data

Nov
09

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 […]

DETAIL
Oct
31

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 […]

DETAIL
Oct
09

Banks want to charge for handing over customer data

Major banks want to charge fintech businesses in exchange for handing over data on the banks’ customers, a sign of the likely tensions to emerge as the government looks to break open the banks’ information vaults. In a move that could have far-reaching implications for banks and their customers alike, Treasurer Scott Morrison earlier this year ordered an investigation into “open banking”, a system that would allow customers to securely share their financial data with rivals. While the banks are supportive of the general move, submissions to a Treasury have highlighted the cost of making more transaction data available, with suggestions banks could face costs in the hundreds of millions […]

DETAIL
Sep
25

Sexiest Job of the 21st Century: Data Scientist

Data miner? Web analyst? Information wrangler? Harvard Business Review[1] labelled it the “sexiest job of the 21st Century” and the opportunities are exploding and salaries rocketing for astute professionals choosing “data science” as their career. As industries and governments worldwide race into the era of Big Data, James Cook University (JCU) is giving its students a head start with a fast, fully online and keenly priced Master of Data Science that offers students a potentially rapid return on their investment. Graduates will enjoy up-to-the-minute skills in the scientific methods, systems and processes used to unlock the secrets hidden in data. This ability to deliver insights and solutions by analysing data will give graduates an edge […]

DETAIL
Sep
18

Macquarie has beaten the Big Four to ‘open banking’, which lets customers offer their data to fintech startups

Fintech startups and smaller financial services providers will be able to access data from Macquarie – with customer consent – in a pioneering arrangement known as “open banking” to let them build applications and services around the bank. Open banking allows customers to control whether their data can be passed onto third parties with accounting software, budgeting tools and fintech apps. The idea is that it opens up the market to smaller players and gives customers more choice on financial services. While the government kicked off an independent review on open banking in July, Macquarie has taken the initiative in letting client data flow electronically to third parties through application […]

DETAIL
Sep
04

Westpac creates data accelerator

Westpac Banking Corp has created a “data accelerator” to build new technology businesses from anonymised data sets, and will offer access to it to institutional banking clients seeking to turn data into assets. FUELD, which has been set up in partnership with Stone & Chalk, will provide early-stage start-ups access to the Data Republic data-sharing platform. Westpac’s venture capital fund, Reinventure Group, is an investor in Data Republic. The accelerator will be run by the former CEO of Fishburners, Murray Hurps. Macgregor Duncan, Westpac’s co-head of business development, said start-ups which could emerge from the program may examine new credit models and applications for algorithmic real-time property valuations. Start-ups will […]

DETAIL

Privacy fears fuel a fintech pioneer

A rebellion is stirring against our digital overlords, as seed and venture capital investors place bets on new business models that feed on privacy concerns in the post-Snowden era. Perversely, large-scale data breaches only benefit fintech companies like the Stone & Chalk resident Meeco, which aims to disrupt the likes of Google and Facebook by enabling consumers to regain control of their personal data and turn it into a valuable asset. Until about five years ago, Meeco founder and chief executive Katryna Dow’s privacy mission was falling on deaf ears — she was out of step with a seemingly manic desire by people to share everything online. In 2013, a […]

DETAIL
Jul
04

Disruptive big data company Quantexa furthers global expansion

Quantexa, the disruptive big data and analytics company backed by HSBC and Albion Ventures, has furthered its international expansion by opening a new office in Sydney, Australia. This builds upon their accelerated growth this year, which has seen the opening of their Brussels office in April and the doubling in size of their Global Headquarters in London. Following on from their $3.3m fund raising earlier this year, Quantexa’s expansion reflects a growing customer base outside the UK. The Sydney office will put the company in closer proximity to its clients in APAC and forms part of its aggressive international growth plans. Quantexa can already boast an impressive client list that […]

DETAIL