ANZ backs private blockchain, but won’t go public
Like all the big banks, ANZ Banking Group is experimenting and investing in blockchain technologies, but don’t expect it to adopt a public ledger any time soon. The recent hack of the Decentralised Autonomous Organisation (DAO), a cryptocurrency experiment built on the Ethereum blockchain network that raised more than $US150 million worth of cryptocurrency, served as further proof for the bank that public blockchains were still too risky for adoption, and would likely remain so for the forseeable future. “The point about who controls a public blockchain is slightly worrying and what happened with Ethereum two weeks ago is a great test case,” ANZ group strategy executive manager Nicholas Groves […]
Which fintech innovations are really adding value to customers?
Financial services, of all sectors, has seen some of the most significant technology innovations in recent years. Banks and insurance companies have been very keen to leverage technology in such a way that is mutually beneficial to both vendor and consumer, and now even superannuation is getting involved in the technology revolution. While there is a lot of innovation happening for the sake of it, not all of it is useful for the end user. It sounds simple, but what we learned as we developed our automated SMSF solution is a lesson that a lot of other financial services apps seem to forget at times; good design principles that keep […]
Australia’s Small Businesses receive boost to their funding with new credit tool
Australia’s leading peer-to-peer business lending platform, ThinCats Australia, has boosted small businesses’ opportunities for funding through the launch of a new credit assessment tool that makes finance applications easier. Created by local company Othera, the credit assessment tool allows small companies to prequalify for loans on the ThinCats platform, as well as allowing its 300 peer-to-peer lenders make more informed business lending decisions. ThinCats now has access to Othera’s Lender Dashboard to run credit assessments on loans applied for by small businesses on the platform. According to John Pellew, Chief Executive Officer and Founder of Othera, the typical prequalification process takes lenders anywhere from two to four […]
Samsung Pay takes on Apple over tap and go
In an approach that distinguishes it from Apple in the contactless payment market, Samsung says banks are welcome to join its digital wallet and it doesn’t want any of their interchange fees or data. Samsung launched Samsung Pay in Australia on Wednesday. The service is live in South Korea, the United States, China and Spain. In Australia, it is available only for holders of Citi and American Express-issued cards. But Prasad Gokhale, vice-president of the mobile division for Samsung in Australia, is confident that each of the big four banks will embrace the platform in the coming months. He said the world’s largest consumer electronics company did “not want to […]
Bitcoin hits two-year high
The price of the digital currency bitcoin hit a two-year high yesterday, trading above $US700 for the first time since 2014, after it jumped 21 per cent over the weekend. The surge came days before an unusual event called the “halving”, an adjustment to bitcoin’s protocol designed to control the creation of new coins. The last time the currency traded at this level — as high as $US719 yesterday, according to data provider CoinDesk — was February 2014, when it was coming down from its December 2013 high of $US1147. Bitcoin, launched in 2009, is a digital currency that runs on a decentralised network of computers and isn’t backed or […]
The ten year gap in financial services technology
In my estimation, technology in traditional financial services lag other industries by about a decade. Having trouble remembering what your online life was like in 2006? Here’s a benchmark: Facebook, Twitter, and the iPhone are each more than 10 years old. Sure, the word fintech has been all the rage the past couple of years, but it’s not a good sign when the word “tech” is wrenched into a moniker to explain what the companies involved actually do. We don’t refer to Uber as “taxitech,” just like we don’t think of Airbnb as “hoteltech.” It just works. It’s how we live. I’m not sure who coined the term fintech, but I can confidently say it’s been popularised […]
zipMoney proposes Pocketbook acquisition
zipMoney has also announced that it has entered into a non-binding indicative term sheet to acquire Pocketbook, which is subject to zipMoney completing satisfactory due diligence and the Pocketbook founders and other Pocketbook shareholders agreeing to and entering into transaction documents necessary to give effect to the acquisition. The zipMoney Board may as a result of its due diligence decide not to proceed with the acquisition. The total consideration is A$7.5 million, comprised of A$6 million upfront consideration and A$1.5 million deferred purchase consideration, subject to various performance milestones. The cash requirement is currently estimated at A$2.5 million, with the balance in zipMoney shares at the capital raising price, subject […]
Australian FinTech Opens up Vast Opportunities for ICT Companies
Sydney, Australia, 23 May 2016 – Australia’s development as a leader in Fintech innovation will require concerted effort from government agencies and established financial institutions and will involve partnerships and research collaboration between banks and startups. It will also present many diverse and lucrative growth and development opportunities for ICT companies that will help form the necessary ecosystem for a leading Fintech market. Data and connection security will be the most significant challenge for Fintech companies in Australia; largely because mobile payments make up the majority of the revenues of all the Fintech segments. Reliable security will be a key issue and an important selling point to ensure success as […]
