Chinese tech giant WeBank poised to disrupt Australian banking sector
Australian banks have a new reason to look over their shoulders as Chinese digital-only bank WeBank moves ahead with plans to establish a foothold Down Under. WeBank, which is valued at $US21 billion ($29.4 billion) and has written more than 100 million loans in its first five years in business, quietly began laying the foundations for its digital-only banking venture with a flurry of trademark applications on December 5 last year. With the aid of Adelaide-based legal firm KHQ Lawyers, WeBank is seeking to trademark the phrase “WeBank” and a series of Chinese characters that can be translated into English as “microloan”. The application lists the Chinese company’s Shenzhen headquarters […]
Swinburne launches global Blockchain Centre of Excellence
Swinburne University of Technology has launched a new global Blockchain Centre of Excellence in partnership with Capgemini, a world leader in consulting, technology services and digital transformation. The Centre of Excellence was launched in the heart of San Francisco at Capgemini’s Applied Innovation Exchange. The event was attended by stakeholders from the local innovation ecosystem, from leading financial institutions to global corporations, local startups and venture capital firms, all interested in applying and leveraging blockchain technology. Blockchain technology uses the power of a distributed ledger to allow data and transactions to be verified accurately and efficiently. The centre will focus on advancing blockchain technologies, platforms, assets and systems to develop […]
Collection House acquires $8.5m stake in Volt Bank
A pathway set up by regulators to incentivise new entrants in the banking sector is starting to gather momentum, with Volt Bank receiving an $8.5 million investment from listed company Collection House (ASX: CLH). The Australian Prudential Regulation Authority (APRA) yesterday granted Volt a licence to operate as an authorised deposit-taking institution (ADI) without restrictions, as part of a framework set up in May 2018 to assist small firms with limited financial resources. At the time, APRA chairman Wayne Byrnes said making it easier for aspiring ADIs to enter the market would help enhance competition and potentially innovate new business models, while the scheme would also maintain safety and stability […]
Apple Pay goes live for CBA
Commonwealth Bank customers can now use their iPhones for tap-and-go payments, in a change that may up the pressure on the remaining big banks to follow suit and cave in to the tech giant. The country’s biggest bank on Wednesday started providing Apple Pay, a service that allows customers to make contactless payments with their phones, as well as streamlined purchases in apps and on the web. Until CBA announced its deal with Apple last month, ANZ Bank had been the only big four bank to provide the service in Australia, after CBA, Westpac and National Australia Bank reached a stalemate in talks with Apple in 2016 over access to […]
Big four banks consider creating their own digital brands
Each of the big four banks have considered launching new digital bank brands to attract new, young, digital-savvy customers. Apart from National Australia Bank’s UBank, the plans have been non-starters, getting lost among layers of bureaucracy, management changes and restrictions on new investment. But the pending launch of Volt Bank, which on Tuesday received an unrestricted banking licence from the prudential regulator, and with Up already in the market, the majors might be forced to reconsider whether creating entirely new standalone digital brands, or partnering with emerging players in the emerging “neobank” space, is needed to stay on the front foot in the fast-moving world of digital banking. NAB is […]
Australia prepares payments for digital age
The Australian Payments Council (APC) is inviting businesses, NGOs, government and consumers to comment on what’s needed to support payments in the digital economy of the future. Chairman of the APC Robert Milliner says: “We are renewing our strategic vision for the payments system and are looking for views on how we can collaborate to navigate the rapidly changing landscape.” With this mind it has today (22 January) launched a consultation paper – “2019 Consultation – Payments in a Global, Digital World” – as it seeks to make this a reality Down Under. To give you some background, in 2015, the APC consulted across the country to develop the Australian […]
“High fives” as Volt gets full licence
“Tears and high fives” swept the office at one of Australia’s biggest challenger banks yesterday, as it was granted its full banking licence (22 January). Volt Bank was the first digital bank to be given a restricted authorised deposit-taking institution (ADI) licence in May last year from the Australian Prudential Regulation Authority (APRA). Since that time the team has worked “tirelessly” to put the technology and processes in place to become a fully licenced bank. With a full licence there are no restrictions on the amount the bank can lend or receive. CEO Steve Weston said they planned to introduce home loans at the back end of 2019, with mortgage […]
Aussie fintech brings leading Chinese mobile payment platform to local shores
AirPay Financial Technologies has teamed up with major Chinese company SwiftPass to give Australian retailers, e-commerce sites and mobile apps better access to a booming consumer market through mobile payments. The two groups have formed the new lifestyle brand ‘AirPass’, allowing local Australian businesses to accept WeChat Pay and Alipay both online and offline, as well as reaching overseas markets to capitalise on the global Chinese spending boom. AirPass will also help Australian retailers and brands set up their own WeChat eStores to tap into Chinese social marketing channels, reaching new customers in China along with Chinese communities around the globe. The Australian company has offices in Melbourne, Sydney and […]
