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Western Sydney University Opens New Hi-Tech Financial Training Lab

Image Credits: WSU Press Release, Video

The School of Business at Western Sydney University has unveiled a cutting-edge training facility aimed at enhancing students’ practical expertise in financial investment and funds management.

The newly introduced Financial Training Lab, designed to replicate a genuine trading floor, is a pioneering initiative in the Parramatta CBD. It reinforces the School of Business as a frontrunner in financial education in Western Sydney, while also complementing the expansion of data-driven subjects in the field of financial technology.

According to the Dean of the School of Business, the facility boasts 40 terminals that enable students to work in teams of five. These terminals use data from a renowned global financial data company, to facilitate informed and responsible investment decision-making and portfolio management in a simulated environment.

The Dean noted that the specialised facility is designed to offer students a comprehensive understanding of the intricacies of companies listing and trading in diverse futures, as well as attracting capital through public offerings. Through practical training in various scenarios, students will develop valuable skills in navigating these areas.

As a part of this initiative, students will be afforded the opportunity to curate their own simulated investment portfolio. They will have the ability to track the performance of their portfolio over time, making comparisons with their peers as well as industry benchmarks. This practical experience will enable students to gain valuable insights into investment performance and analysis, enhancing their financial acumen.

Situated within the Peter Shergold Building at Western Sydney University, this facility is set to elevate the School of Business’ teaching, research, and community engagement endeavours. It will serve as a hub for fostering excellence in financial education and driving impactful research, while also strengthening connections with the wider community.

The lab offers comprehensive training that equips students with the necessary capabilities for their future professional endeavours. It serves as a dynamic platform that facilitates communication and collaboration among students, financial analysts, researchers, and community members, fostering an environment conducive to career planning and development. This invaluable resource supports students in honing their skills, enhancing their career prospects, and promoting their overall growth in the field of finance.

The global FinTech market recorded a revenue of US$194 billion in 2022, with a projected CAGR of 18.97% for the forecast period of 2023 to 2028. FinTech, or Financial Technology, encompasses computer programs and modern technologies that enhance financial services.

The FinTech industry has transformed companies into customer-centric businesses, leading to competition among startups, tech companies, and established firms worldwide. Financial services and tech companies are disrupting the business landscape with collaborative or challenging approaches, driving innovation in the ever-evolving FinTech landscape.

The FinTech market has experienced significant growth, fuelled by various crises such as the global financial crisis and the COVID-19 pandemic. These crises functioned as catalysts for the development of the FinTech industry, which emerged as a technological response to the limitations of traditional financial services during times of economic pressure.

In response to COVID-19, large financial institutions collaborated with emerging FinTech companies to access new markets, while FinTech firms themselves sought partnerships with established financial institutions to expand their services. Regardless of the approach, the FinTech market continues to evolve and thrive.

The FinTech industry is experiencing rapid growth in its technology, with the utilisation of cutting-edge technologies such as Blockchain, Application Programming Interface (API), robotic process automation, data analytics, and more.

These technologies enable increased agility, efficiency, and accuracy in financial processes, allowing for enhanced performance and innovation within the industry. The adoption of these advanced technologies is transforming the landscape of financial services, driving unprecedented levels of digitalisation, and reshaping traditional business models.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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