Thriday's Trip to SFF 2023 with Austrade

Austrade's Fantastic Support

The Austrade team at SFF 2023, led by Betty Sun-Lucas, Vanessa Perez, Hayatun Nisa, Stuart Keen, and Rob Brezniak, played a crucial role in fostering connections and partnerships. 

On the first day, Austrade hosted 30 of Australia's brightest Fintechs at the WeWork office, setting the stage for exchanging ideas and innovations.

Strategic Partnerships with the Philippines and Korea

Austrade's impact was not limited to the event venue. The team successfully signed partnership agreements with their respective Philippines and Korea trade bodies, reflecting the global significance of the SFF 2023 and the collaborative spirit it fostered.

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Day 1 - Highlights

The Austrade-hosted event at WeWork featured insightful discussions on various topics, including updates from the Malaysia Digital Economy Corporation (MDEC). 

Among the key highlights were Malaysia's plans to launch e-invoicing by the end of 2025 and a comprehensive rollout nationwide. The introduction of digital nomad visas and significant investments in digital infrastructure, including AI data centres, showcased Malaysia's commitment to becoming a global fintech hub.

Thriday CEO Michael Nuciforo was excited about the plans afoot in Malaysia, "Malaysia's ambitious plans for e-invoicing and general digitisation of trade will create huge benefits across the SME landscape in the country."

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Day 2 - Highlights

The SFF event started with a warm introduction from the Australian High Commissioner, Allaster Cox. Allaster talked about the increasingly close ties between Australia and the ASEAN region, noting the incredible success many startups have had in expanding across the region.

For the Thriday team, the second day was an opportunity to connect with our partners at Microsoft, discussing collaboration opportunities and emerging innovations in AI. The group explored various booths and was particularly impressed by the solutions showcased by Moneythor and Pulse ID.

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Day 3 - Highlights

On the final day, Thriday gained valuable insights into Visa's commitment to supporting the digitisation of SMEs globally. They also learned about MyBank, part of Ant Group, and their innovative solutions in China, focusing on tracking crop yields via satellites, tracking assets with photography, and providing real-time lending solutions to customers. 

Emerging Trends

Across the three days, the Thriday team noticed several trends emerging:

1. Artificial Intelligence (AI): From the big tech giants to the emergence of numerous AI-centric startups, the pervasive influence of AI was impossible to ignore. AI has become an undeniable force driving monumental advancements in business intelligence, risk management, customer services, sales effectiveness, and treasury strategies. The industry is transforming, with AI playing a pivotal role in reshaping traditional paradigms.
2. Independent Software Vendors (ISVs): The meteoric rise of B2B ISVs continues unabated. These innovators are redefining the financial services sector, breaking barriers, and introducing cutting-edge solutions that promise to transform the industry. 
3. Cloud Computing: The accessibility of Public Cloud as the default choice has lowered innovation barriers, enabling a new generation of trailblazers to tackle the industry's most intricate challenges.
4. Sustainability: Another key theme that resonated with Thriday was the increased focus on Environmental, Social, and Governance (ESG) principles. The commitment to sustainable and responsible practices is fast becoming a cornerstone of the fintech landscape. This shift aligns seamlessly with the collective goal of leveraging technology to impact humanity and the environment on a global scale positively. 

The festival showcased a wave of creativity and entrepreneurial spirit, reflecting the unstoppable nature of the fintech evolution.

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Challenges and Opportunities

While the festival showcased the immense potential and growth in the Fintech sector, the challenges echoed unanimously: skills and regulation. The industry grapples with embracing rapid changes safely and building a workforce capable of leading and implementing step changes. Many companies, nations, and industry bodies need more time to take the lead.

Thriday CEO Michael Nuciforo reflected on these challenges and opportunities, stating, "The energy and innovation at SFF 2023 were truly inspiring. We must collectively address challenges like skills and regulation, knowing that each innovation contributes to a more sustainable, inclusive, and technologically advanced financial landscape."

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Final Thoughts

SFF 2023 provided a platform for Thriday to showcase its innovations and facilitated meaningful connections and collaborations through Austrade's initiatives. As the Fintech industry continues to evolve, events like SFF serve as catalysts for innovation, fostering a global community committed to shaping the future of finance. In embracing the challenges and opportunities ahead, the industry continues to evolve, shaping a future characterised by sustainability, inclusivity, and technological advancement.