The Digital Finance CRC will bring together a unique group of stakeholders in fintech, industry, research, and regulation to develop and commercially utilise the opportunities arising from the next transformation of the financial markets. Partners include the RBA, NAB and CSIRO, as well as private sector entities and partner universities.

The successful bid will see a cash investment of $122 million over a ten-year period (including $60 million from the Federal Government), and a substantial amount of in-kind investment from consortium partners.

Professor Michael Aitken – from Macquarie’s highly acclaimed Department of Applied Finance – led Macquarie’s input on the successful CRC bid, with support from DVCR and Macquarie Business School Executive Dean Professor Eric Knight. Professor Aitken will lead a research program focused on guiding the world through the next transformation of its global markets, with funding expected to commence in mid-2022.

“The world is on the starting blocks of another fundamental transformation of the finance industry,” Professor Aitken says. “Australia was at the forefront of the first wave of new technologies and services that came with the digital finance transformation in the 1980s, and now we are set to be at the vanguard of this next new wave.”

The Digital Finance CRC is the second Cooperative Research Centre to be led by Macquarie, following the University’s successful bid for the SmartCrete CRC last year.

Vice-Chancellor and President Professor S. Bruce Dowton says Macquarie’s success in the CRC program is reflective of the University’s strong and productive links with industry, government and community partners.

“The success of this Digital Finance CRC bid is testament to the world-class research capability held by the bid partners,” he says. “Macquarie University is excited to facilitate this new multi-disciplinary consortium representing some of Australia’s biggest industry sectors and leading domestic and international innovators in business and research.”

What is Digital Finance?

Digital Finance is an economic system where individual assets are digitised. This includes ‘traditional’ assets as well as entirely new asset classes like NFTs (non-fungible tokens).

An asset-digitised financial world allows global marketplaces to operate 24/7 and exchange digitised assets instantaneously, and create new forms of economic activity and interactions.

These new forms of finance markets will create global competition for reliable and trusted investment environments. The Digital Finance CRC will act as an independent entity to lead the research and compliance in these environments.

Learn more about the Digital Finance CRC at dfcrc.com.au.

1. Something you feel proud of
Completing my Master of Research in Applied Finance to a high standard last year, while simultaneously managing a heavy teaching load and working on research with my colleagues.

2. Something you’d like staff to know about
I’ve had the recent pleasure of developing elective units for the MQBS Financial Markets Certificate program in partnership with the Australian Financial Markets Association (AFMA).

The certificate provides a benchmark industry-based qualification for individuals working within Australia’s traded financial markets. I look forward to teaching the program later this year.

3. A Macquarie person you admire
There are too many people I admire to name them all! Some of the most inspirational people I’ve worked with would have to be my dear friends Professor Tom Smith, Associate Professor Abhay Singh, Dr Lurion De Mello, Dr Prashan Karunaratne and Professor Sean Turnell.

4. A favourite photo from your camera roll
Taken on a frosty morning during the lockdown last year – I did some exercise around the campus and it was eerily quiet.

5. The first person you go to for advice
Before working full-time in academia, I worked in the financial industry for one of the top performing credit funds in Australia. My mentor and boss, Damien Wood, taught me a lot of the knowledge I now pass onto students. He is the first person I go to for any advice, professional or personal.

6. Something you’ve read recently that has had an impact on you
Complete Self-Help for Your Nerves by Dr Claire Weekes. Dr Weekes was an Australian general practitioner who made significant contributions to managing stress and anxiety. I highly recommend her book for anyone who wants to learn to manage their stress levels.

7. A personal quality you value in others
Intellectual curiosity and open-mindedness. It is one thing to have an opinion, it is another to appreciate counterarguments. Reflecting on the views of others is the best way to grow your knowledge.

8. Your definition of success
Making a marginal improvement in my capabilities each day. Whether it is research, teaching, or other goals in my life, I wake up each morning trying to be a better person than I was yesterday.

9. I’m happiest when…
My several thousand lines of R code actually works!

10. Something you’re trying to do differently in 2021
I’m trying to take it a little easier! I am committed to my work but this year I want to relax and enjoy the process as much as I can.