Startups with $3 million in capital could soon be allowed to challenge the big banks: What does this mean for the fintech sector?
The hurdles that startups have to overcome to become authorised banking institutions may soon be lowered, with the Australian Prudential Regulation Authority (APRA) encouraging competition from disruptors looking to challenge the big banks in a discussion paper released on Tuesday. The APRA discussion paper proposes revisions to the existing licensing framework that governs which organisations can be classed as authorised deposit-taking institutions (ADI), and these revisions would see a “phased approach” taken in the ADI authorisation and licensing process. This would allow financial startups with $3 million or more in capital to “begin limited operations” before possessing a full banking licence, according to the paper. Designed to make it easier for applicants to […]
CUA joins fintech partnership with Pivotus, says will help develop tech more cheaply and quickly
Australia’s biggest credit union CUA is partnering with overseas lenders to develop banking technology, saying the move will help them innovate more quickly and cheaply. The move from Brisbane-based CUA is the latest example of how banks are adjusting to technological change. Some are taking stakes in online lenders, for example, while branches are under pressure as customers increasingly use mobile phones for banking. CUA chief executive Rob Goudswaard said the deal with US-based Pivotus Innovation would represent a “significant” investment. “We see that the future of banking is going to be … contactless,” Mr Goudswaard said, highlighting the use of smartphones. No solid ideas had emerged yet but Mr […]
Australian consumers should expect benefits as seen overseas in light of APRA’s proposal to ease barriers to enter banking sector
Temenos, the software specialist for banking and finance, welcomes Australian Prudential Regulation Authority’s (APRA) proposed revisions to the licensing framework for authorised deposit-taking institutions (ADIs) to make it easier for applicants to navigate the ADI licensing process. According to Ross Mallace, Head of Cloud Services at Temenos Australia, “We believe that this move from APRA is a great framework for driving innovation and a competitive marketplace, something we have witnessed and support with our global community of clients. “In Australia, we’re already seeing a groundswell of activity in the startup bank space. In the past, the barriers of time and cost of building the technology to establish a bank meant […]
Australian FinTech Launches Australia’s Only Dedicated FinTech Jobs Platform – Australian FinTech Jobs
The team behind the highly successful Australian FinTech website have soft-launched their FinTech employment marketplace platform, Australian FinTech Jobs. Founder and CEO, Cameron Dart, says AustralianFinTechJobs.com.au has been born on the back of the highly successful Australian FinTech website and growing demand from the local FinTech community to have a dedicated employment platform for the sector. AustralianFinTechJobs.com.au is Australia’s only dedicated platform for FinTech companies and Recruiters to promote FinTech, financial technology, financial services, banking, legal and IT employment opportunities in Australia. “Australian FinTech have built a new jobs startup for fintechs and startups about startups, fintechs and jobs” “When people think of ‘FinTech’ in relation to employment, they might […]
Could Xinja be Australia’s first neobank?
Banking startup Xinja is built solely for mobile and will target tech-savvy consumers. Fintech startup Xinja is on track to becoming Australia’s first neobank, otherwise known as a challenger bank, and has already raised close to $3 million this year. The funding will help launch 5,000 prepaid debit cards to customers before expanding its product offering to bank accounts and mortgages. Xinja will provide a banking solution for tech-savvy customers who want to be able to operate completely via their mobile phone. It will enable customers to use new accounts instantly, to see transactions in real time and to follow their money using simple virtual tools. The government announced in […]
Xero signs on 100 Australian financial institutions and bolsters team
Xero, the global leader in cloud accounting software, today announced it has recently signed agreements with 100 Australian financial institutions for direct bank relationships, a major milestone in opening up banking, lending, and growth opportunities to Australian small businesses. Xero’s growing Financial Web now includes the ability to connect to 95 per cent of all transaction accounts that our small business customers access every day, making it easier than ever for Australian small businesses and their advisors to connect their accounting dashboard directly to almost any bank or financial services provider in the country. That includes everything from a Big 4 Bank to a regional credit union, helping small businesses […]
Wealth begins its blockchain reaction
Ambitious financial services firms are driving Australia’s global leadership in the development of blockchain technology, which is already delivering productivity and innovation benefits to the nation’s trillion-dollar wealth industry. BNP Paribas Securities Services has progressively stepped up its blockchain expertise in the Australian market because it sees a nation filled with opportunities. BNP Paribas global head of securities services, Patrick Colle, says Australia has been a business investment stronghold because in many areas it is “the most advanced in the world.” Colle says an important attribute making Australia one of the most sophisticated global markets on blockchain is the initiative of the ASX to replace its dated CHESS clearing and […]
Blockchain Explained: What you need to know
As emerging technologies continue to revolutionise the way we live and transact, concepts like ‘cryptocurrency’ and ‘blockchain’ are becoming increasingly relevant to our collective financial future. Major banks are already talking about and beginning to use blockchain, a technology that could drive the digital transactions of the future. And it’s become a major buzzword in financial circles around the world for its potential to change the exchange of value as we currently know it. While the technology itself is in the very early stages of existence and is complicated to understand, businesses and entrepreneurs around the globe are looking at ways to effectively use it in the belief that blockchain […]
