Banks must partner to win disruption battle
Colin Barnard, industry leader for finance at Google Australia, has some good news for the nation’s banks. “I don’t think Google ever really wants to become a bank,” he told The Australian Financial Review Banking and Wealth Summit in Sydney on Wednesday. But Mr Barnard also had a warning for financial services companies that believe they can see off the army of disrupters on their own. “You can partner and become rich, or you can be lonely and be poor, and eventually die,” he said. The sentiment was echoed by Helen Lorigan, who is an advisory board member of fintech start-ups HashChing and Investfit and is a venture partner of […]
Fintech no threat yet to big banks: ACCC
The hopes are high that a wave of new fintech players will shake up the big banks and get a better outcome for customers. But we’re not seeing it yet, according to the competition watchdog. “There’s been a lot of talk [about fintech] but not much really happening,” Rod Sims, the chairman of the Australian Competition and Consumer Commission, said at The Australian Financial Review Banking and Wealth Summit. “Let’s hope something does … nothing is happening that is changing the playing field very much.” The role of the ACCC in creating a more competitive landscape in banking has become a hot button issue. A parliamentary inquiry into banking pointed to a regulator […]
ACCC says Apple Pay will boost card competition
Apple Pay’s ability to toggle through different payment cards was seen as pro-competitive by the Australian Competition and Consumer Commission and became one of the key factors leading the regulator to favour Apple over the banks. In an interview with The Australian Financial Review after the ACCC knocked back an application by the banks to collectively negotiate with Apple over access to the iPhone’s “near field communication” (NFC) controller, ACCC chairman Rod Sims said the banks’ arguments that such access could increase competition for digital wallets were “strong” – but the regulator always has to be cautious about intervening in markets. At a time when the industry is looking for […]
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 […]
