FinTech Interviews: GROW Super
by Matthew Parker, The Mitchellake Group Over the coming weeks, I will have the pleasure of sitting down with many of Australia’s leading FinTech CEOs. Each will be discussing the specific vertical of Financial Services they are looking at and share their insights. For the first interview in this series, I sat down with the CEO of GROW Super, Josh Wilson, to discuss the stream of innovation that is occurring in the Superannuation vertical. Matthew Parker (MP): There have been a few new “disruptive” superannuation businesses launch over the past 2 years. Why is this happening now? What has created the right circumstance for this to occur? Josh Wilson […]
Peer to peer economy now worth over $15 billion a year
Higher levels of consumer trust in the sharing economy, have coincided with a $600 million increase in size over the past six months, according to a newly released report. The bi-annual Sharing Economy Trust Index, produced by peer-to-peer lender RateSetter, showed that trust in ride sharing platforms such as Uber and online marketplaces like eBay have grown the most. “Our research found that trust levels in the sharing economy have increased substantially over the last six months,” said Daniel Foggo, RateSetter CEO. With the sharing economy now worth over $15 billion a year, the study revealed that over two thirds of Australians actively participate in the market – whether by […]
New payments platform could create army of fintech innovation, says NPP boss
The man overseeing the rollout of Australia’s new payments system says every business across the economy that makes or receives payments could become a fintech innovator by developing “overlay” services to enhance customers’ experiences. Construction of the “new payments platform” (NPP), which from October will allow money and data to move between bank accounts instantaneously, has been driven by the Reserve Bank of Australia for the past four years after an earlier bank-driven idea for a similar system collapsed. The core philosophy of the NPP is the separation of the infrastructure – which provides a messaging, addressing and settlement system – from a layer for new products that will be […]
Money for nothing, cheques for free in the sharing economy
THE bank of mum and dad is receiving a welcome cash injection as a growing number of households put a price on the things they previously gave away for free. More households are renting out a spare room, car sharing, selling goods and services and even lending to each other as the “sharing economy’’ expands, research shows. According to polling by RateSetter, some households are earning up to $120 a month. On the downside, however, all those people who benefited from the “free economy” are now having to wait their turn, or pay for it. Free rides, spare rooms, and even the kids’ old books and toys are increasingly thin […]
How banks are running the economy
Alan Kohler, The Australian Two quite innocuous things happened on Tuesday: the federal budget and an RBA rate cut. Neither of these events will do much good, but nor will they do much harm, which is about as much can be hoped from both politics and monetary policy these days. Even RBA Governor Glenn Stevens has been constantly talking about impotence of monetary policy, so it’s likely to be true. Why won’t the budget or the rate cut have much impact? Because the RBA and the government don’t run the economy — the banks do, and there is something much more significant going on in banking land. There is always […]
Fintech Market Growth to Add A$1 Billion New Value to Australian Economy by 2020
The global Fintech sector exhibited robust growth in 2014 when investment activity tripled to US$12.21 billion from US$4.05 billion in 2013. This activity continued in 2015 with an increase in global funding into Venture Capital (VC) backed Fintech startups. Fintech growth in 2015 was international, and Frost & Sullivan anticipates this international dispersion, as well as the global growth trend to continue with more Fintech companies successfully reaching the exit stage of funding in 2016. In the Asia-Pacific region, Fintech investments were concentrated in Australia, China and Singapore, and in 2015, skyrocketed to reach US$3.46b – a four-fold increase from 2014 to 2015. Asian Fintechs garnered strong support, with funding […]
Fintech the next wave of growth
This is an interesting opinion piece by Australia’s Treasurer, Mr Scott Morrison who says that Australia’s fintech sector can play a vital role in aiding the positive transition that is occurring in the national economy. “At the recent World Economic Forum it was noted that 90 per cent of the data we use today has been created in the past two years. The ability of new technology to capture and process data, in real time, is changing how business is done, how products and services are conceived in the new economy and the way consumers participate in this process. Financial technology, or fintech, is lubricating this transformation. The catalytic impacts […]
The Finalists of the 2024 Finnies awards have been announced
The finalists for Australia’s 2024 Finnies fintech business awards have been announced.
