1st Annual Australian FinTech Awards 2016
Congratulations to the winners of the 1st Annual Australian FinTech Awards 2016! FINTECH INNOVATION IN PAYMENTS – Afterpay FINTECH INNOVATION IN WEALTH MANAGEMENT (ROBO ADVICE) – Owners Advisory by Macquarie Group FINTECH INNOVATION IN LENDING (FOR FINTECH) – SocietyOne BEST INNOVATION IN CYBER-SECURITY & ANTI-FRAUD – Entersoft BEST FINTECH COMMUNICATIONS CAMPAIGN – Acorns BEST RESEARCH IN FINTECH – Panalitix BEST FINTECH-BANK COLLABORATION OF THE YEAR – OnDeck Capital’s partnership with CBA FINTECH LEADER OF THE YEAR – Daniel Foggo of RateSetter FEMALE FINTECH LEADER OF THE YEAR – Loretta Joseph of the Sydney Stock Exchange FINTECH CTO/CIO OF THE YEAR – Glenn Riddell of RateSetter INSURE-TECH STARTUP OF THE YEAR – […]
Fintech to invest $1b into blockchain this year
Financial and technology firms are expected to invest more than $US1 billion to bring blockchain technology to capital markets in 2016. That’s according to a new survey from Greenwich Associates, where a majority of participants said blockchain has the potential to change markets within the next five years. The 134 interviewees, including executives at banks, exchanges, asset managers and blockchain technology companies, said the main obstacle hindering the technology’s widespread use was a “vested interest” in legacy systems. “The financial sector will continue to put its weight behind blockchain this year,” Richard Johnson, vice president for Greenwich’s Market Structure and Technology group, said in the report. “Blockchain is beginning to […]
Examining the fintech appeal of business lending in Australia
A question often asked in the fintech space is, “Which area of fintech has the greatest potential?” The answer invariably sticks with the obvious – insurtech, blockchain, mobile payments, peer-to-peer lending and banking – and while focus to these areas is deserved, business lending has been exponentially gaining steam. Lenders are flocking to the market and it seems every week there is a new entrant, partnership or innovation. The online business lending space is full of diversified products and lenders are constantly looking for new ways to benefit business borrowers. The market is becoming flooded by choice. So, what is the appeal? It’s simple. The space exemplifies fintech as it […]
Ethereum, rival to bitcoin, gains traction
With a rising market value and a roster of high-profile patrons, Ethereum in recent months has become the next hot thing in cryptocurrencies. Ethereum is an open software platform, comprising a currency called ether, a public “blockchain” ledger for keeping track of transactions and tools for building so-called smart contracts that automatically make payments when their terms are fulfilled. Anyone can develop new applications that make use of its code. More ambitiously, the currency’s inventors and users are revolting against the growing centralisation of the internet under big companies like Google and Facebook by creating financial structures that can run themselves. Much like its older cousin bitcoin, however, ether is […]
OFX launches new online seller service
OzForex Limited trading as OFX (OFX), one of the world’s largest international payment businesses, has today announced the launch of OFX for Online Sellers, a new online merchant solution that streamlines payments from international marketplaces such as Ebay and Amazon into bank accounts in USA, Canada, UK, Eurozone, Hong Kong, and Australia. The new product will offer a faster, more competitively priced transfer option to the millions of merchants that sell on global E-Commerce marketplaces in North America, Asia and Europe. Forty-five percent of the trillion dollar global online retail market is attributed to online marketplaces like Amazon and eBay. Selling on international marketplaces means merchants can lose up […]
Deposits lift on Apple Pay, says ANZ Bank
Almost two months after it signed a deal to provide Apple Pay, ANZ Bank says teaming up with the technology giant is prompting more customers to open accounts, or start using credit cards that had been lying dormant. ANZ became the first major bank to offer Apple Pay in late April, breaking ranks with rivals, which are negotiating over how millions of dollars in fee revenue would be shared if they were to also provide the service. While Australian consumers have generally been reluctant to use “digital wallets” ANZ says the move is having a real impact on its sales of transaction accounts, especially digital sales. Matt Boss, managing director […]
Welcome to the new world of ‘regtech’
During a speech at the Tyro Fintech Hub in Sydney on Friday morning, federal Treasurer Scott Morrison pointed to the promise of “regtech” – a new word that is increasingly rolling off the tongues of the global regulatory community. Regtech (an amalgam of “regulatory technology”) is a subset of fintech (financial technology). While fintech has captured the imagination of banks, entrepreneurs and investors around the world for its ability to enhance how customers experience core parts of banking like lending and payments, banks are interested in regtech because new technologies can be deployed internally to reduce the costs of complying with various regulations. Morrison told about 200 members of the […]
PromisePay has raised $14 million to boost global expansion
PromisePay, a payments platform, has just closed a $14 million funding round. The raising was lead by Carsales.com Limited, Australian tech VC Rampersand, Westpac-backed Reinventure, US fintech fund Cultivation Capital, 99Designs co-founder Mark Harbottle and former Hitwise CEO Andrew Walsh. The cash will go towards the fintech startup’s global expansion, taking advantage of its position as the only fully managed payments solution for the platform economy. This includes escrow, fraud and risk management, chargeback protection, dispute resolution and identity verifications. Since its launch — just 18 months ago — the startup has grown from just providing payments solutions for marketplaces, to other multi-merchant environments, including on-demand and sharing platforms, crowdfunding, […]
