Apple says Australia’s banks pose a security threat to iPhones
Apple has launched a blistering attack on three of Australia’s big banks, saying their request to collectively negotiate over digital wallet access to the iPhone will compromise the handset’s security, reduce innovation and blunt Apple’s entry into the payments market in Australia. In a sign of growing acrimony between the world’s largest company and the Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corp, Apple told the Australian Competition and Consumer Commission that “allowing the banks to form a cartel to collectively dictate terms to new business models and services would set a troubling precedent and delay the introduction of new, potentially disruptive technologies”. The three large banks […]
Visa hunts Australian and New Zealand fintech start-ups with launch of contest
Payments giant Visa is on the hunt for Australia and New Zealand-based fintech start-ups, with the local launch of a contest it hopes will encourage the brightest young companies to develop applications on its network. They will open up applications for the contest it calls The Everywhere Initiative this week, which will require tech companies to tackle real world challenges faced in the financial services sector, with entries closing on August 26. Visa’s global head of digital and marketing transformation Shiv Singh told The Australian Financial Review that while the contest winners would have the opportunity to win up to $70,000, the real value came in the chance to run […]
BPS Technology further expands Bartercard operations in USA
BPS Technology continues to execute its Bartercard growth strategy in North America, opening new franchises in New Hampshire, Alabama and Georgia, with at least four more US franchises in the pipeline Leading financial technology platform provider BPS Technology Limited (ASX: BPS, “the Company”) is pleased to announce that it has continued to expand the reach of its Bartercard operations in North America. BPS has recently opened three new Bartercard franchises in Mobile (Alabama), Portsmouth (New Hampshire) and Savannah (Georgia). Mr Paul Bolte, President and Chief Executive of Bartercard USA, said of the new franchisees: “Bartercard is pleased to see our franchise growth strategy working, as we have now brought on […]
TruRating clinches $16.5 million in latest funding round as it looks to further global expansion
UK mass-market ratings system, TruRating has today announced that it has raised $16.5M AUD (£9.5M GBP) in Series A funding, which will be used to further propel the company’s expansion into global markets and enable TruRating to further develop new technology to provide additional value to consumers. This funding round was led by Sandaire, wealth management specialist, and private family investment group, bringing the company’s total amount of investor-lead funding to $23.85M AUD (£13.7M GBP), following prior rounds of angel and seed funding totaling $7.3M (£4.2M GBP)**. On the importance of the investment, TruRating founder and CEO Georgina Nelson said: “We have had an incredible year and securing this […]
Fintech luring more bank customers, says UBS
More Australians will turn to start-ups for financial services in the next year, according to a UBS report, which shows incumbent banks are complacent about the threat of disruption but are also seeking to partner with fintech firms to help them cut costs and improve customer experiences. UBS banking analysts surveyed 27,914 customers of more than 210 banks in 24 countries, along with 61 management teams from banks around the world. Local UBS banking analyst Jonathan Mott along with analysts in London, New York and Tokyo contributed to the global report, titled Global banks: Is fintech a threat or an opportunity? UBS suggests the answer to the question is “Both”. […]
Australian banks take on Apple over digital wallets
Four of Australia’s largest banks have asked the competition regulator for permission to join forces and collectively negotiate with Apple to get their own digital wallets onto iPhones. The banks have become frustrated by the world’s biggest company’s strategy of locking third-party providers of digital wallets off the iPhone platform in favour of its own Apple Pay, which is attacking millions of dollars the big banks earn in interchange fees. This is the first time globally a group of financial institutions has sought authorisation from a competition regulator to negotiate as a bloc against Apple. The lack of iPhone access is particularly frustrating for the banks, as they have invested […]
A VC’s perspective on Blockchain opportunities & impacts on Australia
by Victor Jiang, Managing Partner, Sapien Ventures LLP. I was truly honoured to have presented to and judged alongside a distinguished panel (from ANZ, Westpac, UBS, & Northern Trust) and key industry leaders at the inaugural Australian Blockchain Summit 2016 (Melbourne June 28-30th, 2016), and to have a chance to speak about what we felt are the opportunities and impacts of Blockchain on Australia. (The speech was immediately before a pitch/showcase session of 6 excitingly disruptive blockchain startups from USA and Australia, including one dialling in from 3am in their local time!) __________________________________ I’m really excited and honoured to be here, speaking just ahead of some truly exciting startups in the blockchain space. […]
Brexit provides lessons for Australia’s FinTech start-ups
[ Extract ] Lessons for Australia Australia’s FinTech scene, scarcely acknowledged eighteen months ago, has developing rapidly and now commands the attention of policymakers, banking executives and the financial media here alike. We have a highly advanced financial services sector, one that is acknowledged globally as mature, skilful and well regulated. It contributes around AU$140 billion to GDP each year and employs some 450,000 people. We have the fourth largest pool of investment funds in the world, anchored by the AU$2 trillion-plus in our nation’s superannuation funds. That a viable FinTech ecosystem has developed Down Under should therefore come as no surprise. Australian start-ups span the FinTech spectrum across peer-to-peer […]
