ANZ’s Shayne Elliott favours partnering to cut innovation risks
ANZ’s chief executive has flagged further partnerships with fintech and regulatory technology companies, saying large organisations faced a “trap” of driving up operational risks by doing too much themselves. Fresh from a trip to Europe to see how banks were tackling the rapid rise of digital, Shayne Elliott said he was not concerned that fintechs were trying to “eat our lunch” and tipped that banks and start-ups would increasingly leverage each other’s skills and market advantages. After signing up ANZ last year to Apple’s digital wallet Apple Pay, Mr Elliott added that technology companies such as Uber and Amazon were setting the bar for consumer expectations and banks needed to […]
Fintech pioneers video ID verification
Global software provider SuiteBox has upgraded its tech platform to allow multiple parties to witness the signing of documents such as loan contracts in real time. “This new functionality allows for a meeting host and up to three participants to meet together to virtually witness, sign and collaborate on documents in real time, in a safe and secure cyber environment. No other video conferencing software option offers this capability,” said CEO Ian Dunbar. While SuiteBox was not reinventing the concept of digital signatures, the firm had taken the concept to an extended level, he told Australian Broker. By combining the signing process within the digital portal, the platform allows brokers […]
Banking disruption ‘hasn’t even begun’
While there is plenty of talk of fintech impacting financial institutions, we are still in the early stages of disruption, says MoneyMe chief executive Clayton Howes. Speaking at a Sydney fintech meetup held at KPMG’s Barangaroo headquarters last week, Mr Howes said disruption by the sector’s entrepreneurs has a long way to go. “Fintech hasn’t even begun to disrupt banking yet. Wait until you see what’s about to hit over the next few years, as consumers become increasingly accustomed to faster, more convenient and more personalised ways of interacting with their own money,” he said. “They will continue to demand more from financial institutions, and it will be the fintechs […]
Open data key to Aussie fintech lenders success
A reluctance by banks and government agencies to share data with alternative lenders is driving up the cost of borrowing in Australia, a global fintech leader told the AltFi Australasia conference in Sydney today. Rob Young, Senior Vice President, International at OnDeck Capital Inc, said that a lack of open data is a major issue for alternative lenders in the fintech space. “If we want fintech to flourish we need to create the right environment. This means fast and easy sharing of data – with customers’ permission – so lenders can make informed decisions. Customers get a better deal when their lender has more certainty about their credit profile,” he […]
Fintech investments hit US$656m
Investment in Australian fintech hit US$656 million ($854.2 million) in 2016 across 25 deals, according to a survey. In an announcement by the Federal Treasurer, Scott Morrison, an analysis by KPMG found the average growth rate of fintech was around 90 per cent over the four years to 2016. This compared to the 47 per cent slide in fintech investment globally to US$24.7 billion in 2016. “The Turnbull Government is keenly aware that the financial services sector plays a critical role in the Australian economy,” the announcement said. Morrison noted the Government’s Fintech Advisory Group’s progress of the review of opportunities for blockchain, the examination of ways to improve data […]
Adelaide start-up and fintech company Joust to launch in New South Wales under NOVA Entertainment Group funding deal
A MAJOR entertainment company has thrown its financial support behind Adelaide-based technology start-up Joust, allowing the company to expand its home loan auction service into New South Wales. The Wakefield Street business today announced it had successfully raised another $400,000 and secured NOVA Entertainment Group as a strategic investor. The company, which operates in SA and Victoria, says the funding takes to almost $2 million it has raised since its inception in early 2015. Co-Founder and managing director Mark Bevan said 650 customers have used Joust to seek a better home loan interest rate and that the value of home loans “jousted” was already more than $250m. “We now have […]
Fintech Business Awards winners revealed
The winners of Momentum Media’s Fintech Business Awards 2017 have been announced, acknowledging the achievements of the industry’s leading lights. The premier awards night for the fintech industry, the Fintech Business Awards is dedicated to celebrating the accomplishments of the disruptive businesses and innovators reshaping the way Australians access financial services. This year, Daniel Foggo of RateSetter Australia was recognised with the Fintech Business Excellence Award for individuals, beating out the other individual winners awarded at the event, with financial planning software firm Midwinter taking out the Fintech Business Excellence Award for companies. Over 300 nominations were received for the 18 awards, with the winners selected by a panel of […]
Bitcoin worth more than gold as price reaches all-time high
The crypto currency known for its anonymity and decentralised nature reached an all-time high on Friday afternoon, making it more valuable than gold in Australia. Bitcoin was trading above $1634 on bitcoin.com.au, as gold hovered around $1620 an ounce. The currency has been surprisingly steady this year, remaining above the arbitrary $US1000 mark ($1297) for its longest ever stretch, according to researcher CoinDesk. Industry heads point to the nearing deadline of a decision by Securities Exchange Commission in the US to introduce the first of three bitcoin exchange-traded funds (ETF). “There is a lot of excitement that the Winklevoss twins’ ETF is coming close to approval,” says Asher Tan, CEO […]
