2018-19 Budget steady for Australian fintech – but the big news is yet to come
Australia’s fintech industry will benefit from a number of important support measures in last night’s 2018-19 Australian Budget but will be forced to wait for the big news about the details of Australia’s open banking framework. FinTech Australia chair Stuart Stoyan said he welcomed a number of funding measures outlined in the budget. These included: $44.6 million over four years from 2018-19 to help Australian consumers to more easily access and use their own data, with the banking sector to be the first Australian industry sector to be subject to this consumer right. $700,000 in 2018-19 for the Digital Transformation Agency to investigate areas where blockchain technology could ‘offer the […]
Westpac says fintech partnerships paying off
Westpac’s $100 million investment in the Reinventure venture capital fund is paying off for the bank, according to group CEO Brian Hartzer. Reinventure has made 20 investments in areas including distributed ledger technology, payments, data analytics, digital currencies, social networking and P2P lending. Those investments are increasingly a strategic asset for Westpac, Hartzer told a briefing on the bank’s first half results. “These investments have helped build Westpac’s reputation as a good partner for fintech companies and this is now paying off in our core business,” the CEO said. He cited as an example the launch in April of Presto Smart, which integrates point-of-sale systems with merchant payment terminals. “Presto […]
Aussie fintech startup wins Barclays’ global Open Innovation Challenge 2018
Aussie trade financing deep technology startup, Trade Ledger, has finished ahead of nine other VC-backed companies from across the world to be named the winner of the Barclays UK Ventures Open Innovation Challenge 2018 in London this week. The ten finalists were hand-picked by Barclays due to their potential to offer game-changing business solutions across a variety of industries, however Trade Ledger came out on top because of the way it completely transforms processes in business lending, through its world-first technology platform. “Within Barclays UK Ventures, we’re looking for companies we can partner with to develop and deliver transformational products and services,” said Ben Davey, CEO of Barclays UK Ventures. “We chose Trade Ledger […]
Six Park partners with Heffron to launch transparent, low-cost SMSF solution
Automated investment provider Six Park has today announced it has partnered with leading independent self-managed super fund (SMSF) administration provider Heffron to offer a transparent, low-cost, digitally driven, end-to-end SMSF service. The partnership allows SMSF trustees to establish an SMSF and take advantage of robo-advice for their fund, with Heffron managing the compliance and Six Park managing the investments. Six Park CEO, Patrick Garrett, said that while there will always be a place for traditional advice, the solution offers a unique value-for-money proposition for trustees and a lower prospective entry point to set up an SMSF. “Digital technology and automation are disrupting the wealth industry not because they’re new but […]
Venture capital investment in FinTech reaches record US$27.4 billion high
Global investment in FinTechs by venture capital grew to a record $27.4 billion in 2017, spurred on by high deal value in the US, UK and India. Digital payments and lending services attracted the most investment capital. FinTech (financial technology) startups continue to draw the interest of venture capital around the world. Venture capital firms and funds continue to see great potential in the disruptive FinTech firms which are providing user-friendly financial services and products through modern and innovative technology: digital payments services and online lending platforms the foremost among them. Confidence in FinTech has accelerated venture capital financing in the industry to a record level of $27.4 billion in […]
Fintech start-ups threaten mortgage broking old guard amid royal commission heat
The emergence of fintech disrupters to the lucrative mortgage broking industry is being driven by three key dynamics. First, banks pay $2 billion a year in commissions to mortgage brokers for the delivery of home loan borrowers – but want to pay less. Second, the Hayne royal commission is investigating whether current broker pay structures create conflicts of interest and exploring better ways to serve customers. Third, technology is making self-service easier, and “open banking” will put customers in control of their data, including all the information required to make a mortgage application. So enter the mortgage broking entrepreneurs and a bunch of start-ups ruffling the feathers of the powerful […]
Fintech numbers causing a revolution
According to sources at disruptive Real Estate platform Next Address, the implementation of Fintech equity crowdfunding has sent their chatbots into overdrive with record enquiries and investors jumping on board. Julie O’Donohue, founder of the Australian company says it’s all about opportunity and empowering people. “People are loving the concept of helping us grow, investing directly with us from just $250 with a few perks that are making everyone smile. It has taken hard work by our entire team to make our platform the best, and now we are getting validation from everyday Aussies wanting to get on board. We made Next Address for the people, and now those very […]
The Australian fintech startups disrupting home loans
A new type of fintech company is helping home buyer owners save on their home loans, using technology to drive competition and take business from the big banks. The differences between mortgage deals offered by the big four banks are hard to spot and even harder to work out when looking for a home loan deal, according to an investigation by the consumer watchdog, the ACCC (Australian Competition and Consumer Commission). The watchdog says there are signs of “less-than-vigorous” price competition in Australia’s $1.75 trillion mortgage lending industry. However, a group of startups are trying to change that. A number of property-related fintechs have lodged entries to this year’s Finnie […]
