Creating 30,0000 Finance Jobs-University Of Sydney

31 Aug 2013

Looking to create 30,000 jobs and double the financial services exports of Australia is a world-class financial services technology lab at the University of Sydney.

Kim Carr, Federal Innovation Minister, has announced about this $56 million Financial Services Innovation Partnership, and its aim is to ‘democratise’ time series prediction technology by giving a bigger number of Australian companies access to forecasts of their financial data within the fraction of a second.

The technology uses computer systems and mathematical algorithms to predict future values. It brings together the brightest minds in the fields of engineering, computer science, economics and mathematics.

Philip Leong, Associate Professor and Director of the University's Computer Engineering Laboratory, told ARN the project would create 30,0000 jobs in the industry and double financial services exports.

He said that even though it is very difficult, insurance companies, hedge funds and banks use these types of predictions. Hence, making this easy for people to do by having what they call a ‘prediction market’ is one of the goals of their proposal. He expressed a hope to make it available to a large number of Australian companies and ‘democratise’ this technology.

Dr Leong said it was a momentous positive acknowledgement from government that universities and industry could combine to achieve ambitious goals.

He said that he has not seen any project like this before and that they envisage a world-class interdisciplinary financial services exports lab that engages 50 researchers and students focusing on financial services industry export and innovation.

The project is going to use custom hardware and software systems to reduce latency and improve speed, which is critical in managing large data-sets and making timely decisions.

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