NAB, CBA and Westpac continue to stall on Apple Pay deal
At least a quarter of Australian consumers are being prevented from making mobile payments on their smartphones thanks to little more than the self-serving stubbornness of Australia’s three biggest banks. If you’re an iPhone user who banks with the Commonwealth Bank of Australia, Westpac or NAB, then there’s no way around it: your so-called ‘digital wallet’ is completely useless. Given 45 per cent of us use iPhones, and 60 per cent of us bank with one of those three institutions, that means at least 27 per cent of us are shut out from using this cutting edge technology entirely. But if you’re not one of these 27 per cent of […]
Australian FinTech partners with Australia’s leading Crowdfunding platform OnMarket
In a movement to continue fostering a thriving environment for fintech, Australian FinTech is delighted to announce our official partnership with Australia’s leading IPO and Equity Crowdfunding platform OnMarket. This new partnership is a step towards growing the support network and shared knowledge between Australian fintech businesses. OnMarket has revolutionised the way wholesale and retail offerings into listed and unlisted companies are made available to investors by providing the world’s first free-access portal and app for capital raisings. OnMarket makes investing and capital raising an efficient, simple and transparent process that is accessible to everyday investors and innovative and growth stage businesses. As a marketplace platform, OnMarket acts as the […]
AML Accelerate launches a category defining AML/CFT compliance platform
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) compliance requirements are being revised and new requirements are being introduced and enforced around the world, impacting more than 30 financial and non-financial industry sectors, with many being brought into AML/CFT for the first time. Industry sectors including lawyers, accountants, real-estate agents and dealers in high-value goods are soon to be subject to AML/CFT laws which are being progressively rolled-out with law practices in New Zealand the first required to comply by 1 July 2018. Non-compliance could result in fines, penalties, civil or criminal prosecution, loss of license and reputation damage. The estimated cost for an average business to achieve compliance […]
Crypto payments slash transaction costs
Cryptocurrency is a lucrative payments option for slashing transaction fees and building a longer-term business savings fund, a Melbourne business owner has claimed. Robert Tadros, founder of Melbourne digital media agency Impress!ve, which has 19 staff and a revenue of $3.5 million in its first two years, began accepting crypto payments for his services around seven months ago. The business accepts four of the main digital currencies: Bitcoin, Ethereum, Litecoin and Ripple. “A client who is in the online retail space reached out and said: ‘Rob, I buy a lot of my furniture from Overstocked.com, they accept bitcoin as payment; have you considered offering your service for crypto?’,” Mr Tadros […]
Samsung Pay now available for CommBank customers
From today Commonwealth Bank Mastercard customers will have access to Samsung Pay. The contactless payment platform enables CBA customers to make payments via compatible Samsung phones and wearables. CommBank already offers Android Pay but not Apple Pay. Research released this week suggested smartphones users’ loyalty to their devices was influencing their choice of banks. In a company statement, Samsung said the new partnership with CBA demonstrates their commitment “to making mobile wallets an everyday reality for millions of Australians.” To use the app CBA customers must load their Mastercard debit and credit card information to the Samsung Pay digital wallet. However the app creates a “tokenised card number” for users […]
Seasoned Executive is appointed CEO of leading Fintech Macrovue
AMP-backed fintech Macrovue is pleased to announce today it has appointed Rod Bristow as CEO. Rod is a former Chief Operating Officer and alternate Managing Director of Australia’s largest online stockbroker CommSec. Most recently he was Managing Director and CEO of Infocus Wealth Management – a national financial advice, asset management and technology group. In these roles, Rod led large teams to drive substantial growth organically and via mergers and acquisitions. Macrovue will retain the expertise and capability of Founder Dr Sid Sahgal, who will move into the newly created role of Chief Operating Officer. This strategic move will provide substantial depth of capability for Macrovue to deliver on its […]
Bank-in-an-app startup Pelikin has launched a crowfunding equity raise
Pelikin, a banking alternative designed for digital natives, today launched a $400,000 equity raise on crowdfunding platform Birchal. The fintech startup is founded by 28-year-old Sam Brown, who wants to disrupt traditional retail banking with a more efficient way to manage money in Australia and while travelling abroad. Pelikin users will be able to control and spend in multiple currencies at once, all from the one app and with one debit card, as well as transfer money to other Pelikin users instantly and free. “We’re not ex bankers who’ve had an epiphany that the retail banking world needs to change; we’re frustrated, everyday banking customers who are dedicated to making […]
Peer to Peer lending increasingly popular in Australia
Australian investors and borrowers are increasingly adopting peer to peer lending platforms according to the results of survey undertaken by ASIC. The results of the survey suggest that as much as $300 million of personal and business loans were underwritten by peer to peer lenders over the course of the last fiscal year. That represents a doubling in the amount that was lent on such platforms during the 2015/2016 financial year. Peer to peer will continue to grow John Price ASIC Commissioner says the results of the survey suggest that growth of such lending marketplaces will continue to grow as Australians seek out the best deals and interest rates on […]
