Isn’t it great to see that Sydney has been included in the Top 5 FinTech cities to watch. With global investment in fintech having tripled in the last five years, the financial sector is without a doubt in the midst of a revolution. The leading cities in the global fintech race are relatively unsurprising: Silicon Valley, New York, London and Hong Kong are the epicentres of the investment blast. Source: Fintech’s Five Dark-Horse Cities | TechCrunch
Robo-Advice There are a couple of approaches to Robo-Advice. The first is where a computer program will determine your individual circumstances and then offer advice on products and shares you should buy or insurances you should hold. The second is the slew of new budgeting apps that can analyse your spending and investments and provide you with the knowledge to make changes yourself.
Loyalty While loyalty may sit at the edges of the FinTech industry, its importance is fast being realised. As the technology to accurately track every dollar we spend improves, we are becoming better equipped to cash in on the loyalty offered by the companies we buy from. Add digital wallets to track purchases and designated shopping malls for earning cash-back and we are now equipped to make these loyalty programs work for us. It is important however that we don’t ‘kid’ ourselves – these programs are mutually beneficial. Whether it’s to help Woolworths recognise they need to offer cashmere if they want you to buy their clothes, or for Kmart […]
Payments Advances in the way we carry out payments represents the birthplace of FinTech. From the first credit card transactions carried out by Diners in the 1950’s there has been progression in the way we make payments. This means that the landscape for payments is a varied mix of new and old as well as large incumbents and tiny startups. It is also a hotbed of acquisitions and mergers. New approaches to payments are wide spread and have been the focus of banks and credit card companies for a long time. We have come a long way from the carbon copy credit card ‘machines’ some might remember from the early […]
Currency Foreign Exchange, Cryptocurrency and Digital Wallets make up the largest aspects of the FinTech revolution in Currency. Foreign Exchange This is one area that as a consumer you can almost feel the banks taking advantage of you. Whether it’s the currency conversion fees that are added to the ‘pedestrian’ exchange rate they give you or the additional fees a bank charges for you to access your own cash. The introduction of digital wallets, cryptocurrency and new approaches to foreign exchange and payments all form part of the FinTech currency movement. By introducing the ability for you to trade currency with a traveller looking to come to Australia when you’re […]
Financial Technology, also known as FinTech, is a line of business based on using software to provide financial services. FinTech companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.
Financial Technology, also known as FinTech, is a line of business based on using software to provide financial services. FinTech companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software. Global investment in FinTech more than tripled to $4 billion in 2013 from $930 million in 2008. The nascent FinTech industry has seen rapid growth over the last few years, according to the office of the Mayor of London. Forty percent of London’s workforce is employed in financial and technology services. In the Asia Pacific region, the growth will see a new FinTech hub to be opened in Sydney, Australia, in April 2015. There is already a number of strong […]