EY puts its support behind Sydney fintech scene

Thursday, 14 July 2016

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EY has today announced a new corporate partnership with Stone & Chalk to help develop and support high-potential early-stage financial technology (fintech) entrepreneurs.

Stone & Chalk is an independent, not-for-profit fintech hub designed to foster and accelerate the development of world-leading fintech start-ups. The organisation provides a physical “centre of gravity” for the local fintech community, in the form of collaborative working spaces in the Sydney CBD.

EY Fintech Leader for Australia, Anita Kimber said as part of the relationship EY would work with Stone & Chalk to provide a range of professional advice, experience and support to their members.

“The fintech industry has massive growth potential with consumers increasingly willing to embrace new digital offerings. In fact, a recent EY study found fintech adoption rates among digitally active consumers are set to double within the next twelve months,” Ms Kimber said.

“There is a massive opportunity here for Australian fintech entrepreneurs to be at the forefront of this trend, but they need access to global markets to reach their next stage of growth. Through EY’s global fintech network, we can help equip them with the tools and support they need to make this happen.”

EY Fintech Leader for Asia-Pacific, James Lloyd agreed and said he looked forward to leveraging EY’s considerable network and resources to support Stone & Chalk fintechs as they scale and internationalise.

“EY is unique in having a fully-dedicated fintech team operating on both a regionally-integrated and globally-connected basis - leaving us ideally-placed to support high-growth-potential fintechs both locally and internationally,” Mr Lloyd said.

Ms Kimber said most traditional financial services organisations now recognised that the rapid pace of new and emerging technologies meant they must either disrupt themselves or risk being disrupted by others.

“There are obvious synergies in linking innovative fintech start-ups with larger corporates, particularly given the appetite for new partnerships and M&A,” Ms Kimber said.

“One of our key aims is to help Stone & Chalk members create new relationships – with financiers, customers, potential partners and acquirers – that help them to accelerate their growth and achieve their business goals. It’s about connecting the whole financial ecosystem and building bridges between entrepreneurs, financial institutions, venture capitalists, regulators and governments. EY’s extensive local, Asia-Pacific and global financial services network means we are well-placed to help make these connections.”

“EY has a proud history of supporting entrepreneurs, through programs such as Accelerating Entrepreneurs, Entrepreneurial Winning Women and, of course, our globally recognised Entrepreneur Of The Year program, which is now in its 16th year in Australia. Working with Stone & Chalk is a natural extension of our focus in this space and we are excited about collaborating with them on a range of projects and activities throughout the year.” Ms Kimber said.

Stone & Chalk CEO, Alex Scandurra said, "We are excited to welcome EY as our newest corporate partner. Stone & Chalk is focused on helping start-ups commercially launch and scale their ventures and to partner with corporates and government where opportunities exist to solve real world problems.

“EY will bring its own unique experience to Stone & Chalk’s global reach to support the growth of Australian fintech into the region and globally," Mr Scandurra said.

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Notes to Editors

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com.

This news release has been issued by Ernst & Young Australia, a member firm of Ernst & Young Global Limited.

Liability limited by a scheme approved under Professional Standards Legislation.

About Stone & Chalk
Stone & Chalk is an independent, not-for-profit fintech hub whose overarching objective is to help foster and accelerate the development of world-leading fintech start-ups. It is a physical “centre of gravity” for the local fintech eco-system.

Digital disruption is transforming the financial services industry and there is much to be gained through greater collaboration between different stakeholders in the fintech eco-system. Stone & Chalk is an industry led initiative and reflects a collaborative effort between fintech entrepreneurs, VCs, corporates and government, to incubate and nurture financial services-focused tech start-ups in ways not seen in Australia before.