Credit report delay shows fintech social risk concerns
Nothing is more valuable to a fintech start-up than data. And some of the best quality data for pricing financial services are the historical records of customer debt repayments. When run through algorithms, these can indicate how likely a prospective borrower is to repay a loan in the future, which helps with assessing risk and pricing. Fintechs are right on the cusp of getting access to this “repayment history information” (RHI), through the government’s new “comprehensive credit reporting” (CCR) regime. The policy is due to come into force in just over a fortnight, and would require banks to attach RHI to customer reports provided to credit bureaus. So the last-minute […]
Credit law delay angers FinTechs
The FinTech industry body has criticised the government and consumer groups over delays to new comprehensive credit reporting laws, with the legislation now remaining in the lower house for three months. It comes as a senate committee gave a tick of approval to the bill, despite a number of concerns surrounding its potential impact on vulnerable and disadvantaged Australians. Treasurer Scott Morrison announced in November last year that the government would be legislating a mandatory comprehensive credit reporting regime, requiring all banks to provide credit information and active consumer credit accounts to eligible reporting bodies. Under the scheme, banks would have to provide “positive” credit data, including how many accounts […]
Academic papers urge fintechs to put purpose above profit
The rise of fintech companies in Australia hasn’t been examined in any rigorous way by academics – until now. The Australian Centre for Financial Studies at Monash University has published four long and detailed academic papers on fintech, written by some of the country’s leading corporate academics. It’s a timely discourse, given growing questions about the high cost of fintech business lending and whether the touted benefits of technological innovations like blockchain will be realised in financial services. The research has been supported by Treasury, the Reserve Bank and the Australian Securities and Investments Commission; financial services heavyweights Westpac and Suncorp; law firm K&L Gates; and FinTech Australia, the government’s […]
FinTech Australia announce finalist for The Finnies 2018
FinTech Australia and Jobs for NSW have come together for the second year to host the national fintech awards, The Finnies. The Finnies will culminate in a Gala Awards Night Wednesday 13 June 2018 in Sydney. For more information go here. Here is the full list of finalists for the 2018 Finnies: Best Workplace Diversity ● BRICKX ● FirstStep Investments ● Link4 ● Valiant Finance Emerging FinTech Leader of the Year ● Brad Delamare – CEO, Tank Stream Labs ● Louis Edwards – Head of Renewable Energy Finance, RateSetter Australia ● Nick Molnar – Co-Founder & CEO, Afterpay ● Jack O’Reilly – Director, funding.com.au ● Rebecca Schot-Guppy – Community Manager, […]
MYOB and BPAY join forces to offer a new payment option for Australian small businesses
MYOB has collaborated with BPAY to add a new payment option to its Invoice Payments solution. The collaboration will see MYOB, one of Australia’s leading providers of business management solutions, offer BPAY payments solutions to small businesses, in addition to the existing credit card payment option as part of its online business solutions. MYOB’s payment software helps small businesses get paid four times faster MYOB’s customer data shows that, on average, businesses take 42.6 days to get paid, while those who convert to MYOB merchants and accept electronic payments directly through the platform are paid in under 10 days. “We know cashflow is one of the big pain points […]
Alibaba Cloud and TAS announce partnership to lead the way in cloud services for Financial Industry in Australia
TAS, a leading technology partner for the financial services sector and Alibaba Cloud, the cloud computing arm of Alibaba Group, have announced a partnership that marks a new era of cloud services to the financial services industry (FSI) in Australia. In this partnership, TAS and Alibaba Cloud will provide a managed, compliant and secure cloud system to further solidify TAS’s longstanding reputation of being a trusted technology partner for the financial services industry and help to further cement Alibaba’s entry into the Australian market. With TAS’s 30 years of deep industry experience and an excellent track record of delivering exceptional end-to-end outcomes for 60 financial institutions – together with Alibaba […]
60% of Australians pay bills using BPAY
Australians have a knack for downplaying their greatest inventions, and BPAY is one of them. 20 years ago BPAY was introduced across nearly every bank in the country to help people pay bills and to help businesses get paid. On average people pay 5 or 6 bills a month, and around 60% of Australians pay those bills using BPAY* 88% of Australians recognise the iconic BPAY logo, as it’s on nearly every major bill in the country and in almost every internet banking platform* According to Keith Brown, BPAY Group’s General Manager of Product, Scheme & Business Development, BPAY is still growing even after 20 years of leading bill payments. […]
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 […]
