Fintechs are ready and waiting for Australia’s open banking framework
The Consumer Data Right bill has been introduced to parliament. The national association for Australia’s fintech startup community FinTech Australia, as well as its members, have welcomed the progress of Australia’s Consumer Data Right bill. The bill was introduced to parliament by Federal Treasurer Josh Frydenberg and gives Australians control over the use of their […]
Afterpay is different from competitors, says co-founder
Afterpay has rejected rival Zip Pay’s call for industry-wide responsible lending checks, saying the government shouldn’t take a one-size-fits-all approach to the buy-now, pay-later sector. The rift comes ahead of Afterpay and Zip’s scheduled appearance before a Senate committee later this month in Brisbane where Young Rich listers, Zip’s Larry Diamond and Afterpay’s Nick Molnar, […]
Top seven fintech business lenders compliant with new code of conduct
The seven largest online small business lenders have opened themselves to scrutiny by an independent oversight committee and pledged to adhere to transparent standards on pricing and dispute resolution, with the Australian Finance Industry Association and small business ombudsman endorsing the start-ups’ efforts at self-regulation. Prospa, Moula, OnDeck, Spotcap, Capify, GetCapital and Lumi now comply […]
Retreat & Destroy: what R&D reforms are doing to start-ups
For a government that is threatening to wipe out a significant number of tech start-ups with its proposed changes to the research and development tax incentive, it shouldn’t come as a surprise the Morrison government appears to have failed to do any research into the potential impact. After all, if the government had conducted its […]
Josh Frydenberg says ‘open banking’ will let customers navigate complexity
Treasurer Josh Frydenberg says growing complexity in financial services has made it tough for customers to compare prices and products but “open banking” will help overcome this by ensuring banks present information in a standardised, simpler way under a policy that aims to facilitate account switching and stir competition. With the government planning to introduce […]
New era for equity crowdfunding
The Australian Government’s long-awaited equity crowdfunding reforms have finally been passed, almost a year after they were introduced to federal parliament. The Corporations Amendment (Crowd-sourced funding for Proprietary Companies) Bill 2017 is the government’s third attempt at legislating equity crowdfunding. Its first bill was left stranded by the July 2016 election, and its second bill […]
What is open banking and how will it affect you?
Open banking is being phased in from July 2019, making it easier for you to switch banks and get a better deal. It could even result in fintechs being a more viable option for you over a traditional bank. But what is open banking exactly, how much control will it give you over your own […]
Fears simmer about repeat of Storm Financial fallout
One fintech firm fears that the political reaction to the Hayne royal commission will result in more ineffective reforms, similar to the ones arising from the collapse of Storm Financial crisis. Raiz chief executive George Lucas said that when the royal commission hands down its final report by 1 February 2019, the odds are that […]
