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Tyro, Australia's only independent and fastest growing EFTPOS (Electronic Funds Transfer at Point Of Sale) provider, is considering listing on the Australian Securities Exchange (ASX) this year. Other fintechs, like Splitit (a cross-border payment solution that enables customers to split purchases into fee and interest-free monthly installments) and Prospa (an online-based non bank lender), have already gone public on ASX this year. Douugh, which has built an artificial intelligence engine designed to help consumers regain financial health, is also actively preparing a listing on ASX.
The latest suite of fintech listings plays into the ASX's aspirations to diversify away from the overly dominant bank and mining stocks and strengthen the representation of tech in the S&P/ASX 200 index. Earlier this year ASX executive general manager of listings Max Cunningham set out the exchange's plans to become a junior NASDAQ. "I believe we're well on our way to that because we already have 200 tech stocks," he said. "We're a lot more ambitious than just being a stepping stone. We have a savings pool of $2.5 trillion and a market cap of $1.5 trillion for the stock market ... so we can play a really important role here in funding local and global tech, which will bring more diversity to our investors."
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