What You Really Need To Know About Working In Fintech
This is a great article to read if you’re thinking of working for or an Australian FinTech company From the outside, the tech industry can look like a homogenous sector, populated either by entrepreneurial whiz kids or bearded computer ‘geeks’. However, as with most industries, once you get beneath the surface, it becomes clear that the people who inhabit the tech industry are a varied bunch, utilising different skill sets and working in sub-sectors that have little in common. One of these sub-sectors, financial technology (or fintech), is attracting a range of talent, particularly workers who, in the past, may have been attracted to investment funds, law firms, or accountancy […]
Turnbull promises national digital identity, fintech committee
The federal government has adopted the majority of recommendations made in last year’s financial systems inquiry report, promising to deliver a national federated digital identity framework and a public-private sector innovation committee for the financial sector. In its long-awaited response to the December 2014 report, tabled today, the federal government also said it would ask the Productivity Commission to review options to improve data-sharing within the sector, and remove regulatory impediments to modern product information disclosure. By the end of next year, the government also intends to consider how to amend priority areas of regulation to make it technology neutral. Digital identity The FSI report, led by David Murray, highlighted […]
Fintech marriage spawns next-gen platform
Advisers can now automatically track their clients’ bank, superannuation and investment account balances, determine the optimal way to invest funds and monitor a client’s financial progress with a new integrated money management, debt recycling and strategic advice platform made possible by the collaboration of two leading fintech companies. Cloud-based technology providers Moneysoft and Prospera have teamed up to integrate Moneysoft’s budgeting and cashflow management tool with Prospera’s financial modelling and real-time portfolio tracking service, following strong adviser demand for an efficient, end-to-end solution. Prospera co-founder and head of development, David Dye said the streamlined solution eliminated the need for advisory firms to manually gather and enter client account balances every […]
Why these giant Chinese companies could destroy Australia’s fintech ambitions
Fintech companies are some of the hottest startups around right now. Incredibly, more than 20 are now valued over $US1 billion. Australian credit reference fintech, Veda, might get bought for $2.2 billion. The possibilities offered by fintech are enormous. Mobile payments, payment terminals, smart contracts, smart bonds, P2P lending and crowdsourcing are all examples of new technologies that pose a risk to core services provided by the financial establishment. This is why they want in. According to some, Australia has the potential to be a leader in the sector. Australian super funds are investing heavily, with First State Super launching its own venture capital platform just weeks after putting $110 […]
What happened at Wyatt Roy’s policy hack
There were Post-its, buzzwords and diagrams galore at the first ever technology industry and government policy hack, and even the occasional “but I love Australia” protest as teams faced the many regulatory disadvantages to building a tech company in Australia. The collaboration between federal Assistant Minister for Innovation Wyatt Roy, accelerator program BlueChilli and peak lobby group StartupAUS brought almost 300 public servants, entrepreneurs, investors, scientists and educators together in Sydney. They were split into 10 teams to debate and identify solutions for a challenge that holds back Australia from having a booming tech industry to rival Israel, Singapore, London and even the United States. “Don’t get caught up with […]
NAB joins with Xero to speed up business loan approvals
National Australia Bank and cloud accounting software firm Xero have linked their technology platforms to allow Xero clients to receive faster approvals for business loans once they allow NAB to tap their live, balance-sheet data. As online business lenders such as Spotcap, Prospa, OnDeck, Kikka, Moula and ThinCats threaten to win over small-business customers by offering risk-based pricing and quicker credit, NAB’s deal with Xero illustrates how the big banks are using technology to become more nimble. NAB and Xero customers are now able to file online loan inquiries to NAB straight from their Xero accounting package, after a secure connection between NAB internet banking and Xero’s accounting dashboard was […]
Stone & Chalk rides the fintech disruption wave
The launch for fintech hub Stone & Chalk was oversubscribed. By 7pm, 500 people had descended on the party, donning coloured T-shirts to signal where they belonged. Red T-shirts designated institutional sponsors, green was for resident start-ups, charcoal for friends, blue for government and pink for media (funny). The happiest people wore green. The 120 residents from 41 start-ups who had won the chance to work on a floor of the AMP Centre, found themselves regaled by bank chiefs, politicians, venture capitalists, accountancy heads, lobbyists and each other. The biggest boast was: “I used to be a banker.” And it was said by those in green, who hoped to disrupt […]
First State Super to expand VC platform
First State Super chief investment officer Richard Brandweiner spoke about his fund’s continuing investment in venture capital at the H2 Ventures Fintech Expo in Sydney yesterday. The $52 billion super fund announced a $110 million investment in technology venture capital firm Blackbird Ventures in September 2015 alongside Hostplus, which made a smaller contribution. Mr Brandweiner said he wants to build out a venture capital platform “triangle” within First State Super’s portfolio, with broad technology, fintech and ‘bio sciences’ at the corners. “Broad tech is the biggest area; fintech has great relevance for us as a retail financial services provider; and a large part of our membership is in the health […]
