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 […]
Australia’s banks could be forced to share data with fintech start-ups
Treasurer Scott Morrison is considering forcing Australia’s big banks to share more of their data with financial technology start-ups to bolster the country’s comprehensive credit reporting scheme. The announcement was made as part of the government’s new policy vision for growing the fintech sector, launched today. It revealed it would direct the Productivity Commission to review “options for improving data availability and use”, including weighing up calls from the fintech sector to make comprehensive credit reporting mandatory. The fintech industry’s request draws from a perceived reluctance on the part of the big banks to take part in the comprehensive credit reporting scheme, which was introduced in March 2014 to allow […]
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 […]
Fintech start-up Afterpay plans ASX listing
Fintech start-up Afterpay — backed by legendary corporate raider Ron Brierley and a host of alumni from his former Guinness Peat Group — plans to list on the Australian Securities Exchange to supercharge growth plans after signing up more than 100 retailers to its online e-commerce product in the past nine months. Afterpay, whose backers include Mr Brierley’s ASX-listed Mercantile Investment Company, LinkedIn Southeast Asia managing director Cliff Rosenberg and Melbourne IVF founder John McBain, plans to raise $25 million in a float that will value the company at about $150m. Mr Brierley’s Mercantile last year bankrolled an $8m capital raising by the company. Mercantile is expected to emerge with […]
Treasurer Scott Morrison tells big regulators to prepare for new fintech rules
Australia’s top financial regulators have been told by Treasurer Scott Morrison to prepare for a new system to regulate financial technology start-ups that will allow entrepreneurs to spend more time building business ideas and less time navigating complex financial services regulations. The federal government is expected to release next week policy changes to support the growth of fintech companies threatening to disrupt banking incumbents. This will include a “regulatory sandbox” scheme, which will allow fintech startups to test their products and systems in a controlled environment. Under the proposal, early stage start-ups would be able to avoid extensive regulatory licence applications, which can eat up seed capital before they determine […]
Decimal ‘pivots’ to institutional market
Nic Pollock, who commenced as Decimal’s new chief executive on 23 November 2015, spoke to InvestorDaily about Decimal’s change in strategy as well as its new executive structure. Decimal began the marketing push last week, with the announcement it now has over $3 billion in funds under advice on its platform. Along with the staffing changes, Decimal has also abandoned its adviser-targeted strategy (which saw it competing with the likes of IRESS, Rubik and Midwinter) by shifting its focus to building relationships with financial institutions. “In the second half of last year, that’s when we decided to pivot back to the enterprise view of the world and really make our […]
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 […]
Macquarie takes stake in fintech minnow
It’s a positive sign to see Macquarie Group investing more in the Australian FinTech sector. They seem to be getting very active very quickly. It will be interesting to see which of the other big banks will follow suit… Macquarie Group has waded deeper into the fintech sector with an equity agreement with listed marketplace lender DirectMoney to assist in the development of what the minnow claimed would be a new securitisation funding market. In a boost after a bumpy listing in July, DirectMoney yesterday said it had sold $5 million of personal loans to Macquarie and secured the investment bank as an adviser to assist access to funding, […]
