Australian Fintech Industry Looks for Bilateral Ties with China to Boost Trade Cooperation
China recently announced its arrival in the blockchain space with full force and with that it has created a multi-billion dollar market place. China not only has an enormous workforce but also serves as one of the biggest markets for technology-oriented businesses and services. This has opened the gates for many countries to take a share of the market that China has to offer.
The Australian blockchain sector is one of the emerging contenders considering partnering with China. One of the representatives from the Australian blockchain sector said that they would hope to become a key partner of China who for sure is going to become a market leader in the industry.
Nick Giurietto, deputy chairman of the Australian National Blockchain Roadmap Advisory Committee said,
“Australia has some complementary strength in blockchain, which means we should be a good partner for China is thinking about establishing a global [blockchain] network,”
Giurietto's comments came during the International Blockchain Conference held in Deqing on November 17. He was in China to help launch the Sino-Australia Blockchain Association in order to gain from the huge market China has to offer and strengthen bilateral ties. He went on to list several sectors such as supply chain, regulation, and education where both countries can come together to work on.
“Imagine that a consumer in Beijing can use a phone in a supermarket to check whether baby milk is an authentic product that comes from Australia and whether it has been handled securely. That's a dream we want to go to. It will help us sell more Australian products to the Chinese market.”
The idea of fintech cooperation between the two countries won't be a surprise given China is Australia's biggest trading partner and this year itself the bilateral trades have increased by 10.1 percent with a total trade of $140 billion.
Australia Looking to form Blockchain Research ties with China
Joanna Bunting, counselor of industry, innovation, and science at the Australian Embassy to China was also present at the conference and said that the Australian Trade and investment commission supports the bilateral corporation for blockchain research institutions. He said,
“The opportunities for an open market are good for everybody in the world, and blockchain could be used to create an open system with strong governance and high transparency. That can be trusted by every country equally and therefore security concerns one country or another might have can be solved through open networks.”
“We have strength in regulation, business models, market architecture and social license, where Australia can contribute to China's efforts in building international blockchain standards.”