ANZ backs private blockchain, but won’t go public
Like all the big banks, ANZ Banking Group is experimenting and investing in blockchain technologies, but don’t expect it to adopt a public ledger any time soon. The recent hack of the Decentralised Autonomous Organisation (DAO), a cryptocurrency experiment built on the Ethereum blockchain network that raised more than $US150 million worth of cryptocurrency, served as further proof for the bank that public blockchains were still too risky for adoption, and would likely remain so for the forseeable future. “The point about who controls a public blockchain is slightly worrying and what happened with Ethereum two weeks ago is a great test case,” ANZ group strategy executive manager Nicholas Groves […]
Which fintech innovations are really adding value to customers?
Financial services, of all sectors, has seen some of the most significant technology innovations in recent years. Banks and insurance companies have been very keen to leverage technology in such a way that is mutually beneficial to both vendor and consumer, and now even superannuation is getting involved in the technology revolution. While there is a lot of innovation happening for the sake of it, not all of it is useful for the end user. It sounds simple, but what we learned as we developed our automated SMSF solution is a lesson that a lot of other financial services apps seem to forget at times; good design principles that keep […]
NAB’s Andrew Thorburn: ‘We are a fintech company’
National Australia Bank must harness the hunger of start-up companies if it is to fend off competition from technology-based rivals, chief executive Andrew Thorburn says. Amid predictions the banking sector will face intense disruption from digital businesses, Mr Thorburn on Tuesday said fintech firms were attracting more and more funding in a world of ultra-low returns. Big banks have a reputation for being bureaucratic institutions, and Mr Thorburn said NAB needed to emulate some of the traits of its smaller start-up rivals. “I actually think we are a fintech company ourselves. We have to have the mindset of a fintech company, and I actually think we’ve got a lot of […]
Fintech is going to be much bigger than you think
If payments can be made anywhere, anytime, across any device, why do you need a currency? Or even a bank? The “fintech” revolution is upon us – but what we’ve seen may only be the start of it. Fintech – a term coined with the listing of peer-to-peer lending platform LendingClub on the New York Stock Exchange in late 2014 – is not only a portmanteau of ‘financial technology,” it describes a whole new industry composed of companies that use technology to make financial services more efficient. It’s big, it’s growing and it’s disruptive. “Fintech is set to change finance as profoundly as the issuance of the first permanent banknotes […]
Rubik to Appoint Peter Clare to Board
Rubik Financial Limited (ASX: RFL), a leading fintech company delivering innovative banking, wealth and lending solutions to the financial services industry, is pleased to announce that Peter Clare will join the Rubik Financial Limited Board, effective 1 July 2016. Peter has been in the banking industry since 1995, most recently as the Chief Executive Officer of Westpac New Zealand Limited, a division of Westpac Banking Corporation Limited. He is a member of several fintech related boards, including being Chairman of ChimpChange and REFFIND and a director of Scottish Pacific Group Limited, Digicash, and Capital Market Technologies, among others. He has completed an MBA at Macquarie University and holds a Bachelor […]
Fintechs say high ASX standards are vital
The chief executives of two fintech companies preparing to list on the ASX say the Australian public market remains an attractive funding option for young technology companies despite the botched float of music streaming service Guvera. ChimpChange, a digital bank in the US, is set to list on the ASX this Thursday, after raising $15 million to help lift its profile to millennial customers in middle America, where it provides low-fee deposit accounts. Avoka, a software developer working for global banks, has just completed a $16 million fund raising from private investors and is eyeing a listing on the ASX in around 18 months. The bosses of both companies say […]
1st Annual Australian FinTech Awards 2016
Congratulations to the winners of the 1st Annual Australian FinTech Awards 2016! FINTECH INNOVATION IN PAYMENTS – Afterpay FINTECH INNOVATION IN WEALTH MANAGEMENT (ROBO ADVICE) – Owners Advisory by Macquarie Group FINTECH INNOVATION IN LENDING (FOR FINTECH) – SocietyOne BEST INNOVATION IN CYBER-SECURITY & ANTI-FRAUD – Entersoft BEST FINTECH COMMUNICATIONS CAMPAIGN – Acorns BEST RESEARCH IN FINTECH – Panalitix BEST FINTECH-BANK COLLABORATION OF THE YEAR – OnDeck Capital’s partnership with CBA FINTECH LEADER OF THE YEAR – Daniel Foggo of RateSetter FEMALE FINTECH LEADER OF THE YEAR – Loretta Joseph of the Sydney Stock Exchange FINTECH CTO/CIO OF THE YEAR – Glenn Riddell of RateSetter INSURE-TECH STARTUP OF THE YEAR – […]
FinTech sector accuses banks of not playing fair
The Financial Tech start-up industry, known as FinTech, is a vibrant new sector that promises to disrupt—or at least compete with—incumbent finance businesses in Australia. The Turnbull Government has made several announcements indicating support for the sector. But some in the sector are accusing the banks of not playing fair, by actively misleading their customers in advising them not to connect to FinTech services. LISTEN: To listen to ABC’s Fran Kelly, joined by RN Breakfast’s Technology Editor Peter Marks, click on the link below… Source: FinTech sector accuses banks of not playing fair – RN Breakfast – ABC Radio National (Australian Broadcasting Corporation)
