Crowd2Fund prepares to cross fintech bridge to Australia
Leading P2P lending platform Crowd2Fund are launching an Australian office by becoming one the first UK-based companies to utilise the new ‘FinTech Bridge’ between the UK and Australia. The Enhanced Cooperation Agreement, signed in March 2018 between the FCA and the Australian Securities and Investments Commission (ASIC), will make it easier for regulated FinTech companies in both Australia and the UK to start trading in either market. Key benefits of the Bridge include the speeding up of company licensing between the two territories, as well as more strategic collaboration between the FSA and ASIC in order to grow the respective markets of each country. Michael Ward, the Director General for […]
Fintech adoption speeds up in Australia
Australia is growing faster than most of the global markets and is now outplacing the US in terms of fintech adoption, says Noah Breslow, the chief executive of US online SME lending company OnDeck Capital, which has delivered more than $US8 billion in loans to 80,000 small businesses globally. He told the third AltFi Australasia Summit in Sydney on Monday that Australia is now the second-largest alternative finance market in the Asia-Pacific region. “We are looking at an industry that did $10 million of annual volume – these are numbers from KPMG in 2013, and in 2016 that had grown to $220 million.” Breslow said according to OnDeck estimates, “based […]
Open banking will drive better customer deals and responsible lending outcomes for mortgages and credit cards
The first phase of Australia’s open banking regime should be designed to assist Australians get a better deal on mortgages and credit cards.
Fintech start-ups threaten mortgage broking old guard amid royal commission heat
The emergence of fintech disrupters to the lucrative mortgage broking industry is being driven by three key dynamics. First, banks pay $2 billion a year in commissions to mortgage brokers for the delivery of home loan borrowers – but want to pay less. Second, the Hayne royal commission is investigating whether current broker pay structures create conflicts of interest and exploring better ways to serve customers. Third, technology is making self-service easier, and “open banking” will put customers in control of their data, including all the information required to make a mortgage application. So enter the mortgage broking entrepreneurs and a bunch of start-ups ruffling the feathers of the powerful […]
MoneyMe teams with USYD to grant $96k Fintech Partner Scholarship
Leading consumer fintech, MoneyMe, has teamed with the University of Sydney Business School to award a $96,000 Fintech Industry Partner Scholarship to Sydney University Business Analytics PhD doctoral student, Jian Tina Zhai. The partnership reflects MoneyMe’s commitment to the long term future of the rapidly expanding fintech sector and the Business School’s commitment to strong industry links as well as cutting edge research. The scholarship will waive Tina’s fees throughout the 3 years of her candidature at the School, while also providing her with firsthand work experience at MoneyMe assisting in the development of their state-of-the-art, purpose-built consumer lending platform, ‘Horizon’. “My ultimate aim is to apply my academic research to a wide range of […]
The Australian fintech startups disrupting home loans
A new type of fintech company is helping home buyer owners save on their home loans, using technology to drive competition and take business from the big banks. The differences between mortgage deals offered by the big four banks are hard to spot and even harder to work out when looking for a home loan deal, according to an investigation by the consumer watchdog, the ACCC (Australian Competition and Consumer Commission). The watchdog says there are signs of “less-than-vigorous” price competition in Australia’s $1.75 trillion mortgage lending industry. However, a group of startups are trying to change that. A number of property-related fintechs have lodged entries to this year’s Finnie […]
N2N Connect buys a stake in Australian peer-to-peer lender
N2N Connect Bhd has agreed to acquire a 28% stake in an Australian peer-to-peer lending company for AU$2.8mil (RM8.33mil) cash. The company told the stock exchange today that the acquisition of OurMoneyMarket Holdings Pty Ltd is not expected to have any “material effect” on its earnings and net asset for the financial year ending Dec 31, 2018. OurMoneyMarket operates a platform that provides borrowers with a 100% online application process. “OurMoneyMarket intends to redefine the role that marketplace lending plays in Australian financial services with a focus on collaborating with, rather than competing against, traditional lenders,” N2N Connect said. Its advanced investor platform applies securitisation “best practice” methods to provide […]
CashDeck releases software to help brokers and borrowers prepare for tougher lending measures
There’s no doubting that the Hayne Royal Commission will bring about changes to the way borrowers, brokers and bankers behave. As lenders are required to more carefully scrutinise loan applications and living expenses, it is expected that home buyers borrowing power will be greatly reduced. A recent UBS report suggests that credit availability could be cut by 21 to 41%, depending on income. While nobody can tell exactly what measures will come about, change is certain, and smart brokers will already be making changes to their business processes. Compliance will be top of the list, and for brokers this will mean more accurately assessing living expenses—an onerous task. Technology must […]
