Three Chinese financial technology startups have begun their three-month long residency in Australia as part of the largest cross-border incubation. Australia is seeking to become the financial technology hub of the Asia-Pacific region through their FinTech Asia program, while removing regulatory barriers and implementing other mechanisms to help drag the economy away from mining-led growth.

"FinTech Asia is all about helping bring the best that Australian FinTech has to offer (in) key markets across Asia, and likewise entice some of the key startups from those markets to Australia to support them in terms of their market entry... and leverage the Australian market as a fantastic opportunity and test market in terms of going into the Western hemisphere," the initiative's proponent, Stone & Chalk chief Alex Scandurra, said at the official welcome in Sydney early this month.

"This isn't a country versus country play. We are helping governments, regulators and key organizations across Asia to adopt best practice and to collaborate with one another by creating a FinTech superhighway across Asia."