ChimpChange user activity accelerates
HIGHLIGHTS ChimpChange acquired 15,500 new customers in the September quarter Total Transaction Volume (“TTV”) grew by 71% month-on-month (“MoM”) in September Total funds deposited by ChimpChange customers grew by 73% MoM in September Monthly value of mobile cheque loads more than doubled in September, up 117% MoM ChimpChange has proven its ability to attract higher value customers both a) quicker and b) more efficiently Business Update ChimpChange Founder and Managing Director, Ash Shilkin, said: “We are pleased to have delivered solid momentum across ChimpChange’s key business metrics, particularly through the month of September and beyond, while attracting higher value customers to the ChimpChange platform. “The September quarter saw the […]
Major Australian fintech Tyro just hired the UBank founder as its CEO
UBank founder Gerd Schenkel has been hired as Tyro Payments’ new CEO to build the fintech company’s next-generation bank. Schenkel has been hired by Tyro, Australia’s fast-growing nextGen banking institution, to run an ambitious growth plan and a strong public advocacy campaign. “When someone of Gerd’s talent becomes available you grab the opportunity with both hands,” says current CEO Jost Stollmann. “Now that Tyro has a bank licence and $100 million in new capital, Gerd joining the Tyro team as new CEO is the last piece needed to deliver very strong growth in the years ahead.” Stollmann, the company’s largest shareholder, will continue as a full time executive director. Gerd […]
A financial market on your phone – innovation winner’s next goal
A university professor, whose fraud-detection computer program has revolutionised the world’s financial markets and won the Prime Minister’s Innovation Prize, has a bigger goal in sight – creating a financial market on your phone. Professor Michael Aitken and his team created the SMARTS system, which catches insider trading and market manipulation around the world with such success it was sold in 2010 for $90 million to the world’s largest exchange company, the US-based Nasdaq. That sale helped fund a new generation of research entrepreneurs under Professor Aitken’s Capital Markets Cooperative Research Centre, which is using the same technology to pick up fraud, abuse, waste and over-servicing in the health and […]
Morgan Stanley’s Jeffrey McMillan says collaboration is key in fintech
It makes more sense for a global banking giant such as Morgan Stanley to collaborate with innovative fintech start-ups than to try to be innovative itself, according to the bank’s chief analytics and data officer, Jeffrey McMillan. “Probably 75 per cent of our technology that we build is coming from the fintech sector,” Mr McMillan told The Economist’s Finance Disrupted conference in New York. “We don’t really want to be innovators — that’s not what we’re really good at. “We have $US2 trillion ($2.8 trillion) of assets, 2.2 million customers, 16,000 advisers and that’s our intellectual capital. But we’re not known for being nimble and quick. ”But the bank wants […]
InPayTech Limited Initial Public Offer opens today
Integrated Payment Technologies Limited (InPayTech) has today formally opened its Initial Public Offer (IPO). InPayTech is an Australian financial technology company that has created a unique payments process in support of Australia’s banking, wealth management and superannuation sectors. The Prospectus offers a total of up to 25,000,000 Shares in the Company at a price of 20 cents per Share (the Offer). The Offer seeks to raise a minimum of $3,000,000 and a maximum of $5,000,000. The company would have cash of $2,300,000 under the minimum subscription and $4,173,000 under the maximum subscription, and be debt free. InPayTech’s offer period is expected to close on 18 November, 2016. Brokers to the […]
Blockchain report: Where are we now, and where are we going?
A report by international law firm Allens investigates the use cases for blockchain and where the technology is now. International law firm Allens, which has offices in Australia and Asia, has released a detailed report investigating the attributes, problems and possible use cases for blockchain. The report’s lead authors say blockchain first got on Allens’ radar in 2012 due to a junior lawyer’s penchant for blockchain, and the fascination stemmed from there. “We’ve seen distributed ledger technology move out of the lab and onto the C-suite agenda of our clients, from startups to multinational giants with centuries of transactions behind them,” they said. While perspectives are many and varied, the […]
ANZ, Wells Fargo test blockchain for cross-border payments
Blockchain technology promises to reduce the time and cost of transferring funds and increase access to liquidity, according to ANZ Banking Group and Wells Fargo. The companies made the comments following the completion of a six-month project that built and tested a distributed ledger for reconciling and settling payments between the two banks. In a recent report on their “proof on concept” the banks said blockchain could “add real value to both the customer experience and the efficiency” of correspondent banking relationships, which refers to deals between global banks over access to local payment systems. “Cross-border payments and correspondent banking are ripe for rejuvenation,” ANZ and Wells Fargo said, pointing […]
Why the parliamentary inquiry was good for fintech
Discussion of data sharing, small business loan rates and investment troubles spell increased opportunities for fintech. The parliamentary inquiry into banks saw CEOs of the Big Four – Westpac, ANZ, NAB and Commonwealth Bank – grilled about a range of issues pertaining to their bank’s conduct. While the line of questioning taken by House of Representative economics committee did not directly relate to fintech, the answers and defences at the four inquiries reveal several interesting points that relate to the fintech sector, for both banks and fintech companies. Data sharing Westpac and NAB were questioned over the sharing of customer data in order to increase competition. This is a key […]
