Three Chinese fintech firms MEGI Software (Shanghai) Co. Ltd, Royal Pay, and S. Capitol have begun their three-month-long residency program in Australia in a move to be a part of one of the biggest cross-border incubation.
According to Xinhua News, Australia is seeking to become the fintech hub of Asia-Pacific region through the FinTech Asia program. As a part of FinTech Asia program, the three startups will be creating cloud-based accounting software, a point of scale systems using QR-code for Chinese tourists, and ‘bank of entrepreneurs’ that streamlines cash management.
These startups were selected through a highly competitive pitching competition during Australia Week in China in the month of April. Stone & Chalk, Australia's leading startup incubator will support and mentor the three startups.
“These Chinese startups chosen for this program have a keen global focus, and will be in a position to commercialize and enter an entirely new market with the support and expertise of the Stone & Chalk community and our program partners,” Alex Scandurra, chief of Stone & Chalk said as reported by Xinhua.
The three firms will receive access to their 23 domestic and international corporate partners while working alongside over 90 Australia's leading fintech start-up companies.
"The Chinese start-up's contribution to this ecosystem won't just strengthen what's happening in FinTech here in Australia, but it sends an incredibly powerful message across the world that Sydney is the place to be when it comes to FinTech,” New South Wales state trade minister Stuart Ayres said.
