Supplying services to business the new growth area
Australia’s fintech sector is firing on all cylinders. More than 400 fintech companies are jostling for shoulder room in the market right now, and 72 per cent of these companies are supplying services to businesses. The upsurge in fintech companies can be attributed to the speed of business today, which places a greater premium on business readiness. Fintech companies are typically new financial services entrants providing genuine alternatives in areas such as wealth generation, lending, payments, insurance, cyber security and regulatory management. By global comparison, Australians are big fintech adopters. A recent report reveals that we have among the strongest fintech market penetration in the world, ahead of other advanced […]
Venture capital tax incentives extended to fintech
The federal government has released exposure draft legislation that will remove restrictions for venture capital investors to access tax concessions when investing in fintech. Treasurer Scott Morrison has announced the government will seek to reform Treasury laws in order to make it easier for fintech firms to receive early stage investment. In the 2016-17 federal budget, Mr Morrison announced a number of new tax incentives for venture capital and angel investors aimed at boosting innovation in the economy. The fintech sector, however, was exempted from those incentives – a decision the government is now looking to reverse with its draft legislation. “The proposed amendments highlight the Turnbull government’s commitment to […]
Finch raises $2.25m for Gen Y finance app after ‘proving it can rival’ Silicon Valley fintechs
CommBank, Westpac, NAB to launch new mobile payment app Beem
Three giants of the Australian banking sector are collaborating to create a new mobile payments platform for consumers and businesses. The application is called Beem and will allow users to store their debit card information and make instant contactless payments using the same technology as applications like Apple Pay and Android Pay. Beem will also allow users to request payments and split bills, making it useful for both personal use and for businesses. Although being created by Commonwealth Bank, Westpac and NAB, the app will be open for use by all Australians regardless of which bank they use. Like regular online transfers, Beem will include built-in encryption of payment details […]
The changing landscape of crowdfunding in Australia
When Aussie start-up, Nura, wanted to raise funds to help launch its hi-tech, self-adjusting headphones onto the global market, it turned to crowd-funding platform Kickstarter. The groundbreaking Nuraphones attracted the support of over 7,000 ‘backers’ who pledged money in return for early access to the product, netting Nura over US$1.8 million and breaking records for an Australian crowd-funding campaign. Recent decisions by the Australian Government to expand the use of crowd-funding for equity raising, initially by public companies and now potentially by SMEs and start-ups, could make a huge difference for companies seeking capital for growth and expansion. The first round of legislation came into force last month, allowing licensed […]
Biggest winners from fintech are customers
The biggest winners from fintech are the customers as it revolutionalises customer engagement and removes institutional, bureaucratic impediments, according to Federal Treasurer Scott Morrison. Addressing the Financial Services Council’s (FSC’s) and BT’s breakfast event in Sydney on Monday, the Treasurer said fintech was not just transformational for financial services but for all businesses around the country. “The technology is exciting. It can be distracting, it can sometimes over promise and under deliver. But at the same time it’s hard not to appreciate the potential,” he said. “And like any new sector where innovation arrives, there are misfires, there are misstarts. But it’s important that we don’t lose sight of the […]
Change Financial partners in Blockchain & cryptocurrency business solution
Change Financial Limited announces it has entered an in-principle agreement to develop an innovative blockchain and cryptocurrency technology to provide solutions for the $1,250 trillion global payments market [1]. Continuing with its vision to create a ‘better way of banking by utilising innovative and leading technology’, the Company is investing in a partnership to develop a blockchain-based cryptocurrency for business transactions over $10,000. The cryptocurrency will embed critical Know Your Customer (“KYC”) information and transaction-specific payment identification data. The partnership is a natural progression for Change Financial, which has already developed an internal blockchain-based ledger system as part of its consumer banking and Enterprise SaaS offering. The Company […]
Data revolution to transform four pillars model
You’re browsing through Facebook when a message pops up, asking if you’d like to check whether you’re getting a decent interest rate on your savings. Curious, you tap the screen to find out more. It asks you to provide a bit more information about your financial goals – you’re saving for a deposit on a house and hope to buy in about two years. You are then asked to give consent to securely share some key bits of financial information online: your income over the last six months, and your spending over this period. Within seconds, the app has a recommendation: it’s found a bank account and term deposit that […]
