The new Fintech hub Chalk and Stone opened this week on Level 26 at 45 Clarence Street. After around three months of negotiations, the site has been decided and will be open to a number of Fintech entrepreneurs this coming May. The grand unveiling took place this week with NSW Premier Mike Baird one of the key figures in attendance, and genuine excitement is beginning grow at what the future can hold for the financial sector.
“Stone and Chalk will provide Fintech start-ups with subsidised office space to collaborate, network and investigate venture capital opportunities. The fast-growing Fintech sector will further strengthen Sydney’s position as Australia’s business capital and a globally recognised and competitive finance sector,” Mr Baird said. NSW Trade and Investment have been central in creating a Fintech plan for the state and they hope the hub will help attract as much entrepreneurial talent as possible to Sydney.
Stone and Chalk is an apt name for the new hub as it signifies the unique nature of financial services for those who are seeking to disrupt it. Stone highlights the elements of Fintech which must be respected by new business such as Government support, regulation and security. The chalk however highlights the imaginative and creative aspect of Fintech, the elements which can transform and enhance customer experience.
One of the key announcements at the gathering was Craig Dunn being named as the Chair of Chalk and Stone. The former CEO of AMP and key contributor to the recent FSI report will offer considerable experience to the hub and will be a great bridge between the Fintech entrepreneurs and established financial services. “Digital disruption is transforming the financial services industry and there is much to be gained through greater collaboration between stakeholders in the Fintech ecosystem,” Mr Dunn said on Tuesday.
This project is just the start of a broader policy for NSW Government as they seek to promote Sydney’s banking and technology capability. Criterion Conferences aims to be part of this and have partnered with NSW Trade and Investment to create the Collaboration in Fintech event taking place in June. The event will bring together all the key players in this space to discuss how Sydney can build an ecosystem for financial service innovation. Register before 8th May and receive a $100 discount on ticket prices!