The need to be shrewd in the property boom
It’s said that buying a property is one of the most stressful life events. Further, mortgage lender incompetence, bank and finance problems are in the top 20 most stressful aspects of selling a property. For two people, those frustrations spawned the next big idea to hit the FinTech industry. Mandeep Sodhi, a loyal customer to his bank, thought he had secured the best rate on his home loan. Atul Narang on the other hand secured a better rate on his loan through a broker – but it wasn’t that easy, having already experienced two bad brokers. With this experience, the pair joined forces to bring clarity and simplicity to the […]
What You Really Need To Know About Working In Fintech
This is a great article to read if you’re thinking of working for or an Australian FinTech company From the outside, the tech industry can look like a homogenous sector, populated either by entrepreneurial whiz kids or bearded computer ‘geeks’. However, as with most industries, once you get beneath the surface, it becomes clear that the people who inhabit the tech industry are a varied bunch, utilising different skill sets and working in sub-sectors that have little in common. One of these sub-sectors, financial technology (or fintech), is attracting a range of talent, particularly workers who, in the past, may have been attracted to investment funds, law firms, or accountancy […]
Turnbull promises national digital identity, fintech committee
The federal government has adopted the majority of recommendations made in last year’s financial systems inquiry report, promising to deliver a national federated digital identity framework and a public-private sector innovation committee for the financial sector. In its long-awaited response to the December 2014 report, tabled today, the federal government also said it would ask the Productivity Commission to review options to improve data-sharing within the sector, and remove regulatory impediments to modern product information disclosure. By the end of next year, the government also intends to consider how to amend priority areas of regulation to make it technology neutral. Digital identity The FSI report, led by David Murray, highlighted […]
Why these giant Chinese companies could destroy Australia’s fintech ambitions
Fintech companies are some of the hottest startups around right now. Incredibly, more than 20 are now valued over $US1 billion. Australian credit reference fintech, Veda, might get bought for $2.2 billion. The possibilities offered by fintech are enormous. Mobile payments, payment terminals, smart contracts, smart bonds, P2P lending and crowdsourcing are all examples of new technologies that pose a risk to core services provided by the financial establishment. This is why they want in. According to some, Australia has the potential to be a leader in the sector. Australian super funds are investing heavily, with First State Super launching its own venture capital platform just weeks after putting $110 […]
What happened at Wyatt Roy’s policy hack
There were Post-its, buzzwords and diagrams galore at the first ever technology industry and government policy hack, and even the occasional “but I love Australia” protest as teams faced the many regulatory disadvantages to building a tech company in Australia. The collaboration between federal Assistant Minister for Innovation Wyatt Roy, accelerator program BlueChilli and peak lobby group StartupAUS brought almost 300 public servants, entrepreneurs, investors, scientists and educators together in Sydney. They were split into 10 teams to debate and identify solutions for a challenge that holds back Australia from having a booming tech industry to rival Israel, Singapore, London and even the United States. “Don’t get caught up with […]
Stone & Chalk rides the fintech disruption wave
The launch for fintech hub Stone & Chalk was oversubscribed. By 7pm, 500 people had descended on the party, donning coloured T-shirts to signal where they belonged. Red T-shirts designated institutional sponsors, green was for resident start-ups, charcoal for friends, blue for government and pink for media (funny). The happiest people wore green. The 120 residents from 41 start-ups who had won the chance to work on a floor of the AMP Centre, found themselves regaled by bank chiefs, politicians, venture capitalists, accountancy heads, lobbyists and each other. The biggest boast was: “I used to be a banker.” And it was said by those in green, who hoped to disrupt […]
FinTech changing the landscape
The emerging world of financial technology, or fintech, is having an impact on everything from the way new products are funded through to the culture and practices of major banks and financial institutions. According to Simon Cant, co-founder and co-managing director of venture capital player Reinventure Group, fintech is basically anything providing some version of a financial service using modern digital technology. “Fintech is affecting, in particular, the way consumers and SMEs are conducting their business,” he said. “Fintech is providing a better user experience, providing financing that is cheaper and is more convenient. “One of the earliest examples of new funding mechanisms is Kickstarter, where a technology platform underpins […]
Melbourne fintechs rival Sydney, but help needed
Melbourne peer-to-peer lender MoneyPlace has identified a rash of new fintechs that have started up in the city in the past five years, but argues they in danger of being lured offshore without government help. The first survey of Melbourne’s fintech scene by the lender’s founder Stuart Stoyan has uncovered more than 500 people being employed by 52 companies – three-quarters of which are less than two years old. KPMG released a study of fintechs in Australia in late 2014. It identified 950 start-up businesses in Sydney and about 350 in Melbourne. It has no exact figures for what proportion are fintechs, but estimated there are at least 150 based […]
