Fintech company unveils major rebrand
Peer-to-peer invoice financer, The Invoice Market (tim), has unveiled its new branding, new website and a significant upgrade to its online client and funder platform. The chief executive of tim, Angus Sedgwick, said he believes alternative finance and fintech companies will invariably disrupt the financial services market, however, more work needs to be done in awareness – which drove his decision to rebrand tim. “The simple availability of a platform will not create business flow. Much work needs to be done at the coal face to educate businesses about this source of funding,” he said. “Since establishing tim, we’ve invested considerable time in ensuring clients and potential clients appreciate the […]
ACCC wants effects test to protect fintech start-ups from banks
Competition tsar Rod Sims says the effects test introduced to competition law must be strong enough to protect emerging fintech start-ups from anti-competitive behaviour from the big four banks. Mr Sims told The Australian Financial Review that Section 46 provisions, which give the Australian Competition and Consumer Commission powers to pursue action against individual companies acting unfairly to cruel competition, was much more relevant to financial services players than those in other sectors. His comments come after the rules were slammed by Coles managing director John Durkan, who said the new rules could have prevented the supermarket from investing in a tomato-growing business in South Australia. Mr Sims said he […]
YBR makes digital acquisition – brightday
Mortgage and wealth franchise Yellow Brick Road (YBR) has bought online advice platform brightday from News Corp. YBR executive chairman Mark Bouris says the addition of brightday is the latest in a series of acquisitions and announcements to deliver on the company’s digital strategy. “This acquisition is a key part of our direct and online strategy to be launched to consumers in FY2017,” Bouris said. “brightday serves a similar customer segment to Yellow Brick Road. Our 2020 customer strategy ensures we can service customers via the means and channel they prefer: many will prefer face-to-face support which is why we will double our branch network by 2020, white others have […]
How to embrace change and survive digital disruption
Digital disruption is a trend that’s here to stay and no industry is safe. Traditional industries like manufacturing, transport, retail, tourism and hospitality, print media and entertainment may have been hit first, and hit hard, but it’s only a matter of time before others, including the advice industry, feel the heat. The banking and finance industry could lose almost a quarter of its revenue to fintech disrupters by 2021, based on a new report by PricewaterhouseCoopers. The report, ‘Blurred lines: How Fintech is shaping financial services’, says the disruption of the financial sector is already underway. It’s currently reshaping the nature of consumer banking and payments, and a second wave […]
Payment solution: corporates embrace virtual credit cards
For some time now, the dominant theme in digital payments for retail customers has been: “build it and they will come”. It’s a different story for corporates, where the rate of mobile payments innovation and adoption has been much slower, apart from some key emerging niches including virtual credit cards. A virtual card is exactly what the name implies: instead of the traditional plastic, a random card number is generated by software provided to the corporate customer. The 16-digit number can be accessed through an app on a mobile device, or directly by the company for a business-to-business purchase online. In most cases the number is used only once, it […]
Insurers brace for mega fintech shake up
The insurance industry has largely remained the same in the past 100 years, but the sector is in for its biggest shake up as investors continue to pump billions of dollars into “insurtech”, fuelling sweeping changes through technology. Insurance is the second most disrupted industry today thanks to a growing number of start-ups and technology companies eyeing slices of the insurance pie. Research from PwC found that the global insurance industry ranked second only behind media and entertainment as the industry that is most significantly affected by technological change. And Australia, where the general insurance market is dominated by players such as Suncorp Group, IAG and QBE Insurance Group, is […]
Online payday lenders under scrutiny following Nimble investigation
Online lenders using algorithms to assess consumer creditworthiness are in the spotlight following action by the corporate watchdog against payday lender Nimble. Nimble has been forced to refund $1.6 million to more than 7000 customers after it was found to engage in irresponsible lending. The corporate regulator, the Australian Securities and Investments Commission, said it was continuing its surveillance of the payday industry “as well as other credit licensees and their representatives”. This included any companies providing consumer or business loans, as well as interest-only home loans using online processing. “ASIC has raised concerns in relation to compliance with responsible lending obligations across the spectrum of credit providers generally,” a […]
UK experts kick off week of FinTech in Australia
Chris Woolard and Shaul David bring cutting-edge insight and expertise on FinTech regulation and innovation to Australian audiences. Chris Woolard, Director of Strategy and Competition at the UK’s Financial Conduct Authority (FCA), and UK Trade and Investment’s FinTech specialist Shaul David are in Australia this week to take part in a range of events to strengthen links with the Australian FinTech community. Both visitors spoke at UK Trade and Investment’s sell-out event on FinTech Innovation and Regulation at Sydney’s FinTech hub, Stone & Chalk, this evening. The event attracted over 150 of Sydney’s brightest in FinTech and focused on navigating the regulatory challenges facing both Australia and the UK. Earlier […]
