Finch founders urge banks to invest in start-ups, not ‘innovation theatre’
Banks trial blockchain solution to speed up guarantee process
ANZ and Westpac have teamed up with IBM and Westfield shopping centre owner Scentre Group to bring the bank guarantee process up to speed using blockchain technology. The trial, powered by IBM’s Hyperledger Fabric platform, replaces the paper-based bank guarantee process used for commercial property leasing with a digital ledger that becomes the central source of information for all parties. Distributed ledger technology underpins blockchain, with ANZ’s general manager of digital banking, Nigel Dobson, saying the trial showcases how the technology can be used to develop business solutions. “Whether it’s crypto currencies or other public applications of blockchain, so far they have not been business grade,” Mr Dobson said. “This […]
Westpac joins Swift blockchain test
Second Aussie bank after ANZ to take part. Westpac has become the second Australian bank to join a proof-of-concept by payment messaging service Swift that aims to test blockchain for facilitating cross-border payments. It is one of 22 global banks to join the PoC today, adding to the six foundational banking participants, one of which is ANZ Bank. It was always envisaged that a number of other banks would join the project to further validate the concept. The project aims to prove whether or not banks can reconcile their international nostro accounts in real-time using blockchain technology. Nostro accounts are those held by banks in other countries in the local […]
Australian fintechs must set sights on Asia: MoneyMe
Consumer fintech, MoneyMe Financial Group, believes the next surge of global fintech growth will be led by Asian markets after a temporary global plateau, as a result of greater market demand and more underbanked citizens, increasing income levels, advanced tech capabilities, and superior tax structures for innovative businesses. Australian fintechs who don’t include Asia in their growth strategies, both in terms of target markets and location of operations, risk falling behind and missing the next wave of fintech as a result of our far higher corporate tax rates, and the comparatively higher quality of our financial services which drive down the urgency for local innovation. This comes off […]
How Sydney blockchain startup Hashkloud scored partnerships with two Bangladeshi banks
Blockchain has been receiving a deluge of media attention in recent weeks, and Sydney-based startup Hashkloud is capitalising on the growth of the technology by launching its offerings with two financial institutions in Bangladesh. Hashkloud is working with Dhaka Bank to launch its Serviskloud platform within the next week, in a partnership that will use the blockchain as a software connector to consolidate the integrity of the data that is transferred between banks, as well as securing transactions between the bank and its customers. The startup has also recently signed with the United Commercial Bank in Bangladesh to explore how its services can help the bank utilise the blockchain platform. […]
Winners of the 2nd Annual Australian FinTech Awards 2017
Congratulations to the winners of the 2nd Annual Australian FinTech Awards 2017. The 2nd Annual Australian FinTech Awards celebrate the achievements of the dynamic people and businesses comprising the FinTech sector. These Awards seek to recognise success in the FinTech sector in its many forms. The event was a fantastic evening of celebrating the best innovation, created by the best innovators and entrepreneurs that live and work in Australia. Here are the winners for the 2nd Annual Australian FinTech Awards 2017: FinTech Innovation in payments ZipMoney FinTech Innovation in Wealth Management (Robo-Advice) Pocketbook FinTech Innovation in Lending Tyro Payments Best FinTech Communications Campaign BRICKX Best Research […]
Notes and coins seem anachronistic
Apart from the introduction of polymer banknotes back in the 1980s, Australian cash has remained largely the same since its creation. Now, rapid advances in technology are making the concept of crinkled pieces of plastic and metal coins seem anachronistic. The latest payment method to garner widespread public attention has been contactless payments. Customers can pay for purchases at the point of sale by simply tapping their credit or debit card on a compatible terminal. For lower-value transactions, even a PIN is not required. Contactless payment systems typically make use of near-field communication (NFC) technology that allows transactions to take place when the card or phone is within a few […]
Open banking – Australia, behind the eight ball, report says
A report by Capgemini and Efma, entitled World Retail Banking Report 2017 (WRBR 2017), states that as the Open Banking revolution continues to unfold, banks risk disintermediation. The report offers two suggestions for how banks can avoid disintermediation: Firstly, banks must carefully choose their customer interaction business model, and secondly, they must use application programming interfaces (APIs). The report also states that banks, in collaboration with FinTechs, can lead the Open Banking movement by offering their customer bases innovative and personalised services that create new revenue streams and provide more value to customers. “FinTechs are now earning higher positive customer experience scores than traditional banks, and banks are openly seeking […]
