Bank-in-an-app startup Pelikin has launched a crowfunding equity raise
Pelikin, a banking alternative designed for digital natives, today launched a $400,000 equity raise on crowdfunding platform Birchal. The fintech startup is founded by 28-year-old Sam Brown, who wants to disrupt traditional retail banking with a more efficient way to manage money in Australia and while travelling abroad. Pelikin users will be able to control and spend in multiple currencies at once, all from the one app and with one debit card, as well as transfer money to other Pelikin users instantly and free. “We’re not ex bankers who’ve had an epiphany that the retail banking world needs to change; we’re frustrated, everyday banking customers who are dedicated to making […]
Digital bank startup Xinja can now offer housing loans, and getting one will take ‘about 20 minutes’
Digital bank startup Xinja is planning to offer home loans soon after winning an Australian Credit Licence from ASIC (Australian Securities and Investments Commission). It’s an important step forward for Xinja which is raising money under new equity crowdfunding legislation and aims to become a full-service digital bank built in Australia but without the legacy structures and costs associated with more traditional financial services companies. “This allows use to give mortgages, to lend and give credit,” Xinja chief executive Eric Wilson told Business Insider. “We are raising our very first mortgages in late March early April. By May-June we will bring our first fully digital product online. “We are bringing […]
Banks tackle fintech challengers as they struggle to be preferable to a dentist visit
According to the Millennial Disruption Index, 71 per cent of young people would rather go to the dentist than listen to what their bank is saying, and new research from Viacom’s research arm, Scratch, finds a third of Millennials expect to be bank-free in the near future. Meanwhile 75 per cent say they would prefer financial services from start-ups and tech companies such as Apple or Google. US fintech phenomenon, SoFi, has been at the forefront of new customer acquisition and retention strategies, including career counselling and using data analytics to match-make their customers in “Singles Nights” cocktail functions. The Big Four Australian banks know the challenges that lie ahead […]
Top fintech predictions for 2018
Here’s some crystal ball gazing, courtesy of KPMG’s global fintech team. In its latest Pulse of fintech report, released last week, the firm sets out 10 factors it reckons will drive financial technology this year, after $US31 billion of deals were struck in 2017. There are now 25 fintech unicorns around the world, collectively valued at $US76 billion (none are from Australia). On the KPMG list is the acceleration of artificial intelligence technology and the growing number of devices connected to the internet of things. It expects AI and IoT enablement “to continue at a rapid pace” as financial services offerings are embedded into home automation systems. A couple of […]
Bitcoin: Westpac, NAB and ANZ hold off on CBA-style credit card ban
ANZ, Westpac and NAB have confirmed they do not currently plan to emulate the Commonwealth Bank’s ban on the use of its credit cards to purchase Bitcoin and similar cryptocurrencies. “Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies,” CBA announced earlier this week. Bitcoin’s value has swung wildly in recent months, dropping from US$19,000 in late 2017 to close to $6000 earlier this month. Coinmarketcap currently pegs it at just over $10,000. CBA said that customers could still purchase Bitcoin as well as other digital currencies by using their debit cards […]
CBA blocks credit card purchases of Bitcoin, other digital currencies
Commonwealth Bank customers will no longer be allowed to use their credit cards to purchase Bitcoin and similar digital currencies. The bank announced the new policy today. “Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies,” the bank said. CBA customers will still be able to purchase and sell Bitcoin and its ilk through their transaction accounts and debit cards. “We have made this decision because we believe virtual currencies do not meet minimum standard of regulation, reliability, and reputation when compared to currencies that we offer to our customers,” the bank […]
The New Payments Platform Launches
Payments infrastructure that enables customers with accounts at different banks, building societies and credit unions to make real-time data-rich payments to each other any time of day, any day of the year, will commence rolling out to the Australian public from today. The New Payments Platform went live in November last year and has supported funds transfers between employees at a number of different banks, building societies and credit unions. The Platform’s public launch occurred in the very early hours of this morning — at 12.01am to be precise — when CEO of NPP Australia Adrian Lovney marked the occasion by making a donation to the Alannah and Madeline […]
Asia-Pacific fintech market to reach US$72 billion by 2020, finds Frost & Sullivan
Active support and initiatives by financial regulators such as the Monetary Authority of Singapore, Bank Negara Malaysia and Bank Indonesia has enabled the Asia-Pacific Fintech ecosystem to grow significantly in 2017. New innovations are expected to radically transform the way consumers shop, pay perform banking transactions and purchase insurance. The wave of new Fintech technologies is also changing customer behaviour and interactions today. Frost & Sullivan presented its annual Fintech Outlook at The Swissôtel The Stamford in Singapore on 8 February. The event was attended by over 70 senior management and C-suite executives, marking the start of an exciting year ahead for the industry. The Fintech industry in the Asia-Pacific […]
