Australia as a fintech hub must have global focus to stand a chance
Australia’s hopes of becoming a hub for technology-based finance firms could be “stillborn” if local rules do not encourage the new wave of start-ups to have an international focus, says the global head of financial services at PricewaterhouseCoopers. With the federal government signalling support for technology-based industries, a prime area with growth potential is the fintech sector: entrepreneurs targeting the finance industry’s hefty profits. However, the global nature of digital technology poses new challenges for regulators accustomed to having more domestic priorities.The global leader of financial services at PwC, Nigel Vooght, said financial regulators would face new dilemmas in trying to encourage fintech while also carrying out their mandate. “Your […]
Why Fintech Is The Most Important Industry Right Now
This is a fantastic article on Australian FinTech. And it’s also great information to pass onto those who don’t understand what FinTech is and are unaware of how they can benefit from using Australian FinTech products. Fintech is beginning to disrupt the financial world as we know it. The financial industry is now more focused than ever on technological innovation than at any other time. It’s so important, Malcolm Turnbull referred to it in his first speech as PM. But, for those unfamiliar with the term, here’s a quick explainer. Put simply, Fintech is financial technology; a digital revolution. It’s about major changes to asset management, business and personal loans, […]
Banks V Bitcoin
Michael Pascoe raises some interesting ideas in this short segment about why the banks are interested in ensuring they don’t do business with those that are involved in legal bitcoin businesses but turn a blind eye towards better known ‘shonks’ using their services. What are your thoughts on the banks using these tactics and do you agree that APRA and the Reserve Bank should start to review this practice?
Ex-NAB MD launches fintech disruptor to take on majors
An ex-NAB managing director has launched a new fintech disruptor to take on the major banks, which he says could do what Aussie Home Loans did to the mortgage market in the 1990s. Officially launching on 28 September, Banjo is an online lender providing secured and unsecured loans to the 51% of SME’s who have no business lending product other than an overdraft or credit card.CEO Andrew Colliver – who was most recently managing director, business performance of corporate, institutional & specialised banking at NAB – along with a team of other ex-bankers and fintech experts, has spent the last two years building the marketplace lending platform that promises to […]
9 Giant Banks Make a Deal on Blockchain: What It Means | Alex Salkever
Here’s a follow-up article to yesterday’s article on the blockchain, but this explains it all even further… When Goldman Sachs talks, people all over the world listen. Today Goldman is talking about the blockchain. What the heck is the “blockchain”? Only the next biggest thing since the Internet, according to such tech visionaries such as noted venture capitalist Marc Andreessen. For most of those outside of Silicon Valley and other tech centers, the blockchain is some mysterious computer thing that works with Bitcoin. What they may fail to realize is that the blockchain could completely change the world by allowing us to finally establish true trust and accountability online. Source: […]
The CBA has joined eight other massive banks to take the technology behind bitcoin mainstream | Business Insider
Nine of the world’s biggest banks on Tuesday threw their weight behind blockchain, the technology that powers bitcoin. Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, and UBS have all formed a partnership to draw up industry standards and protocols for using the blockchain in banking. The partnership is being led by R3, a startup with offices in New York and London headed by David Rutter, the former CEO of ICAP Electronic Broking and a 32-year veteran of Wall Street. Source: The CBA has joined eight other massive banks to take the technology behind bitcoin mainstream | Business Insider
Bitcoin could disrupt banks warns Westpac boss | afr.com
How long will it be until Bitcoin starts to make a real impact on the incumbent banks…??? Westpac Banking Corp chief Brian Hartzer describes bitcoin and the blockchain as “potentially disruptive” technologies which could be “quite powerful from an efficiency point of view” but says there’s no need for banks to panic about being cut out from the monetary system because any impact will only come in the long term. The blockchain is technology that validates transactions made in bitcoin, digital money that is not controlled by any bank or government, but rather by an open network managed by its users. If it ever takes off, bitcoin could transform the […]
ANZ vows to take fight to fintech start-ups | The Australian
ANZ has hit back at suggestions that banks only innovate for short-term gains, declaring other industries should be worried about being put out of business by the banking sector. Meanwhile, Westpac chief Brian Hartzer said it was actually important for banks to not get too “mesmerised” by innovation and “inventing cool new stuff”, remembering that customers were at the heart of banking. Last week, Danny Gilligan, managing director of Reinventure Group, said banks and other financial services players would struggle to battle disruptive “fintech” start-ups because their pay packets and investment policies were short-term focused. Source: ANZ vows to take fight to fintech start-ups | The Australian
