Helping Kids Become Financially Savvy
It’s rare to meet a person who has never experienced anxiety about money, at least once in their lifetime. For many of us, it all comes down to a lack of knowledge. But imagine if you were well-educated in the basics of money, from childhood? That’s the intention behind fintech start-up Piggy – a digital piggybank (pre-paid debit card) for 8-18 year olds. Piggy is the brainchild of former investment banker Mario Hasanakos, and Alex Badran, a recent PhD USyd graduate in mathematics. Piggy is a financial education product for families, built around a pre-paid debit card for kids, aged 8-18. They get a card which is useable for wherever […]
ASX considers blockchain for clearing and settlement
Bitcoin’s much-lauded transaction record, blockchain, is being seriously considered as a replacement for the Australian Securities Exchange’s clearing and settlement system. Managing director Elmer Funke Kupper said the ASX, which is in the middle of replacing its trading systems, had a once-in-a-generation opportunity to install the best technology, and blockchain could reduce cost, save time and cut complexity in the clearing and settlement of trades, now done by a system known as the Clearing House Electronic Subregister System (CHESS). Source: ASX considers blockchain for clearing and settlement
The FinTech future is here
Viewing the below chart of web searches, you could be forgiven for thinking that fintech has only really emerged in the past year. But the financial services sector has been innovating with technology for centuries – so why has it got so big recently? Source: Google The coming together of financial services and technology is nothing new. It will come as no surprise to know institutions have been using technology to improve their middle and back offices for as long as computers have been around. We used to call this banktech. In fact, banktech can be traced back to the 18th and 19th centuries when traders would use carrier pigeons […]
The need to be shrewd in the property boom
It’s said that buying a property is one of the most stressful life events. Further, mortgage lender incompetence, bank and finance problems are in the top 20 most stressful aspects of selling a property. For two people, those frustrations spawned the next big idea to hit the FinTech industry. Mandeep Sodhi, a loyal customer to his bank, thought he had secured the best rate on his home loan. Atul Narang on the other hand secured a better rate on his loan through a broker – but it wasn’t that easy, having already experienced two bad brokers. With this experience, the pair joined forces to bring clarity and simplicity to the […]
Why these giant Chinese companies could destroy Australia’s fintech ambitions
Fintech companies are some of the hottest startups around right now. Incredibly, more than 20 are now valued over $US1 billion. Australian credit reference fintech, Veda, might get bought for $2.2 billion. The possibilities offered by fintech are enormous. Mobile payments, payment terminals, smart contracts, smart bonds, P2P lending and crowdsourcing are all examples of new technologies that pose a risk to core services provided by the financial establishment. This is why they want in. According to some, Australia has the potential to be a leader in the sector. Australian super funds are investing heavily, with First State Super launching its own venture capital platform just weeks after putting $110 […]
Stone & Chalk rides the fintech disruption wave
The launch for fintech hub Stone & Chalk was oversubscribed. By 7pm, 500 people had descended on the party, donning coloured T-shirts to signal where they belonged. Red T-shirts designated institutional sponsors, green was for resident start-ups, charcoal for friends, blue for government and pink for media (funny). The happiest people wore green. The 120 residents from 41 start-ups who had won the chance to work on a floor of the AMP Centre, found themselves regaled by bank chiefs, politicians, venture capitalists, accountancy heads, lobbyists and each other. The biggest boast was: “I used to be a banker.” And it was said by those in green, who hoped to disrupt […]
FinTech changing the landscape
The emerging world of financial technology, or fintech, is having an impact on everything from the way new products are funded through to the culture and practices of major banks and financial institutions. According to Simon Cant, co-founder and co-managing director of venture capital player Reinventure Group, fintech is basically anything providing some version of a financial service using modern digital technology. “Fintech is affecting, in particular, the way consumers and SMEs are conducting their business,” he said. “Fintech is providing a better user experience, providing financing that is cheaper and is more convenient. “One of the earliest examples of new funding mechanisms is Kickstarter, where a technology platform underpins […]
Preference for digital payments makes Australian banking ripe for fintech disrupters
Australian consumers’ love of contactless payments has helped push the country up global rankings that measure the use of non-cash payments across the world. Australia had the fourth-highest number of non-cash payments per person in the world, the report by consultancy Capgemini and bank RBS said. There were more than 300 non-cash transactions per person a year, the report said, putting Australia behind only Finland, the United States and the Netherlands. This is an increased from a few years ago, when Australia was ranked sixth in the report, and the rise reflects strong growth in digital payments for smaller purchases, where “tap and go” services on credit and debit cards […]
