Big four banks disrupt Apple’s mobile payments expansion
Apple is struggling to persuade the big four banks to sign up for its Apple Pay mobile payment system, people familiar with the matter say, as the technology giant works from an unfamiliar negotiating position: weakness, not strength. Apple rolled out the service in Australia last month with support for payment cards issued directly by American Express. The move is part of the iPhone supplier’s global drive to extend its mobile consumer electronics prowess into financial services, with a China launch expected soon. But the firm has yet to strike a deal with any of the big four – ANZ, National Australia Bank, Commonwealth Bank and Westpac. That sets it […]
Listed fintech business to acquire Chant West
Independent Xplan customising provider Enzumo is set to acquire research house Chant West. Today’s News Acorns Grow Australia readies for soft launch ClearView enhances WealthSolutions wrap LIF to ‘devastate’ IFA numbers, O’Dwyer told Father and son duo join Fortnum RBA leaves cash rate on holdIn an announcement to the ASX yesterday, the listed fintech and e-learning service provider said it has entered into a conditional share purchase deed to buy Chant West for $9.5 million, including $6.98 million in cash and $2.52 million in shares at $0.28 per share. The deal is still subject to Enzumo shareholders’ approval. “Chant West’s research-driven services in the superannuation and pension markets, combined with […]
Helping Kids Become Financially Savvy
It’s rare to meet a person who has never experienced anxiety about money, at least once in their lifetime. For many of us, it all comes down to a lack of knowledge. But imagine if you were well-educated in the basics of money, from childhood? That’s the intention behind fintech start-up Piggy – a digital piggybank (pre-paid debit card) for 8-18 year olds. Piggy is the brainchild of former investment banker Mario Hasanakos, and Alex Badran, a recent PhD USyd graduate in mathematics. Piggy is a financial education product for families, built around a pre-paid debit card for kids, aged 8-18. They get a card which is useable for wherever […]
Turnbull promises national digital identity, fintech committee
The federal government has adopted the majority of recommendations made in last year’s financial systems inquiry report, promising to deliver a national federated digital identity framework and a public-private sector innovation committee for the financial sector. In its long-awaited response to the December 2014 report, tabled today, the federal government also said it would ask the Productivity Commission to review options to improve data-sharing within the sector, and remove regulatory impediments to modern product information disclosure. By the end of next year, the government also intends to consider how to amend priority areas of regulation to make it technology neutral. Digital identity The FSI report, led by David Murray, highlighted […]
Why these giant Chinese companies could destroy Australia’s fintech ambitions
Fintech companies are some of the hottest startups around right now. Incredibly, more than 20 are now valued over $US1 billion. Australian credit reference fintech, Veda, might get bought for $2.2 billion. The possibilities offered by fintech are enormous. Mobile payments, payment terminals, smart contracts, smart bonds, P2P lending and crowdsourcing are all examples of new technologies that pose a risk to core services provided by the financial establishment. This is why they want in. According to some, Australia has the potential to be a leader in the sector. Australian super funds are investing heavily, with First State Super launching its own venture capital platform just weeks after putting $110 […]
Why Fintech Is The Most Important Industry Right Now
This is a fantastic article on Australian FinTech. And it’s also great information to pass onto those who don’t understand what FinTech is and are unaware of how they can benefit from using Australian FinTech products. Fintech is beginning to disrupt the financial world as we know it. The financial industry is now more focused than ever on technological innovation than at any other time. It’s so important, Malcolm Turnbull referred to it in his first speech as PM. But, for those unfamiliar with the term, here’s a quick explainer. Put simply, Fintech is financial technology; a digital revolution. It’s about major changes to asset management, business and personal loans, […]
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
IAG makes ‘smart move’ to name Peter Harmer as innovation boss
Insurance Australia Group has appointed former commercial insurance boss Peter Harmer as chief executive of its new digital innovation hub, as the $14.4 billion insurer ramps up its technology drive. Source: IAG makes ‘smart move’ to name Peter Harmer as innovation boss
