interested in learning more about FinTech without having to give up too much time.
Griffith University
Griffith University offers a Master of Financial Technology course that lasts between a year and a half and two years for full-time students. Part-time students can take the course online over 4 years.
Swinburne University of Technology
Swinburne University in Melbourne also offers a master's degree in Financial Technologies. This is a hybrid postgraduate course that combines on-campus and digital learning over 18 months or 2 years for full-time students or 4 years part-time (subject to prior qualifications and experience).
The special thing about this course is that students will have the opportunity to rub shoulders with the researchers in Swinburne's Blockchain Innovation Lab.
Macquarie University
Macquarie University in Sydney offers a Master of Banking and Finance with a Specialisation in FinTech. This course is taught through the Macquarie Business School and looks to teach students about FinTech and technological trends in banking and finance.
FinTech Industry and Jobs
Even if you have a vague idea of what FinTech is, you might be wondering what somebody specialising in FinTech can do, especially given how new and rapidly changing the industry can be.
To make sense of it all, don't forget about ABDC: AI, Blockchain, Cloud Computing, and Big Data. Anyone specialising in FinTech will likely be in one of these four key areas or working for businesses that provide services or products in these areas.
Here are just a few of the most popular FinTech jobs.
App Development
You can't speak about tech without apps coming up. Apps are pretty much the way we do everything now and FinTech specialists can work on them, too.
In finance, specialists in UX, UI, design, and programming are in high demand. Ideally, an app developer is well-versed in several programming languages, but they can also find work with languages like C#, C++, HTML5, Java, Objective-C, Python, or Swift, for example.
Blockchain Development
As one of the main areas of FinTech, the future of jobs in blockchain technologies is looking great. Estimates indicate that there are 10 job openings for each blockchain developer so this could be a valuable career choice for anyone looking to work in FinTech.
More and more startups every day are looking to blockchain technologies.
Compliance Expert
Certain areas of FinTech are a bit like the Wild West at the moment as most new technologies and sectors tend to be. Governments and authorities are scrambling to tighten up legislation and anyone with a background in law and compliance is going to be in demand.
Cybersecurity Analyst
FinTech is as susceptible to cyberattacks as any other sector, but since it's at the crossroads of technology and finance, it also makes it a hugely desirable target for increasingly intricate attacks.
The upside to all this is that anyone specialising in cybersecurity and willing to stay ahead of the curve will always be in demand.
Data Scientist
Anyone with a background in maths and data will also be able to find work in FinTech. They'll mainly be looking for patterns and trends to make better decisions or develop strategies for the different services and businesses in the industry.
Financial or Business Analysis
Much like data scientists, financial and business analysts have their place in FinTech. They'll also look at numbers, but they'll also need to look at business strategies, find areas where processes can be improved, and optimise FinTech companies as much as they can.
Benefits of Working in Fintech
If you're still not sure about studying FinTech or working in the sector, there are quite a few benefits to working in FinTech that may help you to make a decision.
For one, FinTech is a quickly growing industry. It's not in its infancy, but it's hardly mature. While startups are inherently riskier than established companies, there are lots of big players in the industry that offer excellent job security.
As FinTech is at the forefront of technology, it's exciting. Things are regularly changing and if you'd love to work in a dynamic industry, FinTech is the place to be.
The FinTech sector is doing well in Australia, particularly in Sydney, but it's also doing well in a lot of places around the world. By working in FinTech, you'll likely encounter opportunities to work in lots of different places around the planet.
Top FinTech Companies in Australia
If you're sold on a career in FinTech and know what you want to do, these are some of the companies you might want to reach out to for work or to find out more about FinTech.
Afterpay
Afterpay is an Australian FinTech company. As you might guess from the name, Afterpay offers a buy now pay later service where you can buy something immediately and pay for it across four fortnightly payments.
Airwallex
Airwallex offers foreign exchange (forex) services to businesses in Australia and around the world (in around 130 companies). It also deals in banking, debit cards, and payment processing.
It was founded in 2015 and is now worth around 5 billion US dollars.
FrankieOne
FrankieOne (or Frankie for short) is a company dealing in compliance for FinTech and banks. Their business aims to bring together KYC, AML, fraud, and biometrics into a single API.
Naturally, there are lots of huge FinTech companies in Australia, but these are just a few so that you can see what kinds of things these companies do.
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