A new financial technology hub has begun operations in Sydney, with 41 businesses participating in the incubator.

The hub, named Stone & Chalk, will provide new startups a place to meet and work with other emerging fintech companies. Industry experts from traditional banks, universities, research institutions and government agencies are encouraged to provide guidance for companies entering the financial technology sector.

Stone & Chalk has received both funding and an official signoff from the NSW government and many banking giants, including Westpac, HSBC, Macquarie, ANZ and Suncorp. Other non-traditional banks have also funded the effort, including grocer Woolworths, American Express, Oracle, Amazon and Intel.

The hub has received more than $2 million in funding so far, which has paid for building costs and office space rent. Going into the future, the hub plans on becoming more independent.

Stone & Chalk is run by Alex Scandurra, a former Army Captain and one of the founders of Barclay’s fintech accelerator program.

Located at 50 Bridge St and providing a capacity of 200 seats, the hub will be located next to the very same traditional banks it is attempting to compete with. Over 350 companies have applied for inclusion into Stone & Chalk, but so far only 41 have been accepted.

After meeting rigorous requirements during the application process, accepted companies will have a few membership options to chose from. The largest package, at $780 per month, includes office suites, 24/7 access to the building and meeting rooms, event space and lounge access, secure lockers and showering rooms and full printing access.

As the newly formed fintech hub launches operations, it hopes to become the future “fintech heart of Asia”.