2020 has been an exploded year for Australia’s fintech market, with more than 100 fintechs added since September 2019. In 2021, those fintech companies may continue to expand their business and offshore fintech software development is the best solution for their development.
The Australian fintech market in 2020
2020 is an exploded year of Australia’s fintech market, with more than 100 new fintech companies appeared. As a report of KPMG, there are 733 fintech companies operating with 4 key insights:
- The maintaining improvement of Insurtech
- The interest in technology asset class has encouraged the Growth in Blockchain and Cryptocurrency-associated fintech
- An increase in Buy-Now-Pay-Later providers, as well as, the increasing number of fintech companies within the lending category
The continued evolution of the neobank sector, even though a number of neobanks have been impacted by delays to APRA’s licensing process (expected to restart from March 2021)
KPMG Australian fintech landscape changes 2019-2020, via KPMG
“Despite the impacts of Covid-19 on the economy, increased digitization across financial services and new customer behaviors have created new opportunities for innovation,” said Daniel Teper, National FinTech Lead at KPMG Australia.
Benefits of offshore fintech software development
Access to a new talents pool
Offshore fintech software development helps companies work with the best programmers, developers all around the world. Outsourcing to a good partner will give you the opportunity to work with the smartest teams, no matter where you are.
It’s also extremely convenient. Everything from development to deployment is taken care of by the outsourcing team without any need for additional training or guidance.
Reduce Business Costs
Approximately 59 percent of companies choose offshore software development to save their operating costs, as a Deloitte’s research. Working with external outsourcing workers means you’re paying for their services only, without the common expenses associated with in-house staff. This frees up your money for other business channels.
Offshore Fintech software development to save your money
Fast and flexible
The fintech companies usually lack of time and skills to transform their product, platforms,… or bring a news one to market fast. Meanwhile, with software outsourcing, you don’t need to depend on your available in-house resources for the product launch. Offshore fintech software development could solve this problem in a short time and deliver the end-product much faster than the in-house process.
Better risk management and security
People often advised us to diversify our investment channel rather than put all the money in one place to reduce risk. Accumulation of all processes in-house, increases chances of app mistakes, on-time delivery failure,…We can decrease those risks by outsourcing several parts of the software development process to external companies.
Vietnam – an ideal destination for outsourcing
Young and skillful developers
Under 30 years old people made up 60% of Vietnam’s population, while the population of Vietnam is 97 million people. The young people have been well educated, especially in STEM. Therefore, the number of software developers is increasing with high quality.
Government support for fintech innovation
State Bank of Vietnam is operating the monetary policy to maintain financial monetary stability and improve the business environment. In addition, continue to implement measures to promote non-cash payments, create conditions for fintech activities to take advantage of opportunities to develop the digital economy in Vietnam.
Highly competitive cost
As we know, one of the main goals of outsourcing is to save costs, countries with more competitive prices will have the advantage on the negotiating table. Vietnamese developer has a cost 30% lower than an Indian developer, accompanied by products of equivalent high quality and capacity power is not inferior.
A fast-growing economy in Southeast Asia
Despite the difficulties of the world and domestic trade, Vietnam’s economy in 2020 still maintains positive growth thanks to good disease control and timely policies to support people and businesses. IMF lately forecasts that Vietnam’s economy will reach 2.4% by 2020, at the highest level in the world, with inflation controlled below 4% as the target set.
Vietnam is Asia’s top-performing economy in 2020
Innotech Viet Nam Corporation is a software outsourcing company focusing on high-quality services in Viet Nam. At Innotech Vietnam, We strive for the creation, innovation, development, and advanced solutions. We provide a wide range of software services to meet all requirements and expectations from customers. We turn these advanced technologies into value for our customers through our professional solutions and business service worldwide.
If you are looking for an Offshore Development Center to provide solutions for your companies, contact experts at Innotech Vietnam Corporation for any questions about Fintech offshore software development questions!