Banks stake out Apple Pay battleground in ACCC submission
The concept of the big banks arguing for change in order to increase competition tells you something about Apple’s apparent domination of the mobile phone market and its willingness to exploit this market power. In a submission released today, the banks have responded to the ACCC’s draft denial of the right to collectively negotiate with Apple by dropping their proposed claim to seek the right to fight for the ability to pass on the Apple fee and to cut the period for authorisation in half to 18 months. The latter is designed to show the big banks are not just simply trying to delay Apple and the former is to […]
Fintech disruptors hurting established players
As trends go, financial technology is a beauty. The prospect of nimble “fintech” ventures disrupting financial-service incumbents has whet investor appetites. An Australian fintech sector is rapidly emerging. Fintech has been a boom sector in the United States and United Kingdom as technology-based companies, with their capital-light business models, nibble at the market share of large firms. It happened in print media, publishing, music and education. Now the same trend, where new firms offer financial products and services using online platforms, is disrupting parts of banking, wealth management, insurance, payments, accounting and foreign exchange. There is, of course, much hype about fintech. But the financial-services sector looks a prime target […]
Apple Pay boss says CBA, NAB, Westpac risk missing the future of payments
The global head of Apple Pay has put three of Australia’s big banks on notice that the technology giant’s global payments system will steal their customers and they risk being left behind in the development of digital wallets. Jennifer Bailey said in an exclusive interview that Apple is so confident of the supremacy of its payments system that “customers will say they are happy to switch banks to use it”. With ANZ Banking Group the only big four bank to allow its customers to use Apple Pay, The Australian Financial Review can reveal that Macquarie Bank and ING Direct will turn on the service by the end of February. They […]
DomaCom signs distribution deal with US crowdfunder
Australian crowdfunder, DomaCom has signed an exclusive distribution deal with a New York-based real estate crowdfunding platform, Prodigy Network. The deal aimed to expand investment opportunities for Australian investors wanting to invest in US real estate assets. DomaCom’s chief executive, Arthur Naoumidis, described the agreement as “the start of several overseas property crowdfunding opportunities for Australian investors”. “Enormous buying power exists in our large industry and retail superannuation funds and our growing A$600 billion self-managed superannuation fund (SMSF) market. There are vast sums of money sitting there, some of which must be looking for an opportunity to invest in global real estate markets,” he said. “Whilst crowdfunding is still a […]
Australian FinTech launches International FinTech platform
The team behind the highly successful AustralianFinTech.com.au, this week launch their International platform, InternationalFinTech.com, aimed at connecting the FinTech industry on a global scale. Founder and CEO, Cameron Dart, says International FinTech has been born on the back of the highly successful Australian FinTech platform and growing demand from the global community to have a dedicated online presence for their sector. “International FinTech mirrors the Australian FinTech platform, including a dedicated industry newsfeed and a comprehensive directory of FinTech companies globally. “The site also aims to educate users of new financial technologies such as peer to peer lending and cryptocurrency, all presented in simple terms with no financial jargon” says […]
Fintech to have ‘big impact’ on brokers
The rise of fintech is set to see brokers transforming themselves to match changing customer expectations, an expert has said. As fintech and insurtech continue their rise in the industry, Bill Sullivan, head of global financial services market intelligence at Capgemini, said that the rise of technology will impact brokers and their relevance to customers. “The growth of fintech firms and their rising acceptance by customers will definitely have a big impact on the intermediaries associated with the insurance industry,” Sullivan told Insurance Business. “Now, intermediaries have to transform themselves by leveraging technology and catering to customers’ changing needs and preferences to stay relevant in the business.” Brokers don’t only […]
Afterpay and Tyro announce SME payments partnership
Payments fintechs Afterpay and Tyro have struck a deal that will see Afterpay’s deferred payment product rolled out to thousands of small businesses using Tyro’s EFTPOS terminals, which compete against those offered by the big banks. The commercial partnership will allow Tyro, which gained a banking licence last year, to deepen its relationships by integrating Afterpay’s service with point of sale software systems to help customers increase sales. For Afterpay, the deal will extend its reach into small business, lifting merchant fee revenue, and potentially open up new markets such as medical practices, where Tyro’s terminals are popular. Afterpay’s investors have said one of the big challenges for the young […]
New Fintech startup Nifty going head on with the big players
From time to time, most people experience a short-term cash flow problem. Often, time is of the essence. Online short-term lender Nifty Personal Loans launched in late 2016. Consumers are tired of long wait times, endless paperwork, exorbitant interest rates, untrustworthy pawn broking shops and sub par customer service. Nifty have developed a custom built bespoke lending platform that delivers a fast and stress free consumer finance product whilst at the same time adhering to their customers needs and responsible lending obligations. To apply for a short-term loan, applicants need to meet some basic criteria. They must be over the age of 18. They must receive a regular and consistent […]
