NAB Ventures created to invest $50m in fintech
It seems the big banks are getting behind Australian FinTech which is great to see! National Australia Bank has created an “innovation fund” that plans to invest $50 million over the next three years in Australian and offshore start-ups to enhance the bank’s development of customer-centric products and applications. Source: NAB Ventures created to invest $50m in fintech
Square thinks outside the box in Australia
Big investments in chip and PIN cards and tap-and-go payment terminals by Australia’s dominant banks and supermarkets has slowed the advance of Jack Dorsey-led payment upstart Square, but it claims it has found another chink in their armour.Square has had an office in Australia since May – its fourth country after the US, Japan and Canada, since it was started by Twitter co-founder Dorsey in 2009. Australian companies have been able to use beta versions of its free apps for years, but Square – which is rumoured to be heading for a listing in the US – announced its second product offer in Australia, a “digital dashboard” for small business, […]
Fintech might be hot right now, but banks are still winning
Banks are still way out in front, but FinTech is on the improve in Australia… The term “fintech” – the marriage of financial services with technology companies – has only recently come into vogue in Australia, with venture capital starting to flow into the sector. It was only around October 2014 that the term fintech started to appear in Australia’s mainstream media – rather late given it was just two months later peer-to-peer lending platform LendingClub listed on the New York Stock Exchange. Source: Fintech might be hot right now, but banks are still winning
Australia a hotbed for digital banking tests: Citi
Banks are “all moving too slow” when it comes to providing digital products that are relevant to customers, according to Heather Cox, the head of digital for one of the world’s most powerful consumer banks, Citi.”We’re all moving too slow – and we have to figure out how we are going to be really relevant in people’s lives,” Ms Cox, who was recently named Digital Banker of the Year by American Banker in 2015 Source: Australia a hotbed for digital banking tests: Citi
UBank opens door to start-ups
Lee Hatton, the new chief of National Australia Bank subsidiary UBank, has opened the door to partnering with financial technology start ups to enter the small business market, as she eyes longer-term growth opportunities… Source: The Australian news
AMP advises fintechs to seek bigger partners
Australian fintech start-ups looking to expand their businesses will need to partner with big companies that already boast large customer bases for a better chance of success, wealth giant AMP says.Craig Meller, chief executive of AMP, said it was unlikely a large “disruptor” would swoop into the Australian financial services sector and shake up the market, so smaller fintech companies should seek large corporates to tap their distribution footprint. Source: AMP advises fintechs to seek bigger partners
Westpac asks Gen Y to help it find the next fintech start-up
As all banks grapple with the impact of huge technological shifts, Westpac hopes to get an edge over rivals by tapping into the ideas of bright, young non-bankers. With the bank admitting it needs to be more nimble in the face of growing competition from technology-based firms, senior Westpac executives will next week be presented with business proposals on digital disruption in finance from a group of people aged 18 to 35 , from Australia and China.But none of those pitching the ideas on digital disruption are bankers. Source: Westpac asks Gen Y to help it find the next fintech start-up
Finance disrupters still rely on big banks, but bitcoin may replace
Start-ups, telecommunications giants, supermarkets and postal services are all getting into banking, but they concede they are not really disrupting big lenders or dominant card networks because most have to rely on banks or Visa and MasterCard to provide financial services. Source: Finance disrupters still rely on big banks, but bitcoin may replace
