Why fintech’s herbivores are eating with banks
FinTech Herbivores & Carnivores – a great analogy for those wanting to disrupt and those wanting to co-exist in the financial sector. At FinovateEurope, a start-up pitchfest held in the Old Billingsgate Market Hall on the River Thames in London the week before last, new nomenclature emerged to describe the evolution of fintech disruption. Some of the 70 start-ups in attendance were classified as “carnivores” – disrupters wanting to kill traditional banks. But others were not seeking to attack. They were the “herbivores”. This fintech posse want to work with incumbents, who can provide real-world problems and customers to help the start-ups scale up. Ian Pollari, KPMG’s global co-head […]
Macquarie takes stake in fintech minnow
It’s a positive sign to see Macquarie Group investing more in the Australian FinTech sector. They seem to be getting very active very quickly. It will be interesting to see which of the other big banks will follow suit… Macquarie Group has waded deeper into the fintech sector with an equity agreement with listed marketplace lender DirectMoney to assist in the development of what the minnow claimed would be a new securitisation funding market. In a boost after a bumpy listing in July, DirectMoney yesterday said it had sold $5 million of personal loans to Macquarie and secured the investment bank as an adviser to assist access to funding, […]
Westpac looks to blockchain, robots and drones in fight for the future
“Blockchain is a technology that is clearly disruptive, but what it will be we don’t know. We do know that $970 million has been spent on blockchain by fintechs,” Curran said. Right now he likens blockchain to Napster – pioneering technology – not necessarily the end point. The tech expo and board update is part of Curran’s bid to ensure he and his team are recognised by the bank as “game-changing technologists”. But it’s not all toys and what-ifs. Tess (Test Enabling Super Simulator) developed in association with tech firm Infosys, is testing new systems and updates – making sure human interfaces such as ATMs, keyboards, note counters and the […]
Blockchain may transform banking, says CBA CEO Ian Narev
CoinDesk, an online news publication covering bitcoin and its underlying technology, published a feature article last week with the headline: “Have we reached peak blockchain hype?” That’s a fair question, given the extensive global attention the blockchain, or distributed ledger technology, has been receiving of late. Diverse applications are being touted, traversing banking, law, conveyancing and logistics to overturning corrupt governments in developing countries. With banks around the world rushing to join projects to build “permissioned ledgers” (blockchains with a restricted membership), proponents in the financial services sector are growing acutely aware that hype can turn into a noose. And so blockchain expectations management is in full swing: technologists inside […]
Fintech adoption tipped to double in 2016
The level of fintech adoption among consumers is set to grow significantly in the next 12 months, new research has revealed. EY’s inaugural FinTech Adoption Index – a survey of 10,131 digitally-active consumers in Australia, Canada, Hong Kong, Singapore, the UK and the US – found that 15.5 per cent had used at least two fintech services (financial services products developed by non-bank, non-insurance, online companies) in the past six months. It also suggested that adoption rates among digitally active consumers could double within the next 12 months. EY Australia’s fintech leader, Anita Kimber, said it is a change that will require traditional financial services companies to revisit their product, […]
KPMG buys fintech company Markets IT
Professional services giant KPMG has acquired fin-tech company Markets IT for an undisclosed sum, in an effort to expand its “big data” capability and help banking clients grapple with a barrage of regulatory change. It comes as global regulators step up their efforts in relation to trader surveillance. KPMG chief executive Gary Wingrove referred to the merger as a “timely and strategic” acquisition. It is the firm’s eleventh bolt-on acquisition in two years, as Big Four accountancy firms attempt to diversify their consulting services to align with the big gnarly problems facing the C-suite. Markets IT bills itself as the dominant supplier of Murex software in Australia- a trading platform […]
Blockchain and how it will change everything
In May, British billionaire Richard Branson invited a select posse of entrepreneurs, venture capitalists and technology advisers to his Caribbean residence for an exclusive pow wow on an issue occupying some of the top markets minds in the world. The topic for discussion on the picturesque Necker Island was the “blockchain”. “Every now and then, something comes along that might just change everything. And this is one of those moments,” ASX chief executive Elmer Funke Kupper. In case you’re one of the many yet to wrap your head around the promising technology, blockchain, on a simple level, uses computer code to engender trust in digital-economy transactions. One of the attendees […]
ANZ Bank boss Shayne Elliott tells Melbourne Fintech Meetup he’s ready to invest
New ANZ Bank boss Shayne Elliott is recruiting for a head of digital banking, who will be told to partner with start-up technology companies that can teach the 180 year old bank how to improve its customer service. The bank is set to acquire and invest in emerging companies with technology that is disrupting the financial services sector, but more critically Mr Elliott wants to forge partnerships to improve ANZ’s in-house capabilities. “Investing in start-ups is not hard for banks, we have lots of money to write cheques, the difficult thing is figuring out how we can internalise that intellectual capital,” he said. “We are currently recruiting for a newly […]
