Data61 reports blockchain will have a profound impact on the economy
A scientific study of blockchain by the CSIRO’s specialist Data61 unit has found the management of supply chains, including trade finance and insurance, as a “highly promising” use case for the emerging technology, which will enhance productivity across the agriculture, banking, healthcare, logistics and public sectors and help business and government manage the deluge of data about to be unleashed by the internet of things. But two reports to be released on Wednesday also point to various limitations of the much-hyped technology, warning it could compromise privacy, breach confidentiality, and create security concerns should encryption ever be broken by faster computing power. Data61’s reports are the product of almost a […]
SBS Bank has partnered with Sandstone Technology to deploy a new digital banking platform
SBS Bank has partnered with Sandstone Technology to deploy a new digital banking platform to facilitate an anywhere, anytime banking experience for the bank’s Members. The recent project is the first step in what promises to be a long and exciting relationship between the rapidly growing New Zealand Member bank and the FinTech, which was co-founded by New Zealander Bob Hall. The banking platform, developed in collaboration with Sandstone partner Liferay, will soon be extended to create an online sales channel supporting the origination and fulfilment of Member applications for accounts and investments. Approved deposit product applicants will have immediate access to their online banking facilities. Shaun […]
Even banks are touched by the Amazon effect
Such is the impact of Amazon that it is even affecting what people expect from their bank. That’s the view of the chief executive of fintech firm Avoka, Phil Copeland, who said the user experience provided by the shopping giant has fed into an expectation among consumers that you should be able to sign up for products easily and simply online. With banks also nervously eyeing fintech competitors, the dynamic is forcing banks to sharpen their focus on “digital customer acquisition”, or online sales. “Amazon has really changed the landscape a lot, for a lot of people. There’s an expectation that if it’s not as easy as doing business with […]
The 2nd Annual FinTech Awards 2017
The 2nd Annual FinTech Awards 2017 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. This event will be an evening of celebrating the best innovation, created by the best innovators and entrepreneurs that live and work in Australia. Australian FinTech is proud to be a media partner for the 2nd Annual FinTech Awards 2017 to be held in Sydney on 22nd June 2017. Australian FinTech’s CEO and Co-Founder, Cameron Dart, recently named as one of the Top 25 Influencers of FinTech in Australia, is honoured to be one of the judges […]
What is Blockchain Technology and why is it so popular
In 2008, a cryptographer named Satoshi Nakamoto—a name used by the unknown person or persons—invented Bitcoin. It is a digital currency that enables people to conduct peer-to-peer transactions without the help of any third party such as banks. Whenever we do any transactions, it happens through a third party such as a bank and regulatory laws, but in the blockchain schema, these transactions happen securely but anonymously without the involvement of any intermediaries. So you might ask how the current transactions are happening online with debit and credit cards? Current transactions happen through electronic intermediaries where we depend a lot on the third parties for trust and fraud detection. More […]
ZipMoney lands largest debt facility in Australian fintech history with $260 million led by NAB
Sydney company ZipMoney has secured a $260 million debt facility led by the National Australia Bank, in what the startup claims is the largest such deal in Australian fintech history. ZipMoney announced to the ASX on Wednesday that the facility would consist of $200 million from NAB, $40 million through two-year bonds issued through FIIG Securities, and $20 million in junior notes and equity. An “immediate refinance of $70 million of existing receivables” will take place using the NAB facility, resulting in an instant reduction in interest for the business. The startup operates a “buy now, pay later, with no interest” service — integrating into online retail stores to reach […]
Australians quick to embrace fintech financial solutions
One third of Australians believe they’ll use a tech company for the majority of their financial needs within five years. While many people around the world feel they need to stick with their bank, out of a sense of loyalty, or simply because they’re unaware of their options, this isn’t the case in Australia. Australians are among the most likely to seek alternatives to the mainstream banks, according to TransferWise’s Future of Finance Report, out today, which surveyed 20,000 people around the world. The report also revealed Australians are early adopters of fintech solutions; that is, anything from PayPass and Tap and Go contactless payments to digital wallets such as […]
Xinja emerges from budget shadows as potential new start-up bank
Less than a fortnight since the federal budget introduced reforms to facilitate the entry of startup banks in Australia, Xinja has emerged as the first to attempt to build a new bank for digital natives from the mobile phone up. Xinja (the name was made up by a creative type) has just completed a seed raising of almost $3 million and is talking to regulators about gaining a restricted banking licence. The application will use streamlined licensing procedures announced by the government in the budget and the prudential regulator the following day. “We are building full-service retail banking in your mobile phone,” says Eric Wilson, Xinja’s founder and chief executive […]
