Entersoft takes top spots at ET NET FinTech Awards
Entersoft emerged victorious as “Best Fintech Startup of 2017” and “Outstanding Application Security Solutions Provider” at the 2017 ET NET FinTech Awards for their proactive and offensive approach with DevSecOps, which assess applications for various security loopholes. Mohan Gandhi, CEO at Entersoft, cited security in FinTech as a growing concern, with no markets more directly impacted by its rise than banks, payments and Blockchain. “Data from banks and other financial organisations is a premium target for hackers, offering clear incentives for their malicious attacks. With increasingly sophisticated hacks happening every day – putting more and more FinTechs at risk, we are working hard towards cyber security maturity for our customers. […]
Paying bills just got easier with Easy Bill Pay
Financial services company, FSA Group LTD launches Easy Bill Pay, a bill payment service which allows users to pay and store bills and organise their finances quickly, easily and conveniently. As many as a third of Australians pay their bills late and this can cost them money and affect their credit report. On average a late fee of $24 is charged and that adds up. A survey conducted by a major bank in 2016 concluded that Australians were charged $286 million dollar in late fees in 2016. There are many reasons people pay their bills late and it can be as simple as forgetfulness, disorganisation, time poor or lack of […]
Bendigo Bank customers can now shop with Apple Pay
After battling with Apple earlier this year, Bendigo Bank has now partnered with all three major digital wallets. Bendigo Bank is the latest Australian institution to join the Apple Pay ranks. From today, Bendigo Bank Mastercard customers can use their iPhone, Apple Watch or iPad to make contactless payments. This means lighter wallets, faster transactions and even more secure payments. To link your Bendigo Bank credit or debit card with Apple Pay, you just need to open the Wallet app and tap the plus symbol in the upper-right corner. Then follow the prompts to enter your card’s security code to add your credit or debit card from your iTunes account. […]
Fintech start-up Douugh scores partnership with US mutual bank Choice
Sydney-based fintech start-up Douugh has scored a partnership with US mutual bank Choice Financial, as it readies to launch its smart banking personal assistant, Sophie. As part of the open banking partnership, Douugh will launch an integrated bank account and debit card with the bank, giving it the ability to accept deposits. Choice Financial has also invested in Douugh, as part of a $2.5 million seed round. Founder and chief executive Andy Taylor, who was also a co-founder of successful peer-to-peer lending platform SocietyOne, told The Australian Financial Review he wanted to reduce society’s reliance on credit cards and help people save money. “I’ve always been quite passionate about the […]
FinTechs present a policy wish-list
Improvements to the R&D initiative and government-mandated open data controls are top of the Australian FinTech industry’s wish-list, while gender diversity remains a major issue for the sector, a new survey has found. The 2017 EY FinTech Australia Census, released late last week, surveyed 166 local FinTech companies. This is the second year of the census and is the only industry-backed survey of its kind. The biggest things thing these companies said would help them to grow was improvements to the research and development scheme, with nearly 90 percent of the companies supporting this. The industry is still waiting on the government to respond to the controversial ‘Three F’ review […]
Data revolution to transform four pillars model
You’re browsing through Facebook when a message pops up, asking if you’d like to check whether you’re getting a decent interest rate on your savings. Curious, you tap the screen to find out more. It asks you to provide a bit more information about your financial goals – you’re saving for a deposit on a house and hope to buy in about two years. You are then asked to give consent to securely share some key bits of financial information online: your income over the last six months, and your spending over this period. Within seconds, the app has a recommendation: it’s found a bank account and term deposit that […]
IBM develops blockchain system for banks
The company expects to process up to 60% of all cross-border payments in the South Pacific by early 2018. International technology company IBM has joined forces with blockchain startup Stellar and payments company KlickEx Group to enable high-speed cross-border payments for banks and other financial institutions. The aim of the payments process is to speed up clearances and settlements on a single network in real time. Blockchain, the technology behind bitcoin, is a revolutionary distributed-ledger technology that offers a secure and immediate way of transferring a range of data – more specifically, in this case, currency transactions. IBM’s solution is already active, processing live transactions across 12 different currency corridors […]
Here’s fintech’s secret pitch to the RBA to create an Australian dollar cryptocurrency
A group of fintech startups have submitted cases to the Reserve Bank of Australia and the federal Treasury to demonstrate the need for a new government-endorsed Australian dollar cryptocurrency. Business Insider can reveal three fintechs, through industry body FinTech Australia and the government’s Fintech Advisory Group, presented use-cases for a new Digital Australian Dollar – the DAD – which would be pegged to the physical Australian dollar and compete against the likes of Bitcoin and Ethereum. “The Digital Australian Dollar would be a huge step to grow our vibrant blockchain and digital currencies industry,” said FinTech Australia chief executive Danielle Szetho. “Having key stakeholders like the RBA involved in further […]
