afr

Australia’s Regtech Sector Is Ready for Take-off

CBA’s money-laundering scandal set the wheels in motion, now 6 million funding for ASIC and start-up IPO plans show the engines are revving regtech as a hot new sector in Australia. Shutterstock.com The local regtech scene is ready for take-off. There were two indications last week that regulatory technology’s engines are revving up.

Read More

‘Walk Rather Than a Run to Cashlessness’ in Australia, Says Payments Boss

Cash is used for only 37 per cent of our transactions. Large-scale technology shifts like the introduction of the Reserve Bank’s New Payments Platform and the rise of tap-and-go are hastening the retreat of cash as a transaction mechanism.

Read More

CBA Outstrips Big Four Rivals in Mobile Apps, Per Forrester Research

Commonwealth Bank of Australia is beating its Big Four rivals in the crucial new battleground of mobile apps, with its services rating top in an analysis by US-based technology analyst firm Forrester Research, which put Australia and New Zealand Banking Group at the back of the pack.

Read More

Credit Cards on the Decline as Visa Says We Have Passed ‘Peak Plastic’

Australia has reached peak plastic and credit card transactions will now start to decline, as people increasingly adopt mobile and wearable payment technologies, according to the new country manager of Visa.

Read More

London Fintech Delegation Reveals Deeper Australia-UK Tech Links

Ten promising fintech start-ups are in London this week meeting the UK government, regulators and investors. James McCormick Ten Australian fintech start-ups are in London this week on a trade delegation arranged by the Australian British Chamber of Commerce, a sign of deepening ties between the two nation’s technology scenes.

Read More

Changing of the Guard at FinTech Australia as Industry Faces Tough Challenges

The new chairman of FinTech Australia is Alan Tsen, also general manager of Stone Chalk in Melbourne. Lobby group FinTech Australia has a new chairman and relatively new CEO, a refreshed leadership team to represent its 243 fintech start-up members in the corridors of political power.

Read More

Australian Banks Launch Beem It to Take on Their Own Osko

Beem It has been launched in Australia to allow real time peer-to-peer payments. It is owned by three of the big four banks and will compete against the NPP’s Osko. Marlene Awaad In the shadows of the Hayne royal commission, three of the major banks launched Beem It last week.

Read More

The Future of Money: Aussies Still Love Cash

Australians have been quick to embrace cashless payments for their day-to-day transactions but cash is still in strong demand.

Read More
post thumbnail

Westpac Says Open Banking Needs More Time to Limit Systemic Risk

The pointy end of open banking: Westpac says it is expecting fraud rates to soar. Mayu Kanamori Westpac Banking Corp says in order to limit new, systemic risks that open banking will introduce to the financial system, banks need more time to design and test the regime.

Read More

Highlights From AFR’s Banking Wealth Summit

Plenty of intriguing insights about fintech were delivered at The Australian Financial Review’s Banking Wealth Summit last week. So, here’s a selection of highlights, in no particular order. Brian Hartzer says cash is disappearing from the economy faster than any of us anticipated.

Read More

How Australia and New Zealand Banks Can Control Their Own Fate

Day One of The Australian Financial Review Banking Wealth Summit was about how Australia’s bankers lost the trust of the public. Day Two was about banks realising they need to respond to that – rediscovering their sense of purpose and winning trust back.

Read More

Westpac Strikes Deal With Assembly Payments

David Lindberg, chief executive of business banking at Westpac, says the bank is looking to save costs by collaborating with fintech start-ups.

Read More