Ecosystems the way of the fintech future
Swiss tech giant, Avaloq, has high hopes for the future of fintech, pointing to an integrated ecosystem of start-ups that could look something like a larger-scale Silicon Valley. Avaloq’s group CTO, Thomas Beck, told Money Management that, while planners find siloed technology a problem, the solution was not to find one fintech to fix them all. Beck said leaving a particular solution to a fintech with the skillset to produce it is in fact best practice, but integrating all the vertical technologies on to the one platform would significantly improve efficiency and simplicity of use. Country head of Avaloq (Australia), Anantha Ayer, said the end goal was, at least in […]
Australian Fintech heavyweight to launch institutional-grade security token exchange in Malta
Rick Klink the founder of Paritech and OpenMarkets, Australia’s largest independent trading platform by trading volume of over AUD50 billion per annum, heads up Malta Digital Exchange (MDX) and brings his ground-breaking technology to the digital asset space. The cryptocurrency and blockchain sector saw exponential growth in 2017, now a push towards regulation will provide trust and a safe environment for institutional investors, allowing them to participate in the global economy. Security tokens are the next generation of regulated securities, which are being built on blockchain-based infrastructure rather than being restricted to legacy systems. MDX aims to become the world’s premier security token exchange, which will enable greater market efficiency, […]
FinTechAus reels as CEO departs
There are now discussions within the sector about the creation of a new, representative body separate to FinTech Australia, InnovationAus.com understands. But FinTech Australia chair Alan Tsen has defended the organisation’s track record, and said it’s impossible to please everyone in the wider sector all of the time. The lobby group’s chief executive Brad Kitschke, who took on the role in late May, tendered his resignation to the FinTech Australia board late last week, citing health concerns. The resignation comes at the busiest period of the year for FinTech Australia, with its two major conferences fast-approaching, the launch of its annual census, and the imminent passage of a series of […]
Wisr shortlisted for two Optus My Business Awards
Australian neo-lender Wisr (ASX: WZR) is in the running to take out one of county’s longest-standing business awards after being shortlisted for the prestigious Optus My Business Awards. Wisr has been shortlisted as a finalist in two awards in the Fintech Of The Year and Business Leader of the Year categories at the 2018 Optus My Business Awards, the premier event of the year for SMEs. Founded in 2014, Wisr offers personal loans and financial wellness solutions using its unique neo-lending platform. The company recently announced it had increased annual revenue by 37% last financial year, on the back of a 409% increase in loan origination volume. The Optus My […]
Digital disruption disrupting brokers
Digital disruption could be a threat to broker networks, according to APRA chairman Wayne Byres. The chairman spoke at the Australian Prudential Regulation Authority’s (APRA) Curious Thinkers Conference in Sydney on 24 September. He discussed the impact on emerging fintechs, saying it was “too soon to tell whether the financial world faces evolution or revolution”. Outlining several scenarios which could play out, Byres said either way the production and delivery of financial services would change. In his speech, he said technological advancements in finance will change in the future as new technologies have already allowed smaller businesses to enter the space. Here he said, “The advent of digital distribution and […]
Moody’s expects consumer technology giants to be major disruptors in financial services
Moody’s Investors Service expects large technology firms like Google, Facebook and Apple to continue expanding their ability to distribute and offer financial products and services, emerging as significant competitors to traditional consumer-facing financial institutions. The greatest risk to incumbent financial firms is retail-facing technology giants taking control of customer relationships and distribution of financial products, according to a report Moody’s released on Tuesday. Technology-focused companies can enter finance with products core to their businesses, such as payments, that can create and store value — just as Square did with its Cash App. As account balances grow, technology firms can easily start offering low-cost index funds, investment advice, insurance and financial […]
Home owners willing to accept bitcoin for property despite volatility
Despite a sharp fall in bitcoin prices over the past eight months, some bullish investors are still willing to accept the cryptocurrency instead of Australian dollars for the sale of their multimillion-dollar homes. One bitcoin is currently trading at $US6448, down from its peak in December 2017 of $19,535.70.Now with one bitcoin worth $A8786, a prime piece of real estate in Sydney’s inner-city has hit the market with the option to buy in the cryptocurrency. It is a risky move given a property deal is yet to be struck in Australia using bitcoin, despite several properties being offered for sale last year with vendors willing to accept payment in that […]
Australians are embracing fintech as they move away from traditional payment solutions: Research
Australian appetite for fintech services is on the up, with non-bank contactless or card-less mobile payment solutions now being used more than bank-owned payment solutions, according to recent research from market research company Roy Morgan. The Roy Morgan Digital Payment Solutions Currency Report, which is based on more than 50,000 consumer interviews, suggests fintechs, including startups, are taking market share from incumbents, albeit slowly. While 6.4% of people interviewed said they had used bank-owned digital payment solutions within the past 12 months, 6.5% had used non-bank solutions such as Apple Pay or Google Wallet. Further, 6% said they had used pay-later startup Afterpay within the past year. Some 94% of Australians said […]
