Mobile technology is revolutionising the way SMEs get paid
We all know cash is fast becoming a thing of the past, and as the world becomes increasingly ‘digital’, it’s not surprising that people are buying goods and services a lot more through mobile devices. It’s therefore no surprise that mobile technology has driven advancements in the payments industry, making it easier for consumers to make purchases on-the-spot. This has created opportunities for retailers like never before — for example there are digital apps that allow customers to order and pay for their morning coffee while still on the commute to work. So you would think it would be safe to assume there would be a growing trend in the […]
Westpac buys stake in Lantern Pay to help deliver NDIS
Customers of the federal government’s $22 billion National Disability Insurance Scheme will be able to pay for health services through a new platform to be rolled out by Westpac Banking Corp, which has taken a 10 per cent equity stake in payments firm InLoop. InLoop is the parent company of Lantern Pay, which has created a “digital wallet”, or mobile application, that lets customers of government-backed medical services schemes monitor budgets. Lantern Pay pays service providers up front before claiming the payments back from the government. The deal is an example of the policy shift towards “consumer-directed care” in government medical schemes including the NDIS, which puts customers in control […]
DomaCom signs off on new crowdfunding deal
DomaCom has finalised its first venture into agricultural assets with a deal that gives 90 retail investors a stake in a property in Victoria’s prime Western District pastoral land. The 150-hectare property, ‘Doyles’, outside Casterton near the South Australian border, is in the heart of prime beef and sheep region. Prior to entering into a contract to purchase the property, the fund was successful in securing a strong local operator as the tenant. The tenant will use the property to run beef cattle. “The identification of good operators to work with in the leasing of the property was key to the transaction. We are striving to deliver a packaged opportunity […]
Banks need to contend with YOLO and FOMO for market share
The attitudes and expectations of Millennials are shaping up as a key hurdle for banks, as younger customers experiment with new financial service providers and defer major investment decisions such as property purchases. Consultants at KPMG say the results mean that banks will have to learn the meaning of YOLO (you only live once) and the importance of FOMO (fear of missing out) in order to adapt their strategies and capture this valuable demographic. The findings are contained in the consultant’s third annual survey of the banking habits of Generation Y titled “Banking on the Future” which surveyed 1400 professionals aged between 18 and 30 years old. In what amounts […]
Westpac’s Reinventure hires new partner to help fintech startups crack the US
Westpac’s $100 million venture capital fund Reinventure has hired a new partner with experience from Wall Street and Silicon Valley, seeking to help local fintech start-ups attack the world stage and catch the eye of potential US suitors. US-born Kara Frederick, a former Goldman Sachs executive, was a senior adviser at US-based boutique investment bank GrowthPoint Technology Partners and also founded middle-market advisory firm Tiger Financial Group. She joins Reinventure founders and managing partners Simon Cant and Danny Gilligan as the firm’s first general partner. The fund was set up by the giant bank in 2014 to invest in fintech start-ups that could potentially compete with its own businesses. “Australia […]
SETL wants to settle and clear equities in competition with ASX
The ASX is facing competition for clearing and settling equities, with blockchain start-up SETL pledging to build a post-trading system cheaper and to deploy it quicker than the replacement for the existing CHESS infrastructure, which is being developed by the ASX itself and US group Digital Asset Holdings. London-based SETL is raising capital from some Australian brokers and has retained local lawyers to prepare regulatory applications to approve its system. The move comes as the federal government considers whether to remove the ASX’s monopoly over equities settlement and clearing – the vital “pipes” that underpin the operation of Australia’s equity markets – later this year, if regulators can devise a […]
Sydney Fintech Moroku signs global distribution deal with Misys
Misys is making gamification an integral part of its Misys FusionBanking Essence Digital platform to help banks educate the next generation on better money management. Integrating Moroku’s GameSystem directly into the Essence Digital architecture enables banks to inject some fun into personal financial management (PFM) and help consumers achieve their savings goals. “Digitalisation has completely changed the way that people interact and we believe the next generation will be more incentivised through gamification,” said Simon Paris, President at Misys. “Supporting better financial management and education in banking is a powerful tool that moves consumer experience beyond the transactional and opens the door to bring people of all age groups […]
KWM backs calls for blockchain standards
A King & Wood Mallesons partner has supported the findings of Standards Australia’s Roadmap for Blockchain Standards Report, which aims to guide this rapidly developing technology. The report was released late last week as part of a larger initiative led by Standards Australia to develop international blockchain standards. KWM partner Scott Farrell, who sits on the federal government’s FinTech Advisory Group, said the report is an important step in establishing Australia as a leader in the blockchain space. He noted that its recommendations would position Australia to capitalise on blockchain, improving industry, consumer and market confidence in the technology. “Australia is emerging as one of the global leaders in blockchain […]
