Sydney is underperforming as a "fintech" centre but has many of the required elements to be a successful hub for the development of technology for use in financial services, according to a KPMG report.The report, commissioned by the Committee for Sydney, said that if Sydney wanted to be part of the action it needed to emulate some of the characteristics of more successful fintech centres. These include:•    Available and accessible early stage funding for fintech startups and a strong pipeline of opportunities for investors.•    Depth of financial services and technology talent and proximity of the two talent pools.•    A robust financial services industry, with a vibrant technology startup community.•    Government commitment and regulatory support for the fintech sector, and technology startups generally.•    Business backing for a fintech hub.KPMG listed San Francisco, New York, London, Dublin, Berlin, Tel Aviv, Singapore and Hong Kong as the leading and emerging fintech hubs. It said that Sydney, on the other hand, was "in the early stages of establishing itself as a hub." Fintech is the use of technology to innovate in financial services. Change is being driven by new and affordable information technology, increasing mobile penetration, changing consumer behaviour and regulations that require greater use of technology.Areas of fintech investment around the world include personal financial management, payments, data analysis, capital markets and banking.KPMG ranked OzForex, Tyro Payments, SocietyOne and PocketBook as established fintech businesses in the local market.The report said the NSW Government and the Committee for Sydney needed to develop an events strategy to promote Sydney as the regional fintech centre.It recommended that a not-for-profit fintech hub should be built in Sydney to create critical mass, that steps be taken to get universities and research institutes involved and that a fintech industry association be formed.