Stone & Chalk, a new startup hub in Sydney has joined the nascent local fintech ecosystem. Yesterday, NSW Premier Mike Baird unveiled the hub, saying the space will “encourage innovation and creativity” in the fintech sector.

Behind the initiative stand Sydney’s big names in the financial services industry such as American Express, AMP, ANZ Banking Group, HSBC, IAG, Macquarie Group, Suncorp Bank, Westpac Banking Corp and Woolworths. Former AMP chief executive Craig Dunn has been appointed chairman of the new hub.

This is great news for Sydney. The KPMG report Unlocking the potential: The Fintech opportunity for Sydney, commissioned by the Committee for Sydney, describes the financial technology sector as an area of great promise, provided the Sydney business community and the NSW Government combined their efforts and closed the gap with global competitors.

Stone & Chalk targets Australian startups from across the fintech landscape, including payments, peer-to-peer lending, crowd-funding, automated advice, capital markets and crypto-currencies.

This welcome contribution to the ecosystem is great news for Tyro too. We launched Sydney’s first fintech hub last year — an entire 1,300sqm floor as part of our new offices, and these initiatives should complement each other well.

Startups and high growth companies – possibly born in the many incubators, accelerators and hubs springing up across the country – that dare to compete head-on with the banks will benefit at some stage of their development by joining the very specialised Tyro FinTech Hub.

Founding teams can mix with Tyro’s entrepreneurs and benefit from our track record of successfully challenging the big banks. The Tyro team lives the culture of the lean startup and fast growth. And we offer the only independent access to the Australian core banking system.

We support and look forward to contributing to the Stone & Chalk vision to create “an industry led initiative reflect(ing) a collaborative effort between Fintech entrepreneurs, VCs, corporates and government, to incubate and nurture financial services-focused tech startups in ways not seen in Australia before”.

The fintech ecosystem’s success will be measured by whether we can, together, propel the estimated 100 fintech startups based in Sydney onto a faster growth trajectory, and whether we can see their numbers multiply.