Melbourne fintechs rival Sydney, but help needed
Melbourne peer-to-peer lender MoneyPlace has identified a rash of new fintechs that have started up in the city in the past five years, but argues they in danger of being lured offshore without government help. The first survey of Melbourne’s fintech scene by the lender’s founder Stuart Stoyan has uncovered more than 500 people being employed by 52 companies – three-quarters of which are less than two years old. KPMG released a study of fintechs in Australia in late 2014. It identified 950 start-up businesses in Sydney and about 350 in Melbourne. It has no exact figures for what proportion are fintechs, but estimated there are at least 150 based […]
Fintech 100 is looking for the next global fintech innovators
Nominations are open for inclusion in the ‘Fintech 100’ list, which will recognise leading fintech innovators from around the world. The list is being compiled by Australian-based fintech investment firm, H2 Ventures in collaboration with KPMG International’s global fintech practice. Fintech Innovators was established to analyse the fintech space globally. The Fintech 100 will include both the leading 50 established fintechs, and the most intriguing 50 ‘emerging stars,’ expanding on the success of last year’s ‘50 Best Fintech Innovators of 2014’ list. Source: Fintech 100 is looking for the next global fintech innovators
Fintech firm GetCapital ties up with China’s Alibaba | The Australian
In its last financial year, Chinese e-commerce giant Alibaba generated $US394 billion ($537bn) of transactions on its platforms as businesses around the world sourced and sold a bewildering range of goods. It is the sort of number that has not been missed by the swarm of new fintech (financial technology) companies scouring for partners to increase the number of customers. After flying under the radar since its formation in early 2013, GetCapital, a fintech that lends to small businesses, will today unveil a deal with Alibaba in which Australian importers and exporters can get finance on the platform. The company hopes to help businesses that struggle to get working capital […]
H2 Ventures and KPMG call for established and emerging startups to nominate for the FinTech 100 list – Startup Daily
Australian FinTech-focused investment firm H2 Ventures and KPMG are calling on local fintech startups to nominate themselves for the global FinTech 100 list, which will celebrate 50 established startups and 50 ’emerging stars’, or undiscovered companies. The established startups will be ranked according to criteria including total capital raised, rate of capital raising, and location and degree of sub-industry disruption, as well as the judging panel’s ratings on the degree of product, service, customer experience, and business model innovation. Given global fintech investment tripled in 2014, it’s clear there’s a huge number of startups doing interesting things in the space. Last year’s inaugural 50 Best FinTech Innovators of 2014 list […]
Preference for digital payments makes Australian banking ripe for fintech disrupters
Australian consumers’ love of contactless payments has helped push the country up global rankings that measure the use of non-cash payments across the world. Australia had the fourth-highest number of non-cash payments per person in the world, the report by consultancy Capgemini and bank RBS said. There were more than 300 non-cash transactions per person a year, the report said, putting Australia behind only Finland, the United States and the Netherlands. This is an increased from a few years ago, when Australia was ranked sixth in the report, and the rise reflects strong growth in digital payments for smaller purchases, where “tap and go” services on credit and debit cards […]
Fintechs furthest thing for some SMEs’ minds | The Australian
The challenge for companies seeking to disrupt the banking sector’s bulging profits has been laid bare by research showing more than a third of small businesses can’t name a single “fintech” brand. “It is abundantly clear that businesses across the board not only want, but need additional business banking service,” said Martin Smith, head of markets analysis at research group East & Partners, which conducted the survey. “However, challenger brands seeking to take on the banks in lending, payments or treasury support functions are not winning the battle for mind share in order to capitalise on abundant opportunities.” With disruption from new players shaping as one of the biggest longer-term […]
Bitcoin flounders as regulatory worries bite
What are your thoughts on this article? Do you believe this is happening? Australian businesses are turning their backs on bitcoin, as signs grow that the cryptocurrency’s mainstream appeal is fading. Concerns about bitcoin’s potential crime links mean many businesses have stopped accepting it, a trend accelerated by Australian banks’ move last month to close the accounts of 13 of the country’s 17 bitcoin exchanges. The development is a blow to hopes of bitcoin fans that the currency can play a significant role in everyday business transactions in developed economies, with Australia once seen as one of its most promising markets. It is estimated to hold 7 per cent of […]
Australia as a fintech hub must have global focus to stand a chance
Australia’s hopes of becoming a hub for technology-based finance firms could be “stillborn” if local rules do not encourage the new wave of start-ups to have an international focus, says the global head of financial services at PricewaterhouseCoopers. With the federal government signalling support for technology-based industries, a prime area with growth potential is the fintech sector: entrepreneurs targeting the finance industry’s hefty profits. However, the global nature of digital technology poses new challenges for regulators accustomed to having more domestic priorities.The global leader of financial services at PwC, Nigel Vooght, said financial regulators would face new dilemmas in trying to encourage fintech while also carrying out their mandate. “Your […]
