Brexit provides lessons for Australia’s FinTech start-ups
[ Extract ] Lessons for Australia Australia’s FinTech scene, scarcely acknowledged eighteen months ago, has developing rapidly and now commands the attention of policymakers, banking executives and the financial media here alike. We have a highly advanced financial services sector, one that is acknowledged globally as mature, skilful and well regulated. It contributes around AU$140 billion to GDP each year and employs some 450,000 people. We have the fourth largest pool of investment funds in the world, anchored by the AU$2 trillion-plus in our nation’s superannuation funds. That a viable FinTech ecosystem has developed Down Under should therefore come as no surprise. Australian start-ups span the FinTech spectrum across peer-to-peer […]
Westpac is the world’s best at mobile banking says Forrester
Westpac is the world leader in mobile banking functionality, according to a global rating from Forrester Research. In Forrester’s annual Global Mobile Banking Benchmark, the bank — one of Australia’s Big Four — scored an impressive 86 out of 100 in the evaluation. The global industry average was 65. It was just ahead of last year’s winner, CaixaBank, on 85. Indeed, all of the Big Four banks from Australia were rated by the research company, with Commonwealth Bank and NAB both scoring well. ANZ, however, fell well below the global average, with a score of only 44. The benchmark assessed the retail mobile banking services of 46 large retail banks […]
ANZ CEO Shayne Elliott says digital wallets may displace plastic cards in less than a decade
Digital wallets could take over from plastic credit and debit cards in less than a decade, as consumers become more comfortable making purchases on smart phones, ANZ chief executive Shayne Elliott predicts. Google on Thursday launched its Android Pay system in Australia, which will allow consumers to use their smart phones for payments wherever contactless card payments are accepted, and to make purchases within apps. ANZ is the first Big Four bank to offer the service to its customers, and Mr Elliott anticipates it won’t be long before payments on smart phones overtake those using plastic cards. Digital wallet offerings from banks started to emerge a couple of years ago […]
Google launches Android Pay in Australia
Google has today announced the launch of its contactless smartphone payment system Android Pay in Australia, providing a new way to pay for just about anything without needing to grab your wallet. “We truly believe that we’re at a tipping point in Australia, where we can get mass adoption of mobile payments”, Google’s senior director of product management Pali Bhat tells Fairfax Media, noting that 60 per cent of Australians already make payments with a contactless card. Mobile payment solutions for phones are already offered by Apple, Samsung and some individual banks, but Google believes Android Pay differentiates itself with its ease of use. Because the system is baked directly […]
Fintech startup Edstart launches platform to help parents pay for private school fees
Fintech startup Edstart launched a new lending platform last week to help Australian parents manage the cost of private school fees. The private school market is the first of many education sectors the company is looking to target, offering low-cost, customised loan packages to make paying education fees simple and easy. The loans help parents to spread out the cost of school fees over the period of tuition and beyond, allowing 6 years of high school to be paid over 10 years or more. Co-Founder and CEO Jack Stevens said the company’s focus from day one has been on solving for customer pain points. “Over 35% […]
Forex fintech Airwallex secures US$3m from Alibaba’s VC firm
Fintech startup Airwallex has strengthened its Melbourne and Chinese development teams and accelerated R&D of its international payments platform following a US$3 million pre-Series A investment round led by Shanghai-based VC Gobi Partners. Gravity VC as well as angel investors Huashan Capital One and Billy Tam (CEO of Easylink Payments, the company behind Chinese payment powerhouse PAYECO) also participated in the fundraising. Currently in beta trial stage, the Airwallex platform is powered by a peer-to-peer algorithmic engine that enables businesses to issue and pay invoices in their preferred currency at the mid-market foreign exchange rate, avoiding inflated bank margins and minimising currency fluctuation risks. Airwallex Co-Founder and […]
H2 Ventures Fintech Expo 2016
H2 Ventures Fintech Expo 2016 H2 Ventures are hosting its third annual Fintech Expo, an opportunity to hear from some of the most talked about and exciting Fintech companies in Australia. Tuesday 19th of July 2016 Get your tickets here: http://h2vfintechexpo.eventbrite.com.au/ Save Save
Fintech has chance to capitalise on Whatsapp, WeChat and more, says Citi’s Linda Duncombe
Integrating financial services into messaging applications such as Whatsapp and WeChat is the next big opportunity for the fintech sector, Citibank global fintech chief marketing officer Linda Duncombe says. The environment where consumers are communicating is changing and the financial services sector needs to develop its products to changing habits. “Look at messaging apps and their growth, it is phenomenal,” Ms Duncombe told The Australian Financial Review. “I think about my life, living in New York, Whatsapp is a huge part of my life and how I stay engaged and connected to my family and friends in Australia. “When you hear the word disruption … no consumer is saying that. […]
