Scott Morrison says data sharing regime will ‘revolutionise’ banking
Treasurer Scott Morrison said new rules to give bank customers control over their data will disrupt the major banks’ “stronghold” on information and encourage a new wave of fintech innovation. He said stringent security and governance rules along with safeguards to protect customer privacy would be be at the core of the federal government’s regime, due to start on July 1, 2019. Mr Morrison will release a report by King & Wood Mallesons partner Scott Farrell on Friday that will guide the Turnbull government’s approach “to giving consumers greater access to, and control over, their data”. The so-called “open banking” regime will allow customers, including small businesses, to instruct their […]
Compare Your Life’s iFace Technology is embraced by users
Melbourne based firm Save U has partnered with Cloud technology provider iFace (Compare Your Life) to start consolidating the need for multiple software applications. Save U’s CEO, Stephen Clarkson is impressed with the efficiencies the software has brought to his business. ‘Our decision to purchase was made in the initial presentation, as the quality of the software and the utilisation of the most up to date technology made the choice incredibly easy to make. We had been searching for a solution for 3 years, and this ticked all the boxes that we were looking for. The migration from our legacy product was seamless and after 15 minutes of […]
Will national cryptocurrencies kill off Bitcoin?
Governments are extremely worried about cryptocurrencies such as bitcoin. These virtual currencies mean you can make payments without involving the banks that most economies and government financial models are built on. People can transfer large amounts of money without the authorities knowing, potentially making it easier to evade tax or launder money. So several countries’ central banks, including the Bank of England and the Bank of Israel, are reportedly planning to launch their own digital currencies. This could help lure people back into using an official system that combines some of the benefits of both traditional and crypto- currencies. But the risks involved may be too great for many typical […]
Truth and fiction in blockchain’s brave new world
Before Christmas, a fascinating new phenomenon began to manifest itself. Companies previously not greatly valued by the stock market were finding that the simple addition of a word to their corporate identities could multiply their worth many times over. The word was “blockchain”. Soft drinks companies and obscure software firms alike were being transformed into potential tech juggernauts. Or so their share performances would have us believe. However, the most interesting thing about all this is not that the stock market is easily dazzled by industry hype. That has been true for a while. It is the way a word can be detached from its original or literal meaning and […]
Putting the service back into ‘Financial Services’
Founded in 1998, well before Fintech had emerged as a moniker for disruptors in the finance industry, OFX (formerly OzForex) has been at the forefront of international money transfer services for nearly 20 years. From humble beginnings in a garage in Dee Why, the company has grown from an information only facility, providing up to the minute insights to the best available foreign exchange rates, to a global organisation, handling over $100B in transactions. Fuelled by a desire to ‘give Australians a fair go’ when it came to foreign exchange, the Company has consistently stuck to its ‘fair go’ and ‘great service’ roots. Developing partnership networks with a panel of […]
Peppermint entering lucrative international remittance market
Peppermint has created a wholly owned subsidiary, Peppermint Payments Pty Ltd (PPPL) to provide international remittances in the Australian market. Reflecting Australia’s history as a “land of immigrants”, this market is already large and growing faster than GDP, but supply has been shrinking due largely to increased compliance requirements. PPPL is registered with Austrac as both a remitter and a remittance network provider, and our AML/CTF program has been approved by our Australian bank. PPPL will use the brand “BIZMOTO” which is being trade-marked in both Australia and the Philippines. Agreements have been signed with multiple providers reflecting a carefully planned “best of breed” approach and architecture. Emphasis on proven […]
Brighte shines a light on new finance options
Innovative fintech companies have an opportunity to offer services banks can’t or won’t provide. Here’s how Brighte is doing that with interest-free finance for home improvements. Imagine having your hot water system break down and being told you need a replacement. How would you pay for it? What about if you want to install solar power but find the interest charges send your budget through the roof? It’s these types of issues that fintech startup Brighte is designed to address. Launched in 2016, the company offers homeowners an interest-free payment solution for home improvements up to $30,000. Company founder Katherine McConnell said this type of finance hasn’t been looked at […]
Debt payment start-up Credit Clear poaches OpenPay’s CEO Simon Scalzo ahead of raise
Fintech payments technology start-up Credit Clear has poached the CEO of one of its start-up rivals as it prepares to embark on a $10 million capital raising push. The company, which automates the debt collection process and facilitates customer communication over Facebook Messenger, SMS or email, has lured Simon Scalzo from “buy now pay later” platform OpenPay to lead the company. Credit Clear launched in July and has been predominantly funded to date by its chairman and co-founder Mark Casey, a property developer who made $14 million from the sale of a sheep farm near Geelong. Mr Casey started the business alongside SpotJobs co-founder Lewis Romano, saying it would make it easier for people to pay […]
