Global regulators move closer to regulating fintech
Global regulators have moved closer to regulating the fledgling fintech sector, which includes blockchain technology that supports bitcoin, to ensure the industry’s rapid growth does not pose any risks to the financial system. The Financial Stability Board (FSB), which met in Tokyo on Thursday, has agreed on a framework for categorising different components of fintech and assessing their potential risks. The FSB, made up of central bankers, regulators and finance ministry officials from the Group of 20 economies, is looking at fintech partly in response to uncertainty over whether it will “disrupt” traditional banking. Some big investment banks, including Goldman Sachs , are already investing heavily in fintech to avoid […]
Mobile payments: A haven for big players
Disruption, that pervasive buzzword in fintech, is usually attributed to startups competing with the big players. These companies are small, agile and new to the market. They bring new technology and ways of doing things, and are quick to adapt. But what happens when it’s these bigger players, such as the traditional banks, that introduce the disruptive technology? PwC recently released its Global Fintech Report, which surveyed various people working in global financial services. The respondents identified fund transfers and payments as the sector second most likely to be disrupted by fintech over the next five years. However, it seems that established companies are responsible for most of […]
Fiserv and Alpha Payments Cloud Partner on Cost Effective Solution to Connect to Real-Time Payments in Australia – Press Release
Alpha Payments Cloud, a global leader in providing third party payment, risk and commerce solution access to international banks and merchants, has today announced a partnership with Fiserv, Inc., a leading global provider of financial services technology solutions. The partnership will provide Australian banks with a simpler and faster way to process payments in Australia while also generating significantly more value through the addition of overlay services through the AlphaHub Payments as a Service platform. The AlphaHub introduces Australian banks to an entirely new middleware layer that provides frictionless access to overlay services instantly, significantly speeding up the introduction of new functionalities. Accessing these new functionalities through the AlphaHub’s considerable […]
Big four banks disrupt Apple’s mobile payments expansion
Apple is struggling to persuade the big four banks to sign up for its Apple Pay mobile payment system, people familiar with the matter say, as the technology giant works from an unfamiliar negotiating position: weakness, not strength. Apple rolled out the service in Australia last month with support for payment cards issued directly by American Express. The move is part of the iPhone supplier’s global drive to extend its mobile consumer electronics prowess into financial services, with a China launch expected soon. But the firm has yet to strike a deal with any of the big four – ANZ, National Australia Bank, Commonwealth Bank and Westpac. That sets it […]
Preference for digital payments makes Australian banking ripe for fintech disrupters
Australian consumers’ love of contactless payments has helped push the country up global rankings that measure the use of non-cash payments across the world. Australia had the fourth-highest number of non-cash payments per person in the world, the report by consultancy Capgemini and bank RBS said. There were more than 300 non-cash transactions per person a year, the report said, putting Australia behind only Finland, the United States and the Netherlands. This is an increased from a few years ago, when Australia was ranked sixth in the report, and the rise reflects strong growth in digital payments for smaller purchases, where “tap and go” services on credit and debit cards […]
Pin Payments
Pin Payments helps Australian companies sell to a global audience. No gateway or merchant account required.
Airwallex honoured by CNBC-Statista’s as one of ‘World’s Top Fintech Companies 2023
Airwallex, a leading global payments and financial platform, has been named to CNBC-Statista’s ‘World’s Top Fintech Companies 2023’ list.
