Budding QLD entrepreneurs get the opportunity to fast-track their FinTech ideas at BOQ Hackathon
The next generation of tech entrepreneurs are being called on to come up with ideas that will disrupt the banking and finance industry and solve real business problems at the BOQ Hackathon, running from 3 – 5 March 2017. Hosted by BOQ and technology start-up hub River City Labs, budding innovators and tech-heads will pitch their business idea and solution to a panel of high-profile tech judges. Over a 52-hour window, attendees will have the opportunity to bounce ideas and solutions around with some of Queensland’s top talent before turning their concepts into prototypes. Donna-Maree Vinci, Group Executive and Chief Operations, Digital and Information Officer (CxO) at […]
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 […]
zipMoney to partner with a Big 4 Australian Bank in a $200m financing arrangement
zipMoney Limited is pleased to announce that it has agreed key terms with a ‘Big 4’ Australian bank for the provision of a $200 million asset-backed securitisation warehouse program for its consumer receivables. CEO and Managing Director Larry Diamond said: “This is a transformative step forward for the Company. As well as creating capacity to fund the growing demand for our services, it will approximately halve the weighted average cost of capital of our loan book, which directly contributes to our bottom line. We are very pleased to be partnering with this ‘Big 4’ Australian bank and look forward to releasing further details in due course.” COO and Executive Director […]
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 […]
