Drury still making his mark on strategy at Xero
Rod Drury may have stepped down from the role of chief executive of Xero, but in the eyes of shareholders he’s still a big driver of long-term strategy. Having unanimously voted Mr Drury to return as a non-executive director of the company, shareholders at Xero’s annual general meeting quizzed chairman Graham Smith and new chief executive Steve Vamos about Mr Drury’s role and why he had taken on the title of a non-executive director when it appeared he was still very much involved in the future direction of the company. “It’s freed me up to do what I’m passionate about. I’m having a huge amount of fun focusing on the […]
Fintechs fill the void left by commission
Fintechs are filling the gap in SME lending as the big four banks concentrate on the fallout from the royal commission, according to one online lender. The fintech commercial lending space opened up in around 2013 and since then has reported an annual growth rate of around 79%. According to chief commercial officer at Moula, Matt Leeburn, part of this growth has been down to fintechs focusing on lending to SMEs, which make up more than 97% of all Australian businesses. He said that while the space is still “a while off” being a significant threat to the banks, there is a huge opportunity to help the “underserved” SME market. […]
Wisr launches Australia’s first credit score comparison service – WisrCredit
Wisr (ASX: WZR), Australia’s first neo-lender, today announced it has launched the country’s first credit score comparison engine, WisrCredit. WisrCredit.com.au will be the first site in Australia that allows customers to compare credit scores and information from major credit agencies and other sources. According to IBIS World the Australian credit reporting industry is worth $1.1 billion and growing at more than 7.5% each year. Wisr research suggests more than 23% of Australians have checked their credit score in the past months[1]. Anthony Nantes, Chief Executive Officer Wisr said WisrCredit would be an important part of the company’s growth strategy. “As part of our commitment to financial wellness, we want to provide transparency into […]
Blockchain to bring clarity, liquidity: academic
Blockchain technology will radically transform the economy around us and the Australian Securities Exchange’s switch to it is just the tip of the iceberg, academic Chris Berg says. Blockchain – the technology that makes bitcoin possible – has “a large number of applications across the economy for much more than things like cryptocurrencies”, he says. Berg is a senior research fellow at the RMIT Blockchain Innovation Hub, an adjunct fellow with the Institute of Public Affairs, and an academic fellow with the Australian Taxpayers’ Alliance. He says blockchain offers almost limitless possibilities, in contrast to Bitcoin, which he argues is less of a sure thing for the future. “I’m obviously […]
Australian startups selected for Accenture’s FinTech Innovation Lab
Eight leading fintech companies have been selected for the fifth annual FinTech Innovation Lab Asia-Pacific, a 12-week mentorship program created by Accenture. The 2018 program received a record number of applications, from more than 160 companies, and comes at a time when investments into the sector are soaring. According to an Accenture analysis of data from CB Insights, global investment in fintech ventures reached another all-time high in 2017, of US$27 billion, with continued growth in 2018. Launched in Hong Kong in June 2014, the FinTech Innovation Lab Asia-Pacific has received nearly 600 applications since its inception, with 33 companies participating to date. Alumni companies from the Lab have raised US$288 […]
WA Fintech business doubles following major acquisition
WA Fintech Fair Go Finance doubled in size from 1 July following the acquisition of Capfin Money, to create one of the largest non-bank personal loan lenders in the Australian small loan market. Fundco Pty Ltd which trades as CapFin Money (previously Spot Loans) was purchased by Fair Go Finance, providing an exciting opportunity to scale the Australian operations and access a wealth of data. The combined operations of Fair Go and Capfin now establishes the business as one of the largest non-bank personal loan lenders in the Australian small loan market. With this scale there are significant advantages as Artificial Intelligence (AI) becomes a reality in the risk management […]
Woolworths Rewards available through Google Pay
Shoppers at Woolworths can now earn reward points by using Google Pay. The retail giant’s launch of Google Pay marks the first of the Australian supermarkets to implement the mobile payment service in-store while providing its 11 million Rewards members with a more convenient way to earn and redeem loyalty points. In justifying Woolworths’ decision to offer Google Pay in-store, Ingrid Maes, the Director of Woolworths Loyalty program posts, “We’re seeing digital wallets grow in popularity because they offer quick, seamless and hassle-free payments for customers”. RFi Group data reinforces Maes’ assertion finding, 39% of consumers who are aware of mobile payment services have used a mobile payment service to […]
Victorian Government signs on as FinTech conference major sponsor for two years
FinTech Australia announce that the Victorian Government will increase its support for the startup and FinTech communities by signing on to be the major sponsor of Intersekt for both 2018 and 2019, as tickets for this year’s event go on sale today. FinTech Australia Chief Executive Officer, Brad Kitschke said, “The Victorian Government and Minister Dalidakis continue to demonstrate their leadership and support for startups and the FinTech ecosystem, through the sponsorship of this important conference for the next two years. Intersekt is a must-attend for anyone involved in FinTech and we are extremely excited that our partnership with Minister Dalidakis and the Andrew’s Government will Melbourne the home of […]
