Professional services firm Ernst & Young has become the latest corporate to link up with a startup hub, announcing a partnership with Sydney fintech coworking space Stone and Chalk. The relationship with EY will help Stone and Chalk in providing professional advice, experience and support to its members.
Anita Kimber, EY Fintech Leader for Australia, said the fintech industry has massive growth potential with customers who are willing to embrace new digital offerings. A recent study conducted by EY found that fintech adoption rates among digitally active consumers are set to double within the next 12 months.
“There is a massive opportunity here for Australian fintech entrepreneurs to be at the forefront of this trend, but they need access to global markets to reach their next stage of growth. Through EY’s global fintech network, we can help equip them with the tools and support they need to make this happen,” she said.
EY will use its considerable network and resources to support Stone and Chalk’s community of fintechs as they look to scale and commercialise their offering both locally and internationally.
James Lloyd, fintech leader for the Asia-Pacific region, said that EY is well connected with a fully-dedicated fintech team operating on both a regionally-integrated and globally-connected basis to support high-growth-potential startups.
With traditional financial services and large banks now recognising the rapid pace of new and emerging fintechs, he said there is a great need to bridge the gap between fintech startups, corporates, and large and small businesses.
“There are obvious synergies in linking innovative fintech startups with larger corporates, particularly given the appetite for new partnerships and M&A,” said Kimber.
“One of our key aims is to help Stone & Chalk members create new relationships – with financiers, customers, potential partners and acquirers – that help them to accelerate their growth and achieve their business goals. It’s about connecting the whole financial ecosystem and building bridges between entrepreneurs, financial institutions, venture capitalists, regulators and governments. EY’s extensive local, Asia-Pacific and global financial services network means we are well-placed to help make these connections.”
Fintech has become a priority for many a corporate over the last 12 months, with Stone and Chalk supported by a number of the big banks and the likes of Optus, Woolworths, and American Express, and it isn’t hard to see why: a recent survey from Telstra found that two out of three millennials are already using or considering using fintech, while findings from the Millennials Disruption Index (MDI) revealed that millennials are increasingly looking to fintech startups to change the banking industry. Over 70 percent of millennials surveyed said they would be more excited to use a new offering in financial services from Google, Amazon, Apple, Paypal or Square than their own nationwide bank.
With the Federal Government pushing Australia as the fintech leader in Asia and ASIC linking up with the UK’s Financial Services Authority (FSA) to make it easier for Aussie and British fintechs to do business in each market, EY’s global network can help fintech startups make the connections necessary to enter international markets.
Image: Stone & Chalk. Source: Supplied.