Vic government plans Docklands fintech hub

The Victorian government has announced plans to back a fintech hub in Melbourne’s Docklands.

The state government this morning issued a request for proposals for the hub from prospective operators. Small business, innovation and trade minister Philip Dalidakis said the initiative would “turbocharge” Victoria’s startup ecosystem and attract new investment.

“Innovations in financial technology are revolutionising the finance industry and Victoria has an opportunity to win a bigger share of this fast growing sector,” the minister said.

The fintech hub “will aim to attract startups from around the country and the globe, bringing these businesses together with investors, industry, corporates and researchers in an entrepreneurial, collaborative workspace,” state RFP documents.

“The Hub operator will be expected to deliver targeted mentoring, incubation and accelerator services that will help resident startups to develop new business skills, find customers and bring their products and services to market efficiently.”

The government said its preference for the hub’s location is within the Goods Shed North at 710 Collins Street.

More than 1500 square metres will be available for the hub. Government funding and in-kind support for a three-year period are potentially available for the hub’s operator, beginning in 2017-18.

Support may include subsidising rent and contributing to design and fit out, ongoing engagement with government innovation and startup programs, government backing for trade and networking missions and events, as well as potential additional floor space in the Goods Shed North as other tenants depart.

The state government today also announced that Melbourne will play host to what it described as the nation’s first fintech festival, Intersekt, in October. The festival is being staged by FinTech Australia and FinTech Victoria in conjunction with NextMoney and the York Butter Factory.