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
ASIC set sights on growing fintech sector
The Australian Securities and Investments Commission is setting up a Digital Finance Advisory Committee manned by members of the fintech community, as the corporate regulator ramps up its attention on the technology sector and cyber risk.ASIC chairman Greg Medcraft said the regulator wanted to make it easier for start-ups and fintech businesses to navigate the regulatory system, one of which was through its “innovation hub” that was revealed last month. Source: ASIC set sights on growing fintech sector
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
Fintech start-ups become hot property | The Courier-Mail
Hundreds of millions of dollars in funding await local financial technology start-ups as the largest banks, insurers and wealth management institutions jostle for pole position, in fear of missing out on the “next big thing”, experts say. “When companies look at tipping funds into fintech start-ups, talks of $50 million-plus are common as opposed to $1m-$2m,” said AWI Ventures accelerator manager Simran Gambhir. Source: Fintech start-ups become hot property | The Courier-Mail
Fintech hub Stone & Chalk names Alex Scandurra as CEO with big plans to disrupt banking
New Sydney fintech hub Stone & Chalk has appointed former army captain Alex Scandurra as its chief executive, as the location for start-ups seeking to disrupt banking prepares to open in June.About 330 entrepreneurs from 120 fintech start-ups have registered to work in the space, ensuring Stone & Chalk will open at full capacity of about 150 people and suggesting it could take up an option to double its area by expanding into a second floor at 45 Clarence Street at the northern end of the Sydney CBD. Clarence Street is shaping up as the heart of the promising fintech scene in Australia, with payments disrupter Tyro earlier this month […]
ADDCA launches Bitcoin constitution | The Courier-Mail
ADDCA launches Bitcoin constitution The Australian Digital Currency Commerce Association (ADCCA) has announced a new constitution that has been built into and certified by the Blockchain – the technology underpinning digital currencies like Bitcoin. Source: ADDCA launches Bitcoin constitution | The Courier-Mail
Tyro says Stone and Chalk needs competition
Tyro chief Jost Stollman, says another fintech hub, independent of bank-backed Stone and Chalk, is needed to ensure new bank rivals don’t remain “rounding errors”.Mr Stollman has dubbed Sydney’s Clarence Street “Fintech Alley” since he opened Tyro’s FinTechHub at 155 on Wednesday, just down the way from bank-backed hub Stone and Chalk at number 45 – the same building as eBay and its subsidiary PayPal.Tyro was one of the first payments challengers to the banks when it started a decade ago, but it remains the only so-called card acquirer – meaning it processes card payments for merchants as well as rolling out its own terminals – that is not a […]
