Ken Henry says NAB has strong capital and is ready to embrace fintech future
“If digital innovation leads to more efficient ways of achieving credit intermediation, we are in a strong position to embrace those new efficiencies. Maybe the whole sector becomes more efficient. If it does, our customers will benefit. “The establishment of NAB Labs, an innovation lab in Melbourne, and NAB Ventures, a corporate investment fund to invest in start-ups, aims to imbed an innovation culture across the bank, Dr Henry said, while also providing access to cutting edge ideas where they are emerging globally. “We are not sitting on hands here. We see [fintech] as both interesting, and an opportunity for us to do what we currently do better and for […]
Innovation – NSW innovation minister says he will deliver three things the startup community is pleading for
He says one of the flagship policies of the state government last year was the establishment of a “world first” government data analytics centre facilitating data sharing between government agencies and allowing for the analysis of the effectiveness of policies. Dominello says the better use of public data can also assist with one of the booming startup sectors in the state: fintech. With Stone & Chalk and the Tyro co-working space, Sydney is leading the way with fintech startups, and Dominello wants it to stay that way. “We’re already the centre in south-easy Asia for banking and finance, so the fintech sector in particular is very, very strong,” he says. […]
New fintech platform to ‘take business from brokers’
A former major bank executive will launch a new fintech business this year to compete directly with the third-party channel on prime mortgages. Mark Bevan, who spent 25 years at CBA and six with Westpac, is the co-founder of Joust, an online platform that allows lenders to compete for home loan deals through a live digital auction process. The platform involves a panel of lenders bidding (or jousting) to be the provider of a customer’s home loan. The Adelaide-based fintech business aims to target prime mortgage customers with good credit ratings, good jobs and equity in their homes. Source: New fintech platform to ‘take business from brokers’ – Mortgage Business
Fiserv and Alpha Payments Cloud Partner on Cost Effective Solution to Connect to Real-Time Payments in Australia – Press Release
Alpha Payments Cloud, a global leader in providing third party payment, risk and commerce solution access to international banks and merchants, has today announced a partnership with Fiserv, Inc., a leading global provider of financial services technology solutions. The partnership will provide Australian banks with a simpler and faster way to process payments in Australia while also generating significantly more value through the addition of overlay services through the AlphaHub Payments as a Service platform. The AlphaHub introduces Australian banks to an entirely new middleware layer that provides frictionless access to overlay services instantly, significantly speeding up the introduction of new functionalities. Accessing these new functionalities through the AlphaHub’s considerable […]
ANZ Bank joins tech giants creating blockchain ‘Hyperledger’
Australia and New Zealand Banking Group has joined a slew of tech giants and financial institutions banding together to explore how blockchain technology may further their businesses and potentially replace the dated international money transfer system. Lead by not-for-profit organisation The Linux Foundation, ANZ will join the likes of IBM, Intel, the London Stock Exchange, State Street, Wells Fargo, Cisco, CLS, Digital Asset, Fujitsu, IC3, Mitsubishi UFJ Financial Group, SWIFT and VMware, in a project is called “Hyperledger”. In the project the firms in the group will each offer intellectual property and resources to develop their own “blockchain”. The blockchain is a decentralised database of transactions of the cryptocurrency Bitcoin, […]
Fintech revolution a bank threat
Bank bashing is an old sport usually practised by external critics, but 2016 could be the year when big banks discover that their greatest threat comes from within – something that should concern bank shareholders as much as employees. Technology lies at the heart of what’s happening in the banking world; and some of the smartest people in the industry are voting with their feet, quitting old-style banks for the new generation of ‘fintech’ companies. At the core of the fintech revolution lies the appeal of faster and better computer systems, coupled with the attraction of a new business run by hand-picked tech-savvy staff, a structure that attracts less government […]
Auswide Bank lends $60m, takes 20pc in MoneyPlace
Auswide Bank is offering $60 million in personal loans over five years via fledgling peer-to-peer lender MoneyPlace along with a 20 per cent stake in the start-up to boost its personal loans to younger borrowers. Martin Barrett, the managing director of the small, listed Queensland bank, which has a loan book of about $2.4 billion, said it had been in talks with MoneyPlace about investing in and via the platform for about a year while it was seeking its credit licence from the corporate watchdog. “What the P2P guys have to offer is something that is more advanced and capable than what we would be able to put into the […]
Big banks opt for Android over Apple Pay
Australian banks have snubbed Apple in favour of Google as six declared on Tuesday they will go with Android Pay in the first half of 2016, while Apple is salvaging its bid to grab a share of the banks’ dwindling merchant card fees. The deal with Google, announced in a blog post by director, product management Pali Bhat, will mean Australia becomes the second country where Android Pay will be rolled out after it was launched in the US in May. ANZ Bank, Westpac – and its subsidiaries Bank of Melbourne, Bank of South Australia and St George – Bendigo and Adelaide Bank, ING DIRECT, Macquarie Bank and Cuscal, which […]
