The Victorian Government will establish a FinTech hub in Docklands to boost local startups, attract investment and create new jobs in this fast growing industry that supports Victoria's significant professional services sector.
The hub will strengthen Melbourne's FinTech ecosystem by bringing startup businesses together with investors, industry, corporate organisations and researchers in one concentrated collaborative workspace.
The government has released a request for proposal document inviting companies to tender to establish the FinTech hub, which will be located at the Goods Shed North in Docklands.
Victoria has a vibrant financial services sector, driven by our strong and diverse economy, skilled workforce and culture of innovation. Financial technology (FinTech) startups will play a crucial role in the future growth of this sector, taking new ideas and turning them into successful new businesses that create high-value, knowledge intensive jobs. Established financial institutions are rapidly embracing the disruptive nature of FinTech, creating partnerships with emerging new FinTech firms in order to improve efficiencies, reduce risk and respond to customer demands for more innovative services.
Government's preference is for the FinTech hub to be located within the Goods Shed North at 710 Collins Street in Melbourne's Docklands. The site is a light-filled industrial heritage building with large open shared spaces perfectly suited to collaborative working. More than 1500 square metres of floor space is immediately available for the dedicated use of the Hub operator, plus shared access to an impressive array of break-out, meet-up and event spaces, meeting rooms, kitchen and dining areas and end-of-trip facilities spread over a further 1750 square metres within the Goods Shed North.
Targeted mentoring services at the hub will help resident startups develop new business skills, connect with customers and bring new products and services to market.
The hub will also build stronger links with international FinTech hubs and destinations and enhance Melbourne's position as an attractive location for FinTech startups and investment.
As part of our commitment to establishing the FinTech Hub, the Victorian Government will consider providing funding and in-kind support for the establishment and operation of a FinTech Hub for an initial three year period, 2017–18 to 2019–20. The following types of support may be considered:
- covering or contributing to the cost of design and fit-out to meet operating requirements of the FinTech Hub
- meeting part or all of the cost of rent, outgoings and other lease obligations until the FinTech Hub is capable of meeting these obligations
- making additional floor space available in the Goods Shed North over time as tenancies expire or other occupants move out
- ongoing engagement with government innovation and startup programs, to identify further opportunities for programs and initiatives
- support with inbound and outbound trade and networking missions to FinTech Hubs interstate and internationally
- support to stage or attract major conferences to Melbourne to support the growth and development of the local FinTech ecosystem
- assistance to attract additional startups and specialist support services such as a dedicatedFinTech accelerator program operator.
Victoria's professional services sector is the largest sector in the economy, accounting for almost 20 per cent of gross state product and providing about 405,000 jobs.
To view the specification document and apply for the tender, click here.