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Wollongong’s advantages in financial services

Some of the advantages of basing your financial services or FinTech business in Wollongong includes:

  • Wollongong is only 1-hour south of Sydney – ideal for client facing businesses.
  • Proximity to Sydney, Australia’s financial services hub, also allows for Wollongong-based businesses to leverage from the many opportunities available close by.
  • The ability to work with the University of Wollongong (UOW) on research or commercial projects.
  • Access to a large commuter pool with many working at various levels within finance, accounting, insurance, superannuation and FinTech in Sydney.
  • Experiencing a lower cost base and lower staff turnover.
  • Easy access to Sydney International Airport (connecting you to the rest of the world) and Illawarra Regional Airport (with daily flights to Melbourne and Brisbane).

Collaborate with the University of Wollongong

The University of Wollongong has particular strengths of interest to the financial services industry, including FinTech, making collaboration with this industry-focused university very appealing to businesses. For example, did you know that:

  1. UOW is ranked as one of the top 250 universities in the world for Computer Science and Information Systems by the 2018 QS World University Rankings. In 2017, the Australian Federal Government’s Quality Indicators for Learning and Teaching (QILT) ranked UOW as the second among all universities in NSW/ACT for Computing and Information Systems.
  2. The university has a focus on four main research themes that financial services or Fintech business will benefit from including its research of Information Security, Artificial Intelligence and Distributed Systems, Information Systems Innovation and Development, and Software Engineering.
  3. UOW’s Institute of Cybersecurity and Cryptology (iC2) was established in 1991 as one of the leading security research centres in Australia. iC2 currently has 16 staff and 20 PhD students.
  4. Researchers at UOW are leaders in the field of artificial intelligence (AI) and are strongly focused on educating the next generation of researchers who want to make meaningful contributions to intelligent technologies of the future offering a great advantage for businesses involved in artificial intelligence.

Our financial services strengths as a State

Financial services in NSW contributes 45% of Australia’s financial services output. And our States financial service exports are worth $3.1 billion a year, or 69% of Australia’s total. This highlights the strength of our state’s knowledge-based economy which includes banking, insurance and finance and accounting.

In 2017, approximately 182,900 people were employed in finance and insurance services across our State – that’s nearly 5% of our States total workforce, and 38% of all people employed in the industry across Australia.

Additionally, more than 380,000 people were employed in the NSW professional, scientific and technical services industry in 2017.

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Industry assistance for financial services businesses

The team at Invest Wollongong are keen to help you and give you the opportunity to experience the benefits of basing your financial services or Fintech company Wollongong. We have extensive experience in assisting businesses – both large and small – move their business or scale up in Wollongong. To see our comprehensive list, visit our how we can help section or complete our contact form and we will be in touch.