ANZ vows to take fight to fintech start-ups | The Australian
ANZ has hit back at suggestions that banks only innovate for short-term gains, declaring other industries should be worried about being put out of business by the banking sector. Meanwhile, Westpac chief Brian Hartzer said it was actually important for banks to not get too “mesmerised” by innovation and “inventing cool new stuff”, remembering that customers were at the heart of banking. Last week, Danny Gilligan, managing director of Reinventure Group, said banks and other financial services players would struggle to battle disruptive “fintech” start-ups because their pay packets and investment policies were short-term focused. Source: ANZ vows to take fight to fintech start-ups | The Australian
ANZ, Bendigo join Matchi fintech platform | afr.com
Here’s another article on how some of the big incumbent banks are getting in on the fintech act… ANZ Banking Group and Bendigo and Adelaide Bank have joined a global matchmaking platform called Matchi, to help them link with global start-ups, in a sign incumbents are not limiting their engagement with fintech to local hubs like Stone & Chalk. KMPG last week announced a deal with Matchi that will provide clients of the firm with access to the tech platform, which serves as a bridge for traditional banks and start-ups to identifying partnership opportunities. Source: ANZ, Bendigo join Matchi fintech platform | afr.com
AMP invests in fintech start-ups Macrovue and MoneyBrilliant | afr.com
Here is yet another article on a well-established financial institution investing in some fantastic Australian FinTech companies like Macrovue and MoneyBrilliant. It seems the ‘sleepy giants’ of the Australian finance industry are starting to wake up and realise the importance and positive effect that Australian FinTech companies are having and going to have on the market. AMP has taken equity stakes in Macrovue and MoneyBrilliant, two fintech start-ups that the wealth giant believes will help it expand its offering to self-managed superannuation funds and win new clients for its network of financial advisers. The deals are the first by AMP New Ventures, a specialist unit quietly established last year, which […]
Carlyle backs Prospa securitisation to boost SME lending
This is great news for Australian FinTech company Prospa. It’s also a very positive sign to see global companies investing in Australian FinTech companies – it appears others are starting to see the potential here in Australia. Global alternative asset manager the Carlyle Group has invested $50 million in the first securitisation deal in Australia of unsecured, online business loans, which will allow Prospa to step up its small-business lending as the big banks overlook the sector. The securitisation deal, which is only the third globally in the online business lending category, is part of a $60 million capital raising that was also supported by Ironbridge Capital, AirTree Ventures, and […]
Stone & Chalk fintech hub denies bias | The Australian
Fintech is a passionate community. Even the optimists, though, give Australia two to four years, at most, to establish its credentials as a regional leader in disruptive financial services technology, closing the gap with Singapore and Hong Kong. The potential upside is significant. Source: Stone & Chalk fintech hub denies bias | The Australian
Will Bitcoin Finally Bring Down The House Of Medici? | TechCrunch
This article makes a great argument for Bitcoin and explains why we should use it instead of the current process. In the 14th century, the Medici family used the power of its newly invented, double-entry accounting system to build a cross-border banking empire that banks still use today. Now more than 600 years later, cross-border payments total more than $22 trillion. Source: Will Bitcoin Finally Bring Down The House Of Medici? | TechCrunch
Bruce Billson endorses disruptive online SME lenders
Fantastic article featuring many Australian FinTech companies and their ability to cause disruption to the big banks. Also great news to see the Australian government supporting this disruption. The Minister for Small Business Bruce Billson has backed a flurry of new online lenders targeting small and medium businesses to pressure the big banks to extend more credit to the often ignored sector. Mr Billson gave a ringing endorsement of the fintech start-ups’ ability to stir the forces of banking competition, after the big banks were stung by criticism at the National Reform Summit last Wednesday. Source: Bruce Billson endorses disruptive online SME lenders
Veda doesn’t disappoint with profit up almost 14pc
Data and credit check company Veda Group has just beat market expectations with a 13.8 per cent rise in pro forma profit to $78.4 million for 2015, thanks to strong revenue gains.Revenue grew 12.2 per cent to $338.8 million, also just above consensus forecasts of $336 million, up from $302 million in 2014. This was in part driven by growth in the company’s business-to-consumer and marketing data business. Veda has made a number of acquisitions in this area. Source: Veda doesn’t disappoint with profit up almost 14pc
