Fintechs say high ASX standards are vital
The chief executives of two fintech companies preparing to list on the ASX say the Australian public market remains an attractive funding option for young technology companies despite the botched float of music streaming service Guvera. ChimpChange, a digital bank in the US, is set to list on the ASX this Thursday, after raising $15 million to help lift its profile to millennial customers in middle America, where it provides low-fee deposit accounts. Avoka, a software developer working for global banks, has just completed a $16 million fund raising from private investors and is eyeing a listing on the ASX in around 18 months. The bosses of both companies say […]
1st Annual Australian FinTech Awards 2016
Congratulations to the winners of the 1st Annual Australian FinTech Awards 2016! FINTECH INNOVATION IN PAYMENTS – Afterpay FINTECH INNOVATION IN WEALTH MANAGEMENT (ROBO ADVICE) – Owners Advisory by Macquarie Group FINTECH INNOVATION IN LENDING (FOR FINTECH) – SocietyOne BEST INNOVATION IN CYBER-SECURITY & ANTI-FRAUD – Entersoft BEST FINTECH COMMUNICATIONS CAMPAIGN – Acorns BEST RESEARCH IN FINTECH – Panalitix BEST FINTECH-BANK COLLABORATION OF THE YEAR – OnDeck Capital’s partnership with CBA FINTECH LEADER OF THE YEAR – Daniel Foggo of RateSetter FEMALE FINTECH LEADER OF THE YEAR – Loretta Joseph of the Sydney Stock Exchange FINTECH CTO/CIO OF THE YEAR – Glenn Riddell of RateSetter INSURE-TECH STARTUP OF THE YEAR – […]
FinTech sector accuses banks of not playing fair
The Financial Tech start-up industry, known as FinTech, is a vibrant new sector that promises to disrupt—or at least compete with—incumbent finance businesses in Australia. The Turnbull Government has made several announcements indicating support for the sector. But some in the sector are accusing the banks of not playing fair, by actively misleading their customers in advising them not to connect to FinTech services. LISTEN: To listen to ABC’s Fran Kelly, joined by RN Breakfast’s Technology Editor Peter Marks, click on the link below… Source: FinTech sector accuses banks of not playing fair – RN Breakfast – ABC Radio National (Australian Broadcasting Corporation)
Fintech to invest $1b into blockchain this year
Financial and technology firms are expected to invest more than $US1 billion to bring blockchain technology to capital markets in 2016. That’s according to a new survey from Greenwich Associates, where a majority of participants said blockchain has the potential to change markets within the next five years. The 134 interviewees, including executives at banks, exchanges, asset managers and blockchain technology companies, said the main obstacle hindering the technology’s widespread use was a “vested interest” in legacy systems. “The financial sector will continue to put its weight behind blockchain this year,” Richard Johnson, vice president for Greenwich’s Market Structure and Technology group, said in the report. “Blockchain is beginning to […]
Deposits lift on Apple Pay, says ANZ Bank
Almost two months after it signed a deal to provide Apple Pay, ANZ Bank says teaming up with the technology giant is prompting more customers to open accounts, or start using credit cards that had been lying dormant. ANZ became the first major bank to offer Apple Pay in late April, breaking ranks with rivals, which are negotiating over how millions of dollars in fee revenue would be shared if they were to also provide the service. While Australian consumers have generally been reluctant to use “digital wallets” ANZ says the move is having a real impact on its sales of transaction accounts, especially digital sales. Matt Boss, managing director […]
Welcome to the new world of ‘regtech’
During a speech at the Tyro Fintech Hub in Sydney on Friday morning, federal Treasurer Scott Morrison pointed to the promise of “regtech” – a new word that is increasingly rolling off the tongues of the global regulatory community. Regtech (an amalgam of “regulatory technology”) is a subset of fintech (financial technology). While fintech has captured the imagination of banks, entrepreneurs and investors around the world for its ability to enhance how customers experience core parts of banking like lending and payments, banks are interested in regtech because new technologies can be deployed internally to reduce the costs of complying with various regulations. Morrison told about 200 members of the […]
New platform makes switching easier for SMSFs
Term deposits are the latest sector of finance to feel the push of digitisation with the launch of Cashwerkz’ platform, which offers a quick and simple way for investors to manage term deposits. Cashwerkz chief executive, John Edginton, said that cutting the time that is spent on switching and managing deposits was the key for attracting self-managed superannuation fund (SMSF) customers and advisers. “The time and paperwork required to open or switch term deposits was a major disincentive and prevents many investors from achieving the best market return,” he said. “Cashwerkz customers only need verify their identity once, and then have the flexibility of switching between different term deposits.” The […]
Fintech investment surges in Q1 but does that mean the Kodak moment nears for banks?
There was a resurgence of activity in the financial technology (fintech) universe in the first quarter of the year after signs of potential rapid deflation at the end of 2015. According to KPMG’s latest The Pulse of Fintech report, the March quarter saw funding to the fintech sector rebound with total investment in fintech companies hitting US$5.7 billion. Globally, Venture Capital-backed fintech companies drew $US4.9 billion in funding, rising from just $US1.9 billion in the fourth quarter of 2015. The report identified larger deals, concentrated in Asia, played a major role in the rebound with 13 $US50 million+ rounds to VC-backed fintech companies, a slight rise from 10 such deals in […]
