Artificial Intelligence, Algo-Banking, Blockchain, Cryptocurrencies and Robo-Advice Form Growth of Australian FinTech Market
Fintech is a disrupting force and a decentralising movement in the financial services sector. Fintech’s apply information technologies and modern internet protocols for data exchange, and deliver financial services using data storage, data analysis algorithms, or personal telecommunication devices. Digital ecosystems are fundamental to the success of both Fintech and traditional banks. Frost & Sullivan’s study, Fintech in Australia – Trends, Forecasts and Analysis 2015 – 2020 defines and focuses on the growth and challenges of the Australian Fintech sectors’ three market segments; Digital Payments, Personal and Business Finance, and Financial Infrastructure and Data Analysis. Each segment relies on its own set of digital technologies. Digital Payments Digital Payments are […]
Blockchain technology to hit bank profits
Revolutionary blockchain technology threatens to slash the profits of banks and wipe out lenders which fail to quickly adopt the online record-keeping innovation, a high-powered panel of finance and technology experts warned. Jose Fernandez Da Ponte, global digital business executive at Spanish banking giant BBVA, said digital disruption to financial institutions by blockchain posed “extremely large” threats and opportunities. “Those institutions not up to that are likely to cease to exist,” he said at a conference in Washington. At a panel convened by the International Monetary Fund, financiers, technologists and regulators debated the ramifications of the evolving blockchain. IMF deputy managing director David Lipton said banks and regulators were grappling […]
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 […]
Federal government set to introduce “regulatory sandbox” to help early-stage fintechs
Treasurer Scott Morrison has outlined the government’s plans to remove regulatory hurdles for early-stage startups in a move that could further push Australia towards being a regional leader for fintech, Fintech Melbourne founder Andrew Lai says. Morrison says a range of policy changes, including the introduction of a “regulatory sandbox”, will be released next week with the aim of helping entrepreneurs commercialise financial services technologies and cut through the red tape, as the Sydney Morning Herald reports. It follows a meeting between government representatives and a newly formed fintech advisory council last week. A regulatory sandbox was also one of three core policy requests from national body Fintech Australia, presented […]
Australian FinTech Startup Credit Savvy hits 100,000 Members
PRESS RELEASE: Australian Fintech Startup Credit Savvy Hits 100,000 Members Financial services startup Credit Savvy announced today that it has reached 100,000 users just shy of its first birthday, cementing its place in Australia’s booming ‘fintech’ sector. Credit Savvy provides Australian consumers with free access to their Experian credit score, a summary of their credit file and a marketplace of credit products. It also allows its users to track their credit score over time with free monthly score updates and alerts when key changes are made to their credit file. The startup has already made available over 600,000 free credit scores to its member base, with its highly active users […]
What are Robo Advisers?
Robo adviser has become the catch-all phrase for any advice service that employs technology to create efficiencies in the delivery of investment advice and/or management. I had dinner with a mate the other night who works at one of the major banks. As an industry participant, he has a keen interest in the development of robo advice, and the impact it will have on the industry. He asked a surprising question: “So, is it a robot that actually creates the advice?” I thought, ‘Well if he doesn’t understand robo advice, how will the rest of the world make sense of it?’ The important thing here is to understand that robo […]
How an Aussie fintech startup is connecting major brands to Chinese customers
Its always great to see Australian FinTech companies leading the way in international markets. Its hard to believe that such a market leader could remain under the radar for so many years. SmartTrans, a payments startup whose board is chaired by Australia’s former ambassador to Beijing has just posted its fourth consecutive $1m-plus month of revenue from its Chinese customer base. The fintech company’s share price has rallied this week after it posted a record revenue of $3.69 million in China during Q2. That’s an increase of 59% on the previous quarter’s revenue of $2.27 million and an increase of 620% on revenue for Q2 in FY2015. The company acts […]
How fintech lender zipMoney boosted retail sales by 20 per cent
With $10 million worth of loans already allotted and having recently listed on the ASX, the innovative consumer finance company, zipMoney, appears to be taking the retail industry by storm. Distributing finance through more than 200 retailers and merchants, the fintech lender provides customers with access to loans of up to $2000 via a simple smart phone application within minutes. zipMoney CEO, Larry Diamond, said “there are two million small businesses around Australia and most are locked out of consumer purchase financing.” By taking the benefits of a credit facility without the burden, some of zipMoney’s users have reported increases in sales of up to 20 per cent. Source: How […]
