CommBank, Westpac, NAB to launch new mobile payment app Beem
Three giants of the Australian banking sector are collaborating to create a new mobile payments platform for consumers and businesses. The application is called Beem and will allow users to store their debit card information and make instant contactless payments using the same technology as applications like Apple Pay and Android Pay. Beem will also allow users to request payments and split bills, making it useful for both personal use and for businesses. Although being created by Commonwealth Bank, Westpac and NAB, the app will be open for use by all Australians regardless of which bank they use. Like regular online transfers, Beem will include built-in encryption of payment details […]
Biggest winners from fintech are customers
The biggest winners from fintech are the customers as it revolutionalises customer engagement and removes institutional, bureaucratic impediments, according to Federal Treasurer Scott Morrison. Addressing the Financial Services Council’s (FSC’s) and BT’s breakfast event in Sydney on Monday, the Treasurer said fintech was not just transformational for financial services but for all businesses around the country. “The technology is exciting. It can be distracting, it can sometimes over promise and under deliver. But at the same time it’s hard not to appreciate the potential,” he said. “And like any new sector where innovation arrives, there are misfires, there are misstarts. But it’s important that we don’t lose sight of the […]
Data revolution to transform four pillars model
You’re browsing through Facebook when a message pops up, asking if you’d like to check whether you’re getting a decent interest rate on your savings. Curious, you tap the screen to find out more. It asks you to provide a bit more information about your financial goals – you’re saving for a deposit on a house and hope to buy in about two years. You are then asked to give consent to securely share some key bits of financial information online: your income over the last six months, and your spending over this period. Within seconds, the app has a recommendation: it’s found a bank account and term deposit that […]
Cards are going to go away, says Citigroup CEO Mike Corbat
It’s a testament to his pragmatism, but Michael Corbat, the chief executive of Citigroup, the world’s biggest issuer of credit cards, is quite happy to concede that the popular financial product is doomed to extinction. “We know, at some point, cards are going to go away”, Corbat says in an exclusive interview with The Australian Financial Review, “and it’s just going to be digital wallet, digital payments.” This is why Citi is putting a major emphasis on “fintech” – from cutting-edge banking apps for mobile phones through to blockchain, artificial intelligence and robotics, to forging partnership with big players such as Alipay, Amazon and WeChat – to make sure that […]
Moroku shortlisted for Banking Technology Awards – Top Digital Innovation
Now in their 18th year, the Banking Technology Awards have become established as the premier event recognising excellence, innovation and the use of IT in banking and financial services. The shortlisted companies for this year have just been announced with Moroku recognised for it’s collaboration with Finastra for Top Digital Innovation 2017. This recognises Moroku as one of the world’s top fintechs, separating the company from thousands of companies around the world trying to figure out what is next, highlighting not only the power of the firm’s innovation, but also it’s capacity to scale through distribution. https://awards.bankingtech.com/categoriespt/judged-awards/ This win comes off the back of Finastra , the world’s 3rd largest […]
Xinja launches equity crowdfunding with partner Equitise
Crowdfunding is about to become reality with Xinja today unveiling plans that allow everyday Australians to directly join the digital banking revolution through the Equitise crowdfunding platform. Xinja’s full retail crowdfunding round follows the passage of national legislation last month that gave the green light to this form of capital raising. Investors will be able to invest as little as $1,000 in Xinja, with at least $500,000 likely to be injected via crowdfunding into the neobank’s current $10 million-$15 million round. Eric Wilson, the Chief Executive of Xinja, said he is very excited that Australian consumers now have the chance to be ground-floor investors in the digital […]
Fintech to link banks, brokers and regulators
Australian fintech MoneyCatcha has partnered with global bank HSBC in a trial of its two blockchain platforms with the aim to improve loan turnaround times and reduce compliance spending for the banks. MoneyCatcha has developed loan processing platform Homechain and regulatory risk review tool Regchain which are both powered through the same internal blockchain engine. The fintech has partnered with HSBC Bank to trial the use of its Regchain software which helps regulators capture and review information from lenders through regular reports detailed at a level that each lender is comfortable with, CEO and founder of MoneyCatcha, Ruth Hatherley told Australian Broker. “We are completely agnostic in terms of how […]
Fintech startup, Trade Ledger, launches world-first tech to help banks fight off global tech giants
Career technologists, Martin McCann and Dr. Matthias Born, are launching a world-first lending tech for banks and traditional lenders that will help to equip them against competition from tech giants such as Facebook, Tencent, and eBay wanting to enter financial services. Trade Ledger is the world’s first business lending platform that transforms digital data from business supply chains in real time, allowing banks to assess and regularly update credit and default risk of businesses they lend to. Currently this is only done on a one-off or infrequent basis on a very small sample of invoices, and not on any other trade documents. The platform will finally give banks more advanced network and data […]
