Reserve Bank says Australian dollars could come in digital form in future
Death of the cheque and the rise of Bitcoin? FinTech is certainly gaining momentum in Australia with the RBA hinting at digital dollars, or a form of Bitcoin, in the future is quite a possibility. It is entirely possible that Australian dollars will come in digital form in the future, breaking the link entirely between material notes and coins, the Reserve Bank says. In a speech where he also flagged the end of the cheque, Mr Richards said the RBA had been watching the growth in demand for privately-established virtual currencies like Bitcoin, and believed there was a place for a central-bank-issued digital currency in Australia. It thinks digital […]
How fintech is helping peer-to-peer lending disrupt the Big Four
When talking about fintech, the word disruptive is thrown around a lot. However, the two terms don’t go hand in hand. A company can create fintech without being disruptive, and a company can have disruptive ideas without the technology to back it. What makes a disruptive company? Is it simply operating in a technological industry? Is it being part of a business that produces an innovative product? Or is is something else? Looking at peer-to-peer (P2P) lenders, it’s tempting to consider the entire industry as “disruptive”. Peer-to-peer lenders link individuals willing to lend money with people seeking finance, using online platforms to create connections that would never exist […]
Samsung Pay goes with Amex first
The race for digital wallets is heating up in Australia and it’s great to have giants like Apple and Samsung battling it out. This can only mean one thing – great results and products for consumers! Samsung has confirmed it will join the re-boot of the digital wallet race in Australia in 2016, becoming the fourth country to get Samsung Pay after South Korea, the US and China.Like Apple Pay, Samsung will be going with American Express first and add other cards later. American Express payments have been available on Apple Pay since November. Bank issued Visa and MasterCard will initially only work on Android Pay, which is understood to […]
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, […]
