ACCC knocks back the banks on Apple Pay
The competition regulator has rejected an application by the banks to collectively negotiate with technology giant Apple over access to the iPhone’s “near field communication (NFC) controller. Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank and Bendigo and Adelaide Bank had asked the Australian Competition and Consumer Commission for permission to negotiate as a block in order to give them more negotiating power to have Apple open the NFC to their own digital wallets. But ACCC chairman Rod Sims said on Friday: “We are concerned that the proposed conduct is likely to reduce or distort competition in a number of markets. “The banks said they are “disappointed” with […]
Anxious and confused: Why many older Australians are afraid of a cashless society
by David Taylor, ABC.net.au Before I became a journo, I worked for a credit ratings agency. It was my duty to work out if our clients (companies) were likely to sink or swim in the future (financially). It was my first full-time job, so I couldn’t wait for pay day. The management team were old-fashioned, so after my first fortnight of work, I actually received a pay cheque. That’s right, literally, a cheque. I suspect quite a few Australians would remember their first “pay cheque”. It’s quite a satisfying moment. You get to hold a piece of paper — effectively a note, saying, ‘thanks for all your hard work this […]
Fintechs like Hashching cash in on bank lending limits to curb property boom
As regulators weigh new limits on bank lending to cool the housing boom, their impact may be muted as tech-savvy borrowers turn to fintechs to access cheaper rates offered by non-bank lenders. Hashching is raising $6 million of fresh equity on the Neu Capital fundraising platform in a deal valuing the Sydney-based start-up – which gives borrowers access to the best interest rates negotiated by mortgage brokers – at $40 million. Since it was set up in August 2015, Hashching has received applications for $5 billion of home loans, which has doubled in the last five months. Around 20 per cent of loans are made to property investors. On the platform, borrowers are […]
Expensify launches expense claim reimbursement in Australia
Expensify, the world’s fastest-growing expense reporting software, announced today expense claim reimbursement capabilities for Australian customers. Rather than reimburse employees via payroll or cheques, Expensify customers can now issue reimbursements from Expensify, making the expense claim process easier than ever for companies of all sizes. Reimbursement will work with all major Australian banks including NAB, CBA, Westpac, and ANZ. This announcement comes during the Accounting Business Expo, Australia’s largest business and technology conference for finance and accounting professionals. “Our vision is for expense management to happen entirely automatically, behind the scenes, without business travelers and employees wasting any time tracking receipts or even opening our app,” says David Barrett, CEO […]
Indonesian Australian Business Week review – FinTech opportunities over our back fence
by Joe McGuire, Global Head of Sales for Airwallex We wade through the Jakarta traffic amongst the sour looks and disdain from our fellow commuters. Disdain because we have a police escort. Out front, a police motorbike beeps and harangues cars to the left lane. “Make way for the delegates” he shouts in bahasa as he beeps and swerves at others trying to negotiate the famous Jakarta sprawl. I’m here for the Indonesian Australian Business Week (IABW). An Austrade event designed to forge connections between Aussie businesses and our closest neighbour. With nearly 260 million people and a forecast of nearly 6% GDP growth this year, Indonesia is […]
Facebook meets FinTech
Banking has come a long way since the stamped passbook. Social media has come a long way since the simple status update. Can the two intersect? Social media is transforming banking relationships almost as quickly as it has changed our interpersonal communications. With the rise of interfaces such as Facebook, Twitter and Instagram as well as fintech start-ups such as Tyro and Coinjar, financial outlets can use social media for everything from improving customer service to allowing users to send money to others via online platforms. Emerging fintech companies like Movenbank are using social media data to help people get access to credit or even simply open a bank account. […]
Qantas partners with Slingshot for its first startup accelerator program
Qantas will open its technology platforms, data and anonymised customer information to up to 10 start-up or scale-up businesses when it runs its first ‘accelerator’ from May. The Avro Accelerator, named after Qantas’ first aircraft, is a 12-week program designed to help the airline innovate across its business, including its offshoots in insurance and banking. Qantas’ partner in running the accelerator is Slingshot, a specialist in bringing corporate sponsors together with relevant start-up and scale-up businesses. Slingshot’s venture capital fund, whose investors include industry super fund Hostplus, will back each business selected for Avro with $50,000 upfront, with a further $100,000 for those still showing promise at the end of […]
Mobile technology is revolutionising the way SMEs get paid
We all know cash is fast becoming a thing of the past, and as the world becomes increasingly ‘digital’, it’s not surprising that people are buying goods and services a lot more through mobile devices. It’s therefore no surprise that mobile technology has driven advancements in the payments industry, making it easier for consumers to make purchases on-the-spot. This has created opportunities for retailers like never before — for example there are digital apps that allow customers to order and pay for their morning coffee while still on the commute to work. So you would think it would be safe to assume there would be a growing trend in the […]
