WorldRemit chooses Australia to springboard growth in Asia-Pacific
Global leader in Mobile Money transfers appoints Michael Liu to drive growth in region. Mobile Money transfer service WorldRemit – the UK’s fastest-growing technology firm1 – has chosen Australia as its base in Asia-Pacific. One of Europe’s biggest FinTech services, the WorldRemit app, lets migrants send money instantly to their friends and family abroad in Latin America, Africa, Asia and the Pacific. WorldRemit is the leading sender of remittances globally to Mobile Money services, which have emerged as the payment system of choice in many developing countries where large numbers of people lack access to traditional banking services. With Mobile Money, people can instantly receive money transfers on their phones […]
Blockchain technology to impact financial services sector
Blockchain technology has the potential to improve client’s end-to-end experience but the legal profession must consider its regulation, according to Norton Rose Fulbright lawyers. Nick Abrahams, APAC head of technology and innovation, told those gathered at Norton Rose Fulbright’s Unlocking the Blockchain event last week that “Blockchain will radically impact the financial services sector”. Mr Abrahams – along with Norton Rose Fulbright consultant Tessa Hoser and senior representatives from ASIC, CBA and the ASX – were part of a panel discussion about blockchain technology and regulation at the event. The session focused on the potential applications of blockchain and distributed ledger technology, and the key legal and regulatory considerations for […]
DomaCom lauds Morrison’s Kidman decision
Crowd funder DomaCom has welcomed the announcement by the Treasurer, Scott Morrison, that the sale of the giant Kidman Station to a Chinese consortium is “not in the national interest”. DomaCom CEO Arthur Naoumidis said it was “very pleasing” that the Government had heeded the outpouring of public sentiment on the proposed $370 million sale and had reached a “preliminary finding” to reject the bid by Dakang Australia Holdings. The company has until 3 May to respond. Morrison had earlier rejected a bid by a related Chinese company, the Penxing Group. DomaCom launched a 11th hour book-build late last year to keep Kidman Station in Australian hands, and in about […]
The Australian fintech start-up streamlining access to US stocks
Australian investors could soon be able to buy international shares direct from their Facebook Messenger app, using the social network’s recently unveiled chatbots. That’s one of the possibilities under consideration by start-up online broker Third Party Trade, which opens to investors today and aims to make it easier and cheaper for Australians to buy US shares. Facebook this month highlighted plans for chatbots through its Messenger app, which would allow users to interact with businesses and make purchases through the app. Third Party Trade chief executive and New York-based Australian Michael Giles says investors could soon use Messenger to ask a chatbot for the latest price of Apple shares, and […]
Apple, ANZ Bank strike deal for Apple Pay in Australia
Apple is expanding its Apple Pay digital wallet in Australia after ANZ became the country’s first bank to support the mobile payment service, executives at the pair told Reuters. Apple Pay allows users to register credit cards on devices such as iPhones, and pay for goods and services by swiping the devices over contactless payment terminals. Apple charges card providers for transactions via the service, which it introduced to Australia last year with American Express. The latest partnership extends the service to ANZ customers and represents the culmination of months of talks with the bank and three bigger peers, all of which had already agreed to support Google’s rival Android […]
Goldfields Money Ltd enters fintech JV to progress digital banking initiative
Goldfields Money Ltd (ASX:GMY), an Authorised Deposit‐taking Institution (ADI), has entered into a JV with a financial technology (fintech) company Mooola Pty Ltd, as part of its transformation into a digital bank. As part of the JV, Sydney-based Mooola will provide technical services and advice to Goldfields to develop a digital software platform for its financial products. In return, Goldfields Money will provide core banking and financial products to the customers of Mooola under Mooola’s own retail brand. This will enable Mooola to launch a new retail banking application later this year targeting customers in the 18-35 age bracket using its fintech expertise. New customers who come to Goldfields Money […]
Access to talent critical for innovators
The “Tech Pioneers 50” report, released on Wednesday, ranked Australian and New Zealand businesses on their capital raising efforts, sector diversity, innovation and success with consumers. Software “unicorn” Atlassian, valued at over $6 billion in 2015, was named the leading tech pioneer, while Kiwi accounting software company Xero was ranked second and creative hub Envato came in third. H2 Ventures founder Ben Heap, whose firm produced the report alongside investment bank Investec Australia, said the top 50 firms employed 5400 people in high-skilled roles that didn’t exist even a decade ago. He said the companies were best placed to lead the charge into the digital economy. “The next 10 to […]
The fintech phenomenon: Do Aussies only want to borrow from banks?
Marketplace lending, online business loans, robo-advice, blockchain – none of it means anything without consumers. So what do Aussies think of fintech? The threatening, disrupting nature of fintech is a widely discussed topic, with consumer benefits often being the focus. However, what’s interesting is that in the push to get companies, ideas and funding across the line, the actual customer — whether they’re a borrower, investor or seeker of advice — often gets left behind. Robert Allen, director of payments technology and consulting at PwCm spoke about what’s driving fintech at a Fintech Sydney event this week. “Fintech is being pushed forward by a new way of thinking, by millennials, […]
