Australia just lost one of its most promising fintech startups, Airwallex, to Hong Kong
Tencent-backed payment operator Airwallex has become the latest fintech company to show interest in joining Hong Kong’s virtual banking push. Airwallex co-founder and chief executive Jacky Zhang said the company will team up with a traditional bank and other local partners as part of the application process, although he declined to reveal their identities. “We believe Hong Kong to be an ideal location to be our headquarters. Hong Kong is an international financial centre where we can serve our global clients worldwide,” Zhang said in an interview with the South China Morning Post in his newly installed office in Quarry Bay. Another reason for the relocation to Hong Kong is […]
Samsung Pay’s Australian success also now available in six continents
ITWire recently spoke to Mark Hodgson, head of Samsung Pay in Australia, who shared his thoughts on the convenience of mobile wallets; in the meantime, Samsung has announced 1.3 billion Samsung Pay transactions. Billed as being “simple, secure and almost anywhere”, Samsung Pay has reached that milestone globally in 24 markets – which has included Australia since June 2015, and which secured Australia’s four major banks by March 2018, for a total of 45 financial institutions in Australia at that time. Now comes Samsung Pay’s third anniversary, having originally launched in South Korea on 20 August 2015. Since then, Samsung reports its payment service having “experienced significant global growth and […]
Business-only bank Tyro in deal with China’s Alipay
Australian business-only bank Tyro has entered into an agreement with the world’s largest online payment platform, Alipay, to become the first Australian bank to offer an all-in-one Eftpos solution with the Chinese outfit. The partnership, which will be live from the second quarter of 2019, is designed to improve Australian business access to the Chinese visitor market. “Based on requests from several of our merchants to accept Alipay, Tyro and Alipay entered discussions to explore the best way we could work together,” Tyro CEO Robbie Cooke told The Australian. “With Tyro’s in-house engineering team, we were able to deliver Alipay in an agile way which allows for rapid market delivery.” […]
Could Bitcoin replace Credit Cards?
Growing competition in the retail sector – and the possibility that the digital currency could help merchants lower transaction fees that cut into profit margins — could induce them to replace credit cards with Bitcoin. “From a merchant perspective, Bitcoin has the advantage of not having large fees from credit card companies that cut into profits,” writes Ian DeMartino, in The Bitcoin Guidebook: How To Obtain, Invest, And Spend The World’s First Decentralized Cryptocurrency. “Credit card companies typically charge between three to four percent for each transaction, a fee the merchants normally take on themselves. For merchants with small profit margins, that fee could be up half or more of […]
Afterpay to raise equity for UK acquisition
Payments company Afterpay will launch a $110 million equity raising. It is understood the company has hired brokers Citi, Bell Potter and Wilsons to manage the offer. The deal is expected to be underwritten by Citi at a floor price of $15.75 a share, with the deal to be done via a placement. Funds raised would be used to buy a UK payments company ClearPay’s customers and footprint, which would launch Afterpay into the UK. It is understood Highbury Partnership advised Afterpay on the acquisition. To read more, please click on the link below… Source: Afterpay to raise equity for UK acquisition | afr.com
Record payday for EML teases bigger year ahead
EML Payments (ASX: EML) had a big year in FY18 and the company has no plans to slow it down anytime soon. The payments solution provider posted a record year of earnings in FY18, up 43 per cent to $20.8 million. Revenue also increased to $71 million, up 23 per cent, and the company recorded a net profit of $4.83 million, up by a staggering 200 per cent on FY17. While these results speak to the company’s achievements in FY18, EML Payments’ recent acquisitions and new international partnerships could suggest an even more impressive financial year is on the horizon. The company recently acquired 100 per cent of Presend, a […]
UK fintech ‘unicorn’ Ebury heads to Australia
British fintech firm Ebury has set up shop in Sydney, having identified the Australian market as a good foothold for southern hemisphere expansion.
Cointree and Gobbill partner to let Aussies pay their bills with cryptocurrency
Major telcos, utility providers and insurers may not have jumped on the cryptocurrency bandwagon, but thanks to two local fintech startups that no longer matters, with cryptocurrency owners now able to pay any bill in crypto. Cryptocurrency exchange Cointree and automated billing platform Gobbill will let Australians pay bills with cryptocurrency, regardless of whether the business itself accepts the digital currency. Gobbill acts as a go-between, taking the funds from its users and paying the bills on their behalf. Gobbill co-founder Shendon Ewans admits that he was late to the cryptocurrency party, only beginning to dabble in it early last year, but said that’s what made a partnership with Cointree […]
