Carney cuts through the fintech hype with clear-eyed take on risk
Financial Stability Board chair Mark Carney’s status as one of the world’s great fintech boosters makes his occasional musings on the associated risk to the financial system all the more striking. The Basel-based FSB, which makes recommendations to G20 nations, is thinking deeply about the appropriate regulatory response to fintech’s risks and rewards and will report its conclusions to the G20 in July. Carney revealed some preliminary thoughts at the same G20 conference in Germany attended by Scott Morrison, where the Federal Treasurer told global economic leaders that Australia was strongly pursuing blockchain technology and wanted to unlock the “enormous” potential of the nation’s data. Fintech, he said, was about […]
Apple claims banks want digital wallets as a new revenue source
Apple says three of the big four banks are pushing to pass the costs of Apple Pay on to their customers as a way to “condition the market” into paying extra fees when using a mobile phone to make a ‘tap and go’ payment. One of the issues in the long-running battle between Apple and Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp and Bendigo and Adelaide Bank is whether the banks can pass through to their customers the fee that Apple will require them to pay to use the iPhone infrastructure. But Apple has described the argument as a “trojan horse”. In a submission published by the […]
Wallet packed with loyalty cards? Solve the problem with Stocard digital wallet
Stocard, a leading mobile wallet app, has announced that it will use recently secured funding to expand its reach in the Australian market and launch a new mobile payment function. While digital wallets have been around in Australia for some time, what makes Stocard’s offering unique to existing mobile wallet apps, is the functionality that allows users to store all their loyalty cards easily in their smartphone, rather than in their wallets. Loyalty programs are becoming increasingly popular for Aussie shoppers, with 50% saying they’d be more likely to spend with a store that offers a loyalty program than with one that doesn’t, according to Nielson’s latest Global Loyalty Sentiment […]
Kate Carnell urges pressure on banks to change
Small business ombudsman Kate Carnell will today issue a strong warning to government that after 17 inquiries into the banking industry since the GFC the time has come to put pressure on the banks to change their practices. Carnell’s report on small business lending is due to be released today by Revenue and Financial Services Minister Kelly O’Dwyer and Small Business Minister Michael McCormack. It will say the banks have treated small business unfairly. The recommendations include blocking default action on loans under $5 million where the business has complied with the terms. It also wants a revised code of conduct from the banks written in plain English and with […]
A UBank co-founder has joined Australian fintech startup Tyro
Tyro, the first-ever fintech startup to get an Australian banking licence, has continued on its high-powered recruitment spree, nabbing financial industry veteran Natalie Dinsdale to its leadership team. Dinsdale, who was one of the founders of NAB’s online-only brand UBank, has been appointed Tyro’s head of brand & marketing. “Tyro is one of Australia’s most remarkable growth stories, and the opportunity to be part of an organisation dedicated solely to giving SMEs a better deal is incredibly exciting,” she said. While Dinsdale has been involved in the high-profile launch of Virgin Money’s mortgages business and was a part of Bankwest’s push into the east coast, her latest gig was leading […]
Peer-to-peer lenders lead increase in personal loans
Personal loan applications rose strongly during the December 2016 quarter, with much of the growth coming from online marketplace lenders. The latest Quarterly Consumer Credit Demand Index from credit agency Veda shows the number of personal loan applications for the December 2016 quarter was 12.4 per cent higher than the December 2015 quarter. “Growth in personal loan applications is predominantly coming from products offered by new entrants in the personal lending space, beyond traditional credit card and auto finance markets,” says Angus Luffman, Veda’s general manager of consumer risk. He is referring to the new wave of online marketplaces that can offer investors higher rates of interest than they can […]
IBM, Optus and Australia Post join blockchain group
IBM, Optus and Australia Post have joined the Australian Digital Currency Commerce Association (ADCCA).
Scott Morrison to tell global finance leaders Australia backs fintech
The federal government wants to see the fintech sector “grow big, to thrive and deliver benefits for consumers and the economy”, Treasurer Scott Morrison will tell global central bank governors and finance ministers on Wednesday. In a speech to a high-level G20 conference in Wiesbaden, Germany, Mr Morrison will say fintech can boost banking competition and facilitate access to new forms of finance. He will also tell leaders of the global economy that Australia is “strongly pursuing” blockchain technology, and wants to unlock the “enormous untapped potential of Australia’s data”. After the Productivity Commission in November called for consumers to receive a “comprehensive right” to their data, which would allow […]
