Fintech company Thyngs has been selected to join the UK Government-backed international Fintech Bridge pilot programme in Australia and Hong Kong.
The 10-month schemes are designed to boost innovation in the sector and build on the Department for International Trade (DIT) and HM Treasury’s existing Fintech Bridge agreements with the two countries.
Norwich-based Thyngs is one of 10 fintech companies in the Australian cohort, while another 10 will travel to Hong Kong. All participants will participate in a series of activities and receive tailored support from the DIT, including mentoring and networking advice, until November.
Thyngs uses Near Field Communication (NFC) technology, available in all the latest smartphones, to create powerful multichannel commerce solutions that bridge the physical and digital world. Its solutions can be used to transform any physical product, packaging or advertisement into a digital interaction or payment point, without the use of any app.
Thyngs CEO Neil Garner said: “We are delighted to join the Fintech Bridge Pilot Program in Australia and are looking forward to the opportunities and challenges it will present us with. Our selection serves as a real testament to both our product and our team.”
A Fintech Bridge represents an agreement outlining collaboration between two governments, co-operation between regulatory bodies and connectivity between two markets and ecosystems. The UK Government has already signed such deals with Australia, Hong Kong, China, Singapore and South Korea.
Sydney-based Jamie Conyngham, Managing Director APAC at Thyngs, said being part of the Fintech Bridges programme will help the company gain commercial and strategic traction in the Asia-Pacific market. “We’re seeing payments by phone soar across Asia and in Australia, where about 90% of payments are made using contactless technology.
“We believe that as well as Australia, DIT will be a partner for other countries in the region to help us with expansion by facilitating important, tailored introductions and advice.”