Banks and fintechs at war over password sharing
Micro investment company Acorns has accused ANZ Banking Group and other banks of telling customers they can’t share account passwords with the start-up, retarding its growth. Fintech Australia, the new lobby group for financial services start-ups, has formed an “open data subcommittee” to push for changes to the ePayments Code to make it clear that bank customers can give passwords to fintechs without banks having to provide approval. Sharing passwords with fintechs is a legal grey area. Acorns, which invests small change in exchange traded funds, lets users see their bank account activity and round up transactions to the nearest dollar. The app then invests the “change” in an investment […]
Australia pushes ISO for blockchain standards
Australia’s peak standard-setting body, Standards Australia, is calling on the International Standards Organisation to begin work on global standards for blockchain. The organisation has asked the Geneva-based ISO to begin working on standards for blockchain, the technology behind digital currency bitcoin, offering the assistance of Australian expertise. The ASX has recently taken a stake in New York-based Digital Asset Holdings, which is working on the potential to use its blockchain technology to help replace its CHESS sharemarket clearing system, while the Australian banks are also reviewing the potential uses of the distributed ledger technology. “We have had sufficient stakeholder support to put this proposal to the ISO,” Standards Australia’s acting […]
SocietyOne’s Yetton: loans soar as banks struggle
New SocietyOne chief Jason Yetton says its loan book is healthy despite mixed economic conditions and record loan growth that pushed the nation’s biggest marketplace lender through the $100 million barrier. Mirroring similar trends by other new “fintech” companies, SocietyOne yesterday revealed $30m of new personal loans and agribusiness finance had been written in the first quarter, pushing total lending since August 2012 past $100m. Rival online “peer-to-peer” or “marketplace” lenders, which directly match borrowers with investors, include RateSetter and DirectMoney, which have also been posting record growth. Meanwhile, the banks’ bad debt charges have risen because of the mining slowdown and lending to sectors facing structural challenges, such as […]
Winklies, Dorsey Hunt Oz Biz
New York’s Winklevoss twins, the ex-Olympic rowers who famously – and unsuccessfully – sued Facebook for a fortune in 2011, claiming founder Mark Zuckerberg had stolen their idea, have confirmed plans to bring their bitcoin technology to Australia. The twins – Tyler and Cameron – who have since successfully set up a well-regarded bitcoin exchange in New York – have reportedly been negotiating with Melbourne-based Trimantium to help bring their blockchain technology Down Under. Their presence might well be welcomed here, given the problems the local industry has been experiencing, with one outfit, Bitcoin Group, recently refused entry to the ASX for want of an acceptable financial report (CDN, Feb. […]
Shares in fintech Mint Payments are soaring on a Singapore deal
Shares in Mint Payments jumped when the fintech came out of a trading halt to announce a deal with Singapore’s NETS (Network for Electronic Transfers). A short time ago, the shares were up 9% to $0.12. The company went into a trading halt on Friday after being queried by the ASX on the reason for a sharp rise in the company’s share price. NETS is an electronic payments started in 1985 and owned by Singapore banks, DBS Bank, OCBC Bank and UOB. One in three Singaporeans use NETS everyday to make payments. Mint now has a five year-agreement with NETS covering Mint’s payment solutions.Under the deal, Mint will work on […]
Founding Partner of SecondMarket joins PrimaryMarkets
PrimaryMarkets today announces that Philip H. Reicherz, former Partner and Managing Director of SecondMarket (USA), has joined its Advisory Panel.
Mutual lender partners with fintech hub Stone & Chalk
Leading mutual lender CUA has announced a corporate partnership with growing fintech hub Stone & Chalk. The partnership with Sydney-based Stone & Chalk will give CUA access to the latest technology ideas and innovations emerging from the hub. CUA general manager of business transformation & technology, Sue Coulter said the entrepreneurs working in Stone & Chalk could “dramatically alter” financial services. “There is no doubt that Stone & Chalk has the potential to dramatically alter the financial services landscape in Australia and CUA is excited to be part of this evolution,” Coulter said. “Since opening its doors only eight months ago, Stone & Chalk has quickly cemented its place as […]
US giant buys Canberra online transaction business eWAY for $US50m
Canberra multimillionaire Matt Bullock has sold his online transaction company for more than a thousand times the money in his bank when he started it. When the Pearce man developed eWAY 18 years ago, he had $50,000 to his name. On Friday, he sold it to American payment technology services giant Global Payments for $US50 million. Understandably, Mr Bullock feels a great sense of achievement from his brainchild that grew to doing 5.8 billion online purchases last year, or about a quarter of all internet transactions in Australia. “What this shows is that you can do anything in Canberra,” he said. “It is a beautiful place and there are a […]
