Australians haven’t fully embraced digital-only banks, but open banking could change that: Forrester
Across APAC consumers increasingly prefer digital channels for financial services, helping digital-only banks overcome incumbents’ traditional trust.
The financial inclusion and Fintech trends defining 2019
Fintech innovation is disrupting the financial services landscape. The following financial inclusion and fintech trends will help define finance in 2019.
What the future of Fintech looks like
What’s next for the future of fintech. Fintech has been a “hot” sector for quite some time now. Last year the global funding in the sector rose to US$111.8B
Frost & Sullivan: The great shift towards a cashless society
Banknote producers and mints are starting to consolidate and merchants are seeing the merits to cashless payments, shifting in favour of consumer demands
Afterpay rival PayRight targets larger purchases with $30m funds raised
Australia’s booming, but controversial, buy now, pay later market has another major competitor after fintech firm PayRight raised a total of $30 million to expand its operations, which targets consumers making larger purchases than Afterpay allows. The company has largely flown under the radar in the sector, with $4.7 billion-valued ASX-listed Afterpay its most prominent rival. But PayRight is pitching itself as an option for retailers and service providers of bigger ticket items, rather than smaller impulse buys like clothing. Its funding has been compiled through a mix of debt and equity raisings over the last year led by corporate advisory firm Henslow and wealth manager Escala Partners, with the […]
Fintech gold rush tipped as KPMG finds Australian investment hit $842m in 2018
Big four professional services firm KPMG has tipped even more funding will come for Australian fintech players in the wake of new open banking rules and the banking royal commission, despite a huge rise in deals taking spending to $US600 million ($842 million) in 2018. In new local figures derived from its biannual global Pulse of Fintech study, KPMG said deals in the local sector picked up last year, following a drop-off in 2017, when capital raisings, acquisitions and IPOs had fallen to $US200 million. The report found that globally a record $US111.8 billion was invested in fintech firms in 2018, with Asian funding reached a new high of $US22.7 […]
Global fintech investment hits a record high with Australian funding continuing to grow
Investment in Australia’s fintech sector followed the upwards tick of global growth patterns in the first half of 2018, with US$63.7 mil invested, up from US$56.1 mil in 2H’17 and US$56.0 mil in 1H’17, though remained lower than the highs recorded in 2H’15 and 1H’16 according to KPMG’s Pulse of Fintech report. Much of the investment in Australia, however, is concentrated across a small number of deals. Australia saw just seven deals during the period, down from 12 in 2H’17 and 16 in 1H’17. Total VC, PE and M&A investment amounted to US$171.5 mil, across 14 deals. “Significant outliers still dominate the Australian fintech ecosystem, propelling the majority […]
Changing of the guard at FinTech Australia as industry faces tough challenges
Lobby group FinTech Australia has a new chairman and relatively new CEO, a refreshed leadership team to represent its 243 fintech start-up members in the corridors of political power. At its annual general meeting last Wednesday, Alan Tsen was elected new chairman of the group, which was founded in 2016 to help drive pro-competition, technology policy, such as the government’s open banking regime. A former corporate lawyer, Tsen has his finger on the pulse, given his day job is general manager of Stone & Chalk’s new operations in Melbourne. The hub is backed by 24 corporate partners including the Melbourne-based major banks ANZ Banking Group and National Australia Bank. Tsen […]
