What You Really Need To Know About Working In Fintech
This is a great article to read if you’re thinking of working for or an Australian FinTech company From the outside, the tech industry can look like a homogenous sector, populated either by entrepreneurial whiz kids or bearded computer ‘geeks’. However, as with most industries, once you get beneath the surface, it becomes clear that the people who inhabit the tech industry are a varied bunch, utilising different skill sets and working in sub-sectors that have little in common. One of these sub-sectors, financial technology (or fintech), is attracting a range of talent, particularly workers who, in the past, may have been attracted to investment funds, law firms, or accountancy […]
Fintech firm GetCapital ties up with China’s Alibaba | The Australian
In its last financial year, Chinese e-commerce giant Alibaba generated $US394 billion ($537bn) of transactions on its platforms as businesses around the world sourced and sold a bewildering range of goods. It is the sort of number that has not been missed by the swarm of new fintech (financial technology) companies scouring for partners to increase the number of customers. After flying under the radar since its formation in early 2013, GetCapital, a fintech that lends to small businesses, will today unveil a deal with Alibaba in which Australian importers and exporters can get finance on the platform. The company hopes to help businesses that struggle to get working capital […]
Preference for digital payments makes Australian banking ripe for fintech disrupters
Australian consumers’ love of contactless payments has helped push the country up global rankings that measure the use of non-cash payments across the world. Australia had the fourth-highest number of non-cash payments per person in the world, the report by consultancy Capgemini and bank RBS said. There were more than 300 non-cash transactions per person a year, the report said, putting Australia behind only Finland, the United States and the Netherlands. This is an increased from a few years ago, when Australia was ranked sixth in the report, and the rise reflects strong growth in digital payments for smaller purchases, where “tap and go” services on credit and debit cards […]
Australia as a fintech hub must have global focus to stand a chance
Australia’s hopes of becoming a hub for technology-based finance firms could be “stillborn” if local rules do not encourage the new wave of start-ups to have an international focus, says the global head of financial services at PricewaterhouseCoopers. With the federal government signalling support for technology-based industries, a prime area with growth potential is the fintech sector: entrepreneurs targeting the finance industry’s hefty profits. However, the global nature of digital technology poses new challenges for regulators accustomed to having more domestic priorities.The global leader of financial services at PwC, Nigel Vooght, said financial regulators would face new dilemmas in trying to encourage fintech while also carrying out their mandate. “Your […]
More super funds tipped to launch robo-advice
More superannuation funds are looking to implement automated “robo-advice” for members as a way of satisfying the competing demands of bringing down fees, while also improving their members’ access to financial advice. The pressure on funds to improve advice is coming from both regulators and a growing band of tech-savvy, bank-owned competitors.At the same time fees are in the firing line, and some super funds cannot afford large teams of financial advisers. “Robo-advice” is basic financial advice that a super fund can provide to members via online tools. Normally, it takes into account personal details such as the individual’s age, balance and retirement savings goals. It is increasingly viewed as […]
Veda doesn’t disappoint with profit up almost 14pc
Data and credit check company Veda Group has just beat market expectations with a 13.8 per cent rise in pro forma profit to $78.4 million for 2015, thanks to strong revenue gains.Revenue grew 12.2 per cent to $338.8 million, also just above consensus forecasts of $336 million, up from $302 million in 2014. This was in part driven by growth in the company’s business-to-consumer and marketing data business. Veda has made a number of acquisitions in this area. Source: Veda doesn’t disappoint with profit up almost 14pc
About FinTech
Westpac asks Gen Y to help it find the next fintech start-up
As all banks grapple with the impact of huge technological shifts, Westpac hopes to get an edge over rivals by tapping into the ideas of bright, young non-bankers. With the bank admitting it needs to be more nimble in the face of growing competition from technology-based firms, senior Westpac executives will next week be presented with business proposals on digital disruption in finance from a group of people aged 18 to 35 , from Australia and China.But none of those pitching the ideas on digital disruption are bankers. Source: Westpac asks Gen Y to help it find the next fintech start-up
