Australian banks are hunting for deals and partnerships with fintechs
The majority of Australia banks seeking deals and investments with fintechs in the next 12 months as they continue their transformation as digital businesses. The Australian findings from EY’s 2018 Global Banking Outlook show 80% of Australian banks looking to set up new partnerships or joint ventures in both core and new strategic markets over the next year. “With the pace of technological change and the speed at which new innovations are hitting the market, it’s not surprising that banks are increasingly focusing on their digital agendas,” says Tim Dring, EY Oceania Banking and Capital Markets Leader. “Australian banks have already made significant progress in this space and we are […]
NAB to allow payments through Xero
National Australia Bank is preparing to cede some control over its business customers to accounting software giant Xero, by allowing payments to made from within the accounting platform rather than through its internet banking site. The deal could be the first one globally that allows core banking activity to be conducted inside cloud accounting software, and comes after the World Economic Forum predicted banks will face more competition from technology platforms for customer relationships. NAB and Xero are on a national roadshow this week to brief Xero customers on the innovation, ahead of a closed beta trial in February and roll-out to the broader market mid-year. Xero’s managing director in […]
Australian startup Checkbox dubbed winner of the Next Money Fintech Finals 2018
Checkbox, an Australia-based fintech platform, was named Best in Show following a live pitch competition at this year’s Next Money Fintech Finals.The competition was part of the 2018 StartmeupHK Festival in Hong Kong. According to the competition’s organizers, a total of 22 startups from around the world had four minutes each to pitch their business in front of a live audience to a panel of judges drawn from across the fintech community. The judges scored Checkbox highly in all categories and were impressed by the overall strength, commitment and relevance demonstrated. Evan Wong, CEO and Co-Founder, said: “We’re thrilled with our win and to have been a part of the Next Money FinTech […]
Bitcoin plunges to a 2018 low with $55 billion wiped out as concerns mount
Bitcoin has slumped to its low for the year after seeing more than $US44 billion ($55 billion) in market value lost during January amid mounting concerns of increased regulation and the viability of the cryptocurrency. After reaching a record high of $US19,511 on December 18, Bitcoin has lost more half its value as the digital token has been weighed down by expectations of more government oversight globally, fears of price manipulation, the susceptibility of exchanges to hacking and lingering concern that it’s all just an asset bubble. Facebook announced a ban on cryptocurrency ads this week. Bitcoin declined as much as 12 per cent on Thursday to $US8796, the lowest […]
Marketplace lender reveals big plans for broker channel
MoneyPlace CEO Stuart Stoyan is banking on Liberty’s broker relationships and funding capabilities to execute an ambitious strategy for the widespread distribution of personal loans through the third-party channel. Few marketplace lenders have been able to successfully crack into the Australian broker market. Yet peer-to-peer lenders, fintech players and alternative online funders offering personal or SME loans are now a well-established feature of the Australian lending landscape. According to KPMG, Australia has overtaken Japan as the second-largest alternative finance market in the Asia-Pacific region, growing by 53 per cent in one year to US$609 million ($774 million) in 2016. While home loans are the mainstay for mortgage brokers, Liberty CEO […]
Banks shift priorities toward digitalisation and innovation for future growth
Eighty percent of Australian banks and 85% globally cite implementation of a digital transformation program as a business priority for 2018, with investment in technology to drive efficiency, growth and manage evolving risks increasingly seen as critical for sustainable success, according to the EY Global Banking Outlook 2018. The survey of senior executives at 221 banking institutions across Asia-Pacific, Europe, North America and emerging markets, found that globally just 19% of banks surveyed currently view themselves as being either digitally mature or a digital leader, while in Australian none of those surveyed did. However, it also showed there is an obvious recognition among banks of the urgency of continuing […]
Ethereum has outpaced its rival cryptocurrencies since the start of 2018
Ethereum is the best performing major cryptocurrency so far in 2018. The second-largest coin by market cap has gained 46% since January 1, compared to the overall market’s 15% drop. The global cryptocurrency market might have lost 15% – or $US93 billion of value – since January 1, but not all coins have declined equally. Ethereum has fared well in 2018, avoiding the drastic selling that has left other coins in the red. The second-largest cryptocurrency by market cap is up more than 46% this year, according to Markets Insider data, far outpacing bitcoin’s25% decline. XRP, the third-largest cryptocurrency, controlled largely by its creating company Ripple, is down more than […]
Australia’s fintech industry wants to remove roadblocks for private company equity crowdfunding
Australia’s fintech industry has called for the fast adoption of stalled private company equity crowdfunding legislation to help more Australian small-to-medium sized businesses access the funds they need to grow. Legislation supporting crowdfunding for private companies was introduced to the House of Representatives in September last year hasn’t progressed. FinTech Australia chair Stuart Stoyan today called on Federal MPs to work together to give priority to the legislation when Parliament returns next week. He also called on legislation to start immediately after passing the Australian Parliament rather than a six month delay. The legislation would give hundreds of thousands of Australian businesses the ability to crowdsource up to $5 million […]
