Tyro sticks to strategy as CEO Gerd Schenkel exits
It was back to business at Tyro Payments yesterday after the fintech elder severed links with chief executive Gerd Schenkel, who was hired amid great fanfare only eight months with a mission to transform Tyro into an SME bank. Tyro’s decision to target the poorly serviced SME sector was prompted by non-executive director and Atlassian founder Mike Cannon-Brookes. Cannon-Brookes scolded his fellow board members for lacking ambition and being happy to live off the fat from unlisted Tyro’s payments platform, which generates $8 million-plus in earnings from servicing the EFTPOS requirements of its 18,000 small business customers. Instead of telling him to go jump, the board agreed. Tyro secured a […]
Moroku’s distribution deal aimed at small merchants overlooked by banks
As fintech niches like lending and payments rapidly become commoditised, the addition of value-added services is a prerequisite for survival. Local fintech Moroku’s distribution deal for its advanced point-of-sale software Marrakash is the latest example. Marrakash’s value for AEVI, a subsidiary of the world’s biggest ATM and POS supplier Diebold Nixdorf of Germany, is not so much vanilla payments as the software’s ability to integrate business, products, customers and payments systems into a single platform. It enables small to medium-sized businesses in the food and hospitality, retail and financial services industries to display a full product catalogue, create customer loyalty schemes and take secure card payments on the go. The […]
NAB makes play for digital wallets
National Australia Bank will soon announce the next stage of the digital wallet market by launching an Android Pay service. NAB is said to be close to quitting the consortium of banks that unsuccessfully pitched to the Australian Competition & Consumer Commission to collectively negotiate with Apple, forcing the tech giant to open up the iPhone’s near-field communication antenna to their own digital wallets. With the competition watchdog having determined that collective negotiations were likely to reduce or distort competition, the suggestion is that NAB, like ANZ, is ready to go its own way and do a deal with Apple. The truth is that NAB is edging closer to an […]
Instant payment possible for grain growers
Any delays between delivering grain and being paid for it could become a thing of the past, but Australia will need to develop a digital currency to make this happen. That’s according to AgriDigital co-founder Bob Mckay. His company successfully completed a world-first last year by executing the settlement of an agricultural commodity on a blockchain, a public ledger of digital currency transactions. In December last year AgriDigital’s software used real-time data of a grain sale between a Dubbo grain grower who delivered wheat to meat processor Fletcher International, and executed this transaction on a blockchain. AgriDigital has computer software that connects buyers, growers and storage providers. Mr McKay, who […]
AEVI and Moroku partner to mobilize small merchants
AEVI and Moroku today announced a partnership to distribute Moroku’s all-in-one small merchant POS software Marrakash on AEVI’s Global Marketplace; a B2B app store for smart Point of Sale (SmartPOS) devices. Marrakash is designed with the next generation of banks in mind, delivering a single solution for small merchants that seamlessly integrates their business, products, customers and payment systems into one easy-to-use platform. The partnership will leverage AEVI’s open solutions, payments and global support infrastructure to target multiple vertical markets including the hospitality, food and drink, health and wellness, retail and financial service industries. Based in Sydney, Australia, Moroku is a pioneering Fintech firm that provides the finance industry with […]
Even banks are touched by the Amazon effect
Such is the impact of Amazon that it is even affecting what people expect from their bank. That’s the view of the chief executive of fintech firm Avoka, Phil Copeland, who said the user experience provided by the shopping giant has fed into an expectation among consumers that you should be able to sign up for products easily and simply online. With banks also nervously eyeing fintech competitors, the dynamic is forcing banks to sharpen their focus on “digital customer acquisition”, or online sales. “Amazon has really changed the landscape a lot, for a lot of people. There’s an expectation that if it’s not as easy as doing business with […]
41% of young Aussies don’t know how to pay bills
New research commissioned by BPAY Group has revealed younger Australians lack knowledge around bill payments and struggle with everyday finance management. 41 per cent of Australians aged between 18 and 25 say that they have no effective system for paying their bills. 1000 Australian bill payers between the ages of 18 and 65 were surveyed in late 2016, with the findings collated by strategic research consultancy The Leading Edge. Five bill payer personalities were identified to categorise the habits and attitudes of Australian bill payers, and include: – Big Picture Organisers: 28 per cent – Life Jugglers: 27 per cent – Rigid Record Keepers: 19 per cent – Mobile and […]
The 2nd Annual FinTech Awards 2017
The 2nd Annual FinTech Awards 2017 celebrate the achievements of the dynamic people and businesses comprising the FinTech sector. These Awards seek to recognise success in the FinTech sector in its many forms. This event will be an evening of celebrating the best innovation, created by the best innovators and entrepreneurs that live and work in Australia. Australian FinTech is proud to be a media partner for the 2nd Annual FinTech Awards 2017 to be held in Sydney on 22nd June 2017. Australian FinTech’s CEO and Co-Founder, Cameron Dart, recently named as one of the Top 25 Influencers of FinTech in Australia, is honoured to be one of the judges […]
