Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs. No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new financial technology (“fintech”) revolution. The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes: […]
Progressclaim.com launches ProgressPay
Progressclaim.com, the construction industry standard for connected contract administration™, announced that it has partnered with international debtor finance specialist Omniveta Finance to offer General Contractors the ability to empower their Subcontractors by providing access to a product that helps improve their cash flows and strengthen and grow their businesses. The new product, ProgressPay™, enables Subcontractors to receive payments for their progress claims within 2 business days of their approval by a participating General Contractor. The current standard practice in the construction industry is for the Subcontractor to supply and pay for their own labour and materials to complete work as quoted, and then lodge a progress claim with the […]
WorldRemit achieves key volume milestone underpinned by strong user growth
WorldRemit achieves key volume milestone underpinned by strong user growth, with Australian market a key driver WorldRemit now processing over 500,000 transactions per month 100,000 transfers sent from users in Australia alone 160,000 transfers received directly on mobile phones Signalling rapid and accelerating global growth, online money transfer service WorldRemit announced it had processed more than half a million transfers in a month for the first time ever in September, with more than 100,000 transfers sent from users in Australia alone. The milestone continues WorldRemit’s record for consistent transaction volume growth, showcasing strong fundamentals – consistent, growing revenues streams and a clear path to profitability. Global turnover is […]
NSW trade minister welcomes $1.1 billion tech company TransferWise to Sydney
A global tech company founded by Skype’s first employee and valued at $1.1 billion will set up shop in Sydney as it looks to strengthen its footing in the Asia-Pacific region. TransferWise CEO and co-founder Taavet Hinrikus says the rapid take-up of their international money transfers platform in Australia prompted them to expand down under. “Sydney is a great city and we’re looking forward to becoming part of the tech community,” he says. “Since launching TransferWise here, it’s become one of our fastest-growing routes.” New South Wales minister for trade Stuart Ayres says the government has been actively driving efforts to attract fast growing companies to the state in 10 […]
Westpac says RBA-issued digital currency would boost blockchain
Westpac Banking Corp, National Australia Bank, Macquarie Group and nine other international members of the R3 consortium have completed a trial of blockchain technology which saw funds transferred between banks across borders using Ripple’s cryptocurrency XRP. The tests confirm cross-border payments is shaping up as one of the initial use cases for blockchain in financial services and point to a future where money is transferred directly and instantly without the need for overnight clearing and settlement by central banks. The project was designed to help banks unlock liquidity and reduce the costs of international banking. Using Ripple’s distributed ledger, the dozen banks converted domestic currency into XRP and sent this […]
ChimpChange user activity accelerates
HIGHLIGHTS ChimpChange acquired 15,500 new customers in the September quarter Total Transaction Volume (“TTV”) grew by 71% month-on-month (“MoM”) in September Total funds deposited by ChimpChange customers grew by 73% MoM in September Monthly value of mobile cheque loads more than doubled in September, up 117% MoM ChimpChange has proven its ability to attract higher value customers both a) quicker and b) more efficiently Business Update ChimpChange Founder and Managing Director, Ash Shilkin, said: “We are pleased to have delivered solid momentum across ChimpChange’s key business metrics, particularly through the month of September and beyond, while attracting higher value customers to the ChimpChange platform. “The September quarter saw the […]
Major Australian fintech Tyro just hired the UBank founder as its CEO
UBank founder Gerd Schenkel has been hired as Tyro Payments’ new CEO to build the fintech company’s next-generation bank. Schenkel has been hired by Tyro, Australia’s fast-growing nextGen banking institution, to run an ambitious growth plan and a strong public advocacy campaign. “When someone of Gerd’s talent becomes available you grab the opportunity with both hands,” says current CEO Jost Stollmann. “Now that Tyro has a bank licence and $100 million in new capital, Gerd joining the Tyro team as new CEO is the last piece needed to deliver very strong growth in the years ahead.” Stollmann, the company’s largest shareholder, will continue as a full time executive director. Gerd […]
A financial market on your phone – innovation winner’s next goal
A university professor, whose fraud-detection computer program has revolutionised the world’s financial markets and won the Prime Minister’s Innovation Prize, has a bigger goal in sight – creating a financial market on your phone. Professor Michael Aitken and his team created the SMARTS system, which catches insider trading and market manipulation around the world with such success it was sold in 2010 for $90 million to the world’s largest exchange company, the US-based Nasdaq. That sale helped fund a new generation of research entrepreneurs under Professor Aitken’s Capital Markets Cooperative Research Centre, which is using the same technology to pick up fraud, abuse, waste and over-servicing in the health and […]
