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Asia-based accounting software company MEGI will begin looking at opportunities in Australia as part of a government-backed initiative.
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Chinese accounting software company eyes Sydney market
05 August 2016
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The company will begin its three-month residency in Australia alongside two other Chinese start-ups, as part of Stone & Chalk’s ‘Fintech Asia’ program, supported by the NSW Department of Premier and Cabinet and the Commonwealth Treasury.
“MEGI is a platform that connects managers and entrepreneurs with bookkeepers, accountants, [and] taxation and management consulting service providers all over the country,” said MEGI chief executive Michael Chiao.
The company will use its tenure in Australia to raise funding and forge partnerships with Australian firms.
According to the NSW government, the Fintech Asia program’s goal is to strengthen Australia’s ties with its Asian partners, as Australia moves to position itself at the financial centre of the region.
Stone & Chalk CEO Alex Scandurra said Fintech Asia is all about bringing the best that Australian fintech has to offer to those key markets.
“Likewise, we want to leverage Australia as a fantastic test market for Asian companies looking to enter the western hemispheres of the US and Europe,” he added.
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With the economy in transition, Australia has increased efforts to make its financial services sector more appealing, particularly with the possibility of the Asia Region Funds Passport being implemented, which would facilitate regional finance trading.
“As we come to the end of the mining boom, Australia needs to find new sources of growth,” said Austrade international operations group general trade manager Philippa Dawson.
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