Financial firms and technology companies have joined to develop the first fintech hub in Sydney. Stone and Chalk will be a physical location for collaboration between start-ups, institutions, regulators and academics. The not-for-profit entity is backed by companies such as Amazon, AmEx and Macquarie.
The hub, located on Level 26, 45 Clarence Street in the Sydney Central Business District, will initially span 1,230 square metres of office space, with the potential to grow to 3,000 square metres. When doors open in May, Stone and Chalk can accommodate up to 150 entrepreneurs through hot desks, fixed desks and offices plus ‘drop in’ spaces, as well as offer events space to host seminars, industry meetings and conferences. The initiation of the scheme follows the publication of a report in October by KPMG, which called on the Australian government to provide more support for the startup ecosystem in Sydney, contending the Australian financial capital has the potential to become an Asia/Pacific fintech hub, mirroring developments in London and New York.