From devolution to revolution: re-bundling the banks
Aussie fintech Volt Bank starts by asking consumers what they want
How Blockchain is boosting the Fintech Sector
The Financial Technology sector, commonly known as Fintech, has changed considerably over the years. From the introduction of ginormous super computers in the 1970’s that would struggle to compete with the average phone for power these days, technology has advanced the finance world. The 1980’s saw automated stock exchanges and the increased use of computer technology in everyday banking. The 1990’s brought the advent of the internet, changing our lives as well as the financial sector. Slowly but surely, mobile banking, internet banking, personal loans, insurance renewal, forex trading and more crept into our lives bringing disruption to the financial world. What was once the preserve of big banks and […]
New technologies key driver of digital banking
Banks around the world are citing new technologies as having the biggest impact on the industry and not customer demands or regulation, according to a new survey. The survey by the Economist Intelligence Unit, conducted for Temenos, has revealed that retail banks believe new technologies are more important than customer demands and regulation for the first time in the survey’s six-year history. The Economist Intelligence Unit surveyed over 400 banking executives worldwide and put focus on how retail banks were incorporating technology for future customers. The survey highlighted new technology like AI, open APIs and the cloud as driving banks towards advanced data and analytics in developing compelling propositions and […]
Bene working up to be a challenger bank in Australia
Bene is a new lender in Australia that is working towards building a neo-bank. At the moment, Bene says it is not a bank or an authorised deposit-taking institution (ADI), and is not authorised by the Australian Prudential Regulation Authority (APRA) to conduct banking business in Australia. However, the firm intends to apply for authorisation to conduct banking business in Australia, initially for a limited period with specific requirements and restrictions as a restricted ADI. The firm says it is “driven by smart, simple design” on its mobile platform. According to its site, Bene offers loans from AU$2,000 to AU$30,000. To read more, please click on the link below….Source: Bene […]
ANZ leads regulators towards trade finance blockchain
Regulators in Hong Kong, Singapore and China are working with ANZ Banking Group to digitise trade finance through blockchain technology, a move that will enable banks to make faster lending decisions and regulators to better monitor international capital flows. ANZ is one of seven banks to create the eTradeConnect platform, which allows importers and exporters to make purchase orders and invoices and pipe relevant data directly to banks to streamline financing decisions. Vivek Gupta, ANZ’s head of trade and supply chain for North Asia and greater China, said the platform was the first commercialised trade ecosystem built on blockchain. He said two key regulators in the region, the Hong Kong […]
Square partners with Australia’s community banks to help regional SMBs go digital
Today, global payments provider Square, Inc. (NYSE: SQ) announced it is teaming up with Unity Bank, Southern Cross Credit Union and the WAW Credit Union in a string of regional partnerships that will give more small businesses outside of Australia’s capital cities greater access to innovative payments technology. Small businesses across regional New South Wales, Victoria and Queensland will be able to benefit from the new partnerships and will see affiliated branches provide access to the iconic Square card reader for contactless and chip for just $59. Customers will also receive fee-free card processing for their first $1,000 worth of sales to help them get started. Square’s Country Manager […]
Blockchain boost as HSBC links Australia and China
Blockchain has long been cited as one of the upcoming technologies to solve many of the world’s current financial problems when it comes to cross-border trade, and it appears to have taken another step forward this week as HSBC confirms it has been able to link a transaction between Australia and China. The development is based on the use of a Letter of Credit (LC) format, which is typically a paper-based format that makes up a significant proportion of trading in China and being able to digitize this is expected to create plenty of savings in terms of time and invested resources. HSBC set up the link between two of […]
