Banks back focus on technology skills, start-up investor tax incentives
A federal Liberal MP says the government is considering effectively abolishing capital gains tax for investments in very-early-stage companies. Federal Liberal MP David Coleman, a former technology entrepreneur and venture capital investor, says the government’s innovation statement is considering changes to the tax system to encourage investment in start-up companies and seek to lift technology skills. At a StartupWeek Sydney session on fintech hosted by The Australian Financial Review and Reinventure Group on Monday, Mr Coleman said he is talking to colleagues about the abolition of capital gains tax for investors in start-ups, a move that would deepen the pool of growth capital available for entrepreneurs. The government innovation statement, […]
What happened at Wyatt Roy’s policy hack
There were Post-its, buzzwords and diagrams galore at the first ever technology industry and government policy hack, and even the occasional “but I love Australia” protest as teams faced the many regulatory disadvantages to building a tech company in Australia. The collaboration between federal Assistant Minister for Innovation Wyatt Roy, accelerator program BlueChilli and peak lobby group StartupAUS brought almost 300 public servants, entrepreneurs, investors, scientists and educators together in Sydney. They were split into 10 teams to debate and identify solutions for a challenge that holds back Australia from having a booming tech industry to rival Israel, Singapore, London and even the United States. “Don’t get caught up with […]
FinTech changing the landscape
The emerging world of financial technology, or fintech, is having an impact on everything from the way new products are funded through to the culture and practices of major banks and financial institutions. According to Simon Cant, co-founder and co-managing director of venture capital player Reinventure Group, fintech is basically anything providing some version of a financial service using modern digital technology. “Fintech is affecting, in particular, the way consumers and SMEs are conducting their business,” he said. “Fintech is providing a better user experience, providing financing that is cheaper and is more convenient. “One of the earliest examples of new funding mechanisms is Kickstarter, where a technology platform underpins […]
Bravura calls for more fintech funding | afr.com
Australian FinTech company Bravura Solutions are definitely right – the government does need to put its money where its mouth is. The government are continually talking about investing but when is it actually going to happen… Technology group Bravura Solutions has asked the government to “put their money where their mouth is” when it comes to funding tech start-ups, after Prime Minister Malcolm Turnbull said Australia needed to position itself as a “nation that is agile”. Bravura, a financial services technology company that was previously listed on the Australian Securities Exchange, also hinted at a possible return to being a public company after group chief executive Tony Klim flagged improving […]
ANZ, Bendigo join Matchi fintech platform | afr.com
Here’s another article on how some of the big incumbent banks are getting in on the fintech act… ANZ Banking Group and Bendigo and Adelaide Bank have joined a global matchmaking platform called Matchi, to help them link with global start-ups, in a sign incumbents are not limiting their engagement with fintech to local hubs like Stone & Chalk. KMPG last week announced a deal with Matchi that will provide clients of the firm with access to the tech platform, which serves as a bridge for traditional banks and start-ups to identifying partnership opportunities. Source: ANZ, Bendigo join Matchi fintech platform | afr.com
Carlyle backs Prospa securitisation to boost SME lending
This is great news for Australian FinTech company Prospa. It’s also a very positive sign to see global companies investing in Australian FinTech companies – it appears others are starting to see the potential here in Australia. Global alternative asset manager the Carlyle Group has invested $50 million in the first securitisation deal in Australia of unsecured, online business loans, which will allow Prospa to step up its small-business lending as the big banks overlook the sector. The securitisation deal, which is only the third globally in the online business lending category, is part of a $60 million capital raising that was also supported by Ironbridge Capital, AirTree Ventures, and […]
Stone & Chalk names resident start-ups | afr.com
Congratulations to Stone & Chalk opening their doors last night. Well done and all the very best to all the great minds that are going to be working there and putting Australian FinTech companies on the world stage! The Google-backed, Silicon Valley-based fintech start-up Ripple Labs, which is developing new payments transfer technology, is among a group of 41 start-ups that have joined Stone & Chalk, the fintech hub in Sydney that was officially opened on Tuesday night. Source: Stone & Chalk names resident start-ups | afr.com
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
