Xinja, the latest “neobank” to be given a full banking licence in Australia, is looking to raise more than $50 million from big investors as part of its plan to disrupt the lucrative retail banking sector. In a key milestone that allows the bank to take deposits from the public, Xinja was on Monday granted an unrestricted licence from the Australian Prudential Regulation Authority (APRA). (more…)
Challenger bank Judo has raised $400 million in the biggest individual private funding round by an Australian start-up, making its founders multimillionaires on paper.
A new set of digital banks are arriving in Australia to compete with the big four — NAB, ANZ, Westpac and the Commonwealth Bank — with a new one approved to operate on Thursday.
86 400 — named for the number of seconds in a day — has now been authorised to accept deposits, and promises to be in operation later this year.
Anthony Thomson, the chair of 86 400, has a history of founding successful challenger banks, including Metro Bank, which was the UK’s first new high street bank in over 150 years.
Competitors Xinja, Digital banks Volt and Judo have already arrived in Australia and are at different stages of approval.
Australian challenger bank 86 400 has come a step closer to launching a home loan product after securing a national distribution deal with mortgage broker aggregator Vow Financial
The deal means 86 400 can deliver home loans via Vow Financial’s network of over 1200 brokers once it secures its full banking license from the Australian Prudential Regulation Authority.
A flurry of neo banks in Australia are threatening to make inroads into the dominance of the country’s established lenders.
Sydney-based digital bank Volt promises to offer a faster more personalised service than the country’s big four incumbents – National Australia Bank, Commonwealth Bank, Australia and New Zealand Banking Group and Westpac. (more…)
In 1901 there was such a massive spat between Sydneysiders and Melburnians over which city should be capital of the newly federated Australia that a whole new city (and territory) was formed.
By James Eyers for the Financial Review,
Australia’s transition to an innovative, technologically savvy economy and how corporate leaders are coping with the forces of disruption will be a major issue debated at The Australian Financial Review Business Summit this week.
In interviews with the Australian Ambassador to Israel and StartupAUS’ Acting CEO, Geektime learned how Australia is making big changes to grow their ecosystem (more…)
TECHINASIA: These are just a few quotes from the media about an industry that has received its fair share of global criticism over the years – the payday lending industry. In Australian media coverage, you’d be hard-pressed to find a positive word spoken about what is described as “the fastest-growing component of Australia’s finance sector” to date. Australia’s leading business publication, the Australian Financial Review, recently reported on Cash Converter’s $23 million double class action settlement, for overcharging customers on interest rates.
FINEXTRA: Having occupied relatively safe niches, such as payments and P2P-lending, fintech companies are now moving toward the core banking business. For them it is a multi-billion dollar opportunity to reinvent the financial services, but they won’t cope without the support of the current banking industry, according to the report by Santander InnoVentures, Oliver Wyman and Anthemis Group. Read the report (more…)
Coindesk: Two of Australia’s ‘big four’ banks, Westpac Banking Corporation and the Australia and New Zealand Banking Group, are experimenting with peer-to-peer transfers on the Ripple protocol.
The news, revealed by The Australian Financial Review, follows last month’s announcement that the Commonwealth Bank of Australia (CBA) – another ‘big four’ rival – is trialling the tech for transfers between its subsidiaries. At the time, CBA’s chief information officer David Whiteing described distributed protocols as “the way of the future”.
E27.CO: Australian electronic funds transfer at point of sale (EFTPOS) provider Tyro Payments announced today that it has opened the country’s first first hub for financial technology startups in Sydney. According to Tyro, the Tyro FinTech Hub will offer co-working desks to FinTech startups and high growth companies, as well as spaces to host accelerators, conferences, hackathons, meetups and seminars.
FINOVATE: Kabbage has announced plans to move into the Australian market with a white-label offering of its small business lending technology. The launch in Australia represents Kabbage’s first foray into the Asia-Pacific region, having already been in operation in both the U.K. and the U.S. (more…)