The Victorian government wants to build a fintech hub in Melbourne's Docklands

Docklands in Melbourne. Photo: iStock

The Victorian government is hoping to lure more of the burgeoning fintech sector to Melbourne by establishing a new financial technology hub in the city.

Victoria’s small business, innovation and trade minister Philip Dalidakis has released a request for a proposal to establish the hub at the Goods Shed North in Docklands.

The Docklands Goods Shed is where the CSIRO’s Data61 cyber security and innovation hub was set up last year. It’s also home to the Oxford University Global Cyber Security Capacity Center and Victoria’s new Oceania Cyber Security Center (OCSC).

Sydney has stolen the march on its southern rival, with the fintech scene there under the auspices of hubs such as Stone and Chalk now ranking 8th in the world, according to Deloitte.

The fintech industry uses technology to develop innovative ways to deliver financial services such as payment systems, wealth management, crowdfunding and personal finance.

Dalidakis said the Docklands precinct will give the city the chance to win a bigger share of the sector.

“This fintech hub will turbocharge our startup ecosystem and attract new investment that will strengthen our professional services industry and create jobs,” he said.

His announcement coincided with the Victorian government announcement that Melbourne will host Australia’s first fintech festival, Intersekt, from October 27.

The Intersekt Festival is hosted by FinTech Australia and FinTech Victoria in conjunction with fintech company NextMoney and co-working community the York Butter Factory.

The Collab Collide Summit will be the centrepiece of the inaugural week-long event.

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