The fintech hub will be launched on Tuesday night at a big shindig in Sydney, reads The Australian Financial Review. The foundation partners of Stone & Chalk are American Express, Thomson Reuters, Westpac Banking Corp and Woolworths, and others. In a nutshell, Stone & Chalk aims to launch a forum for collaboration to give fintech start-ups access to the resources of the incumbents, while teaching the latter about innovation and customer engagement in the new economy.
“We want to help Sydney as a market work together to co-create the future of financial services, rather than seeing a 20th century mindset of a David and Goliath battle [between disrupters and incumbents],” says Alex Scandurra, Stone & Chalk’s chief executive.
“People often look to the government for a lot of support, but private enterprise needs to take a lead. When the government sees the private sector committed and putting their own resources in, it will have a lot more confidence that this is worth backing,” adds Stone & Chalk chairman Craig Dunn.
While Stone & Chalk will become a hub of activity for new firms and will help banks identify potential acquisition targets or partners, it will also develop policy ideas that will be taken to government to improve the fintech sector more broadly.
As the financial system inquiry final report put it, “the innovative potential of Australia’s financial system and broader economy can be galvanised by taking action to ensure policy settings facilitate future innovation that benefits consumers, businesses and government.”