Open banking framework to drive customer choice and innovation across Australia
Australia’s fintech industry has welcomed an Australian Government decision to put the customer first by pushing back against big bank delaying tactics and introducing open banking reforms from mid-next year. “A government-backed open banking framework will be a game-changer for consumers and businesses, along with drive a new wave of fintech innovation and growth in Australia,” said FinTech Australia chair Stuart Stoyan. “Finally, customers will be able to use a regulated system to unlock the power of their own data to get access to financial services better tailored to their needs.” “This reform is expected to force downward pressure on lending costs, allow people to more easily manage their budget and […]
Open banking will drive better customer deals and responsible lending outcomes for mortgages and credit cards
The first phase of Australia’s open banking regime should be designed to assist Australians get a better deal on mortgages and credit cards.
Sydney Fintech Market Update
At Tier One People, we get to work with some amazing startups in FinTech and InsurTech. 2018 has got off to a flier, so here is the first Tier One People FinTech jobs update of 2018. There is an air of optimism that FinTechs are finally in a position to challenge banks, not just partner with them. Scott Morrison recently announced plans to legislate open banking, essentially customers will own their data and have far greater control. Great news for consumers and for FinTechs. And with the NPP (New Payments Platform) set to go live any day now, the landscape is set for more competition to enter the Australian Financial […]
Australian banks are hunting for deals and partnerships with fintechs
The majority of Australia banks seeking deals and investments with fintechs in the next 12 months as they continue their transformation as digital businesses. The Australian findings from EY’s 2018 Global Banking Outlook show 80% of Australian banks looking to set up new partnerships or joint ventures in both core and new strategic markets over the next year. “With the pace of technological change and the speed at which new innovations are hitting the market, it’s not surprising that banks are increasingly focusing on their digital agendas,” says Tim Dring, EY Oceania Banking and Capital Markets Leader. “Australian banks have already made significant progress in this space and we are […]
Macquarie adopts open banking solution
Macquarie customers will be one of the first to test the new open banking regime with the help of a fintech. Retail finance solutions provider Zip Co, which operates under its zipPay and zipMoney brands, will allow Macquarie customers to add banking and credit card accounts via personal financial management app Pocketbook. Zip Co acquired Pocketbook in 2016 and currently has more than 400,000 users. The app integrates with Macquarie’s open banking platform, giving customers the option to connect and manage personal finances. Zip co-founder and chief executive Larry Diamond said as momentum for this type of innovation is quickly growing, the integration with Macquarie Banking and Financial Services Group […]
Fintech Startups Prospa and Credi take out the top spots in the Inaugural Australian National Techboard Awards
Australia’s top trending companies were celebrated at the Techboard 2017 National Awards on 30 November 2017. Over the course of 2017, Techboard has been tracking metrics on Australian Startups and publishing monthly rankings that rank companies on the extent to which the metrics indicate they are trending or gaining mindshare. The Techboard 2017 National awards are a culmination of those monthly rankings and comprised two company categories, the highest trending company overall and the highest trending up and coming company. Techboard held the event in conjunction with StartCon, Australia’s largest startup and growth conference with the backing of leading sponsors MYOB. In this, its first National Awards, the winners […]
Numerous Australian Fintechs on the Deloitte Technology Fast 50 2017
The Deloitte Technology Fast 50 2017 Australia recognises and profiles fast growing technology companies. Now in its seventeenth year in Australia, the program ranks the 50 fastest growing public or private technology companies, based on percentage revenue growth over three years (2015 to 2017). Congratulations to all the Australian Fintech companies on the winners list: 2017 Deloitte Technology Fast 50 Winners: No.2 – zipMoney No.10 – Metamako No.12 – GetCapital No.15 – Prospa No.21 – EML Payments No.24 – MoneyMe No.31 – Zetaris No.36 – Avoka No.47 – HUB24 2017 Leadership Award Winners No.2 – Prospa No.3 – EML Payments No.7 – HUB24 Go here to read more […]
Fortress backs $120m capital raising by MoneyMe
Global credit investor Fortress Investment Group will invest $100 million in debt capital to support MoneyMe’s consumer lending growth as the fintech considers an initial public offering in early 2019. Fortress’s investment is part of a $120 million asset-backed securitisation deal, which also includes a $20 million bond, issued by Evans & Partners, which was oversubscribed. MoneyMe, which has made $150 million in personal loans to 70,000 customers in the past four years, is both cash flow positive and profitable, very rare for an Australian fintech. Established in 2013, its net loan book is growing at $1 million each week, as it targets the credit card portfolios of the major […]
