Peppermint to access over 1m Filipinos in tech deal
ASX listed fintech, Peppermint Innovation, has signed a potentially transformational service provider agreement with the largest cooperative federation in the Philippines. The deal brings more than one million potential Filipino customers into play for the Perth based financial payments APP provider. In a recent market update, Peppermint said it will develop a mobile financial services app and web tool for “MASS-SPECC”, the oldest cooperative federation in the Philippines, encompassing more than 300 affiliated cooperatives and one million individual members. MASS-SPECC is shorthand for the Mindanao Alliance of Self-Help Societies -Southern Philippines Educational Cooperative Centre, Peppermint said the app, to be known as the ‘Peppermint Conditional Cash Transfer Management System’, will […]
Samsung Pay locks up the “big four” after new partnership with National Australia Bank
Samsung Pay has become the first mobile wallet provider to lock up the “big four” banks after today announcing a partnership with the last of the major institutions – the National Australian Bank. NAB customers now join those from Commonwealth Bank, Westpac and ANZ to use Samsung Pay to make payments with compatible Samsung smartphones, Samsung smartwatches and other wearables. Customers can load their Visa credit and/or debit card and pay securely anywhere credit cards are accepted. Apart from the big four banks, Samsung Pay works with more than 45 other financial institutions around Australia. Samsung has made good on its promise to provide its customers with a simple and […]
Blockchain: A catalyst for new business models
The concept of blockchain technology is all but synonymous with cryptocurrency. It’s through pioneers such as bitcoin that everyday consumers have come to recognise this revolutionary and instantaneous mechanism for executing and recording financial transactions. But in business, curiosity is turning into innovation and experimentation. The use of blockchain to complete financial transactions is one of the more rudimentary applications of this technology. Blockchain means we now have a way to handle information without relying on a single trusted ledger, such as banks in the context of cryptocurrencies. Across all industries, how we verify, audit, enter, record, and update data has been left to a patchwork of different technologies and […]
First Australian post-grad financial technology course
Swinburne has launched Australia’s first postgraduate course in financial technology (FinTech) in response to the explosion in demand for qualifications in emerging technologies such as blockchain and cryptocurrencies. The Graduate Certificate and the Master of Financial Technologies will be offered as of Semester 2 and are targeted to those already working in the financial services and technology industries. The Australian Graduate School of Entrepreneurship (AGSE) will deliver these courses. As with all AGSE Master degrees, substantial industry collaboration in course development and delivery will be important to the success of these FinTech offerings. Director of the Master of Financial Technologies (FinTech), Associate Professor Mark Pickering, says the courses will provide […]
Treasurer Scott Morrison watches as global fintech policy race heats up
A global race by governments on fintech innovation policy is on; is Australia at risk of being left behind? A major policy announcement in London last week by the UK government – attended by Treasurer Scott Morrison – shows just how fast this race is being run. While financial services has historically been a closed sector, carved up for domestic players who can benefit from regulation, fintech is starting to break that down, as the market goes global. Building on its “open banking” regime, which was switched on in January, Britain’s Chancellor of the Exchequer Philip Hammond said last week he would push the pedal down harder on fintech. This […]
Cryptocurrencies aren’t ‘currency’, says RBA
The Reserve Bank of Australia has reiterated its attack on cryptocurrencies, questioning their purpose and pointing to the lack of demand from the finance industry. Speaking in Sydney at the ASIC Annual Forum 2018, RBA assistant governor Michele Bullock said she “object[s] to the term ‘cryptocurrency’”. “It isn’t currency. They’re not currencies. You can’t use them, typically, to make payments,” she said. “They don’t store value, and they’re not a unit of account. The name’s a misnomer to begin with.” Ms Bullock pointed out the fact that the RBA did already have electronic Australian dollars, called eAUD or ‘exchange settlement accounts’, but that this was restricted to banks needing to […]
Automation the future of financial services
DST System’s Shaun McKenna has told Money Management that there is a growing trend in the financial services industry to achieve wholly or partially automated processing systems. McKenna said in what has been coined the “fourth industrial revolution”, removing costs, implementing technologies and driving automation was the future of the financial services industry, particularly in sectors that currently have a disjointed claims process, for example life insurance. The high-touch points would still require person-to-person service, but for commodity and claims processes, automation would soon substitute traditional operating models. McKenna said that although the automation process has made some ground, many large corporations that have acquired systems and companies were facing […]
The 2018 Fintech Business Awards winners
Congratulations to all the winners of the 2018 Fintech Business Awards: Crowdfunding Innovator of the Year OnMarket Lending Innovator of the Year SocietyOne Personal Finance Innovator of the Year Pocketbook Insurance Innovator of the Year Cover Genius Payments Innovator of the Year Afterpay Australia Compliance Innovator of the Year Moneycatcha Software Innovator of the Year BGL Corporate Solutions Fintech Mentor of the Year Peta Tilse, Sophisticated Access Fintech Entrepreneur of the Year Philip Copeland, Avoka Investment Innovator of the Year Acorns Australia Fintech Thought leader of the Year Jonathon Wilkinson, Equitise Accounting Innovator of the Year Class Limited Financial Advice Innovator of the Year myprosperity Lending Platform Innovator of the […]
