Tagged: australia

Digital Identity: Eftpos Australia to Begin Testing its Mass-Market Online Customer ID Service, backed by Leading Banks, Merchants

Eftpos (electronic funds transfer at point of sale) Australia confirmed that it will begin running pilots of a mass-market digital identity service, which is reportedly backed by the nation’s leading banks and merchants. According to a document submitted to the Australian government’s Select Committee on… Read More

Fintech Australia Posts Recommendations on Post COVID-19 Response to Support Financial Innovation

At the end of last month, the Australian Senate Select Committee on Financial Technology and Regulatory Technology submitted a request for input as to the impact of the COVID-19 pandemic on the Fintech sector. The committee said that it is “keenly aware” to the impact… Read More

Insurtech: Singapore-based Axinian, an Insurance Technology Firm, Rebrands itself to “Igloo”, Secures Additional Funding

Singapore-based Axinian, an insurance technology (Insurtech) firm, has reportedly finalized its Series A+ investment round. To date, the company has secured $16 million in capital for its ongoing growth and development. Axinian’s funding round was led by InVent, the corporate venture capital division of Intouch… Read More

Australian Fintech Airwallex Secures $160 Million Through Series D Funding Round; Bring Total Equity Raised to $360 Million

Airwallex, an Australia-based fintech company, announced on Thursday it secured $160 million through its Series D funding round from various investors, such as ANZi Ventures, Salesforce Ventures, DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, and Horizons Ventures. The latest funding brings Airwallex’s total equity… Read More

As Sporting Events Shut Down, SportsBet Took Wagers on Stock Indexes Until Regulators Shut Them Down

Necessity is the mother of invention. This we know. Sportsbet, an Australian online bookmaker, saw betting tank just like most other businesses as the COVID-19 pandemic spread. At the end of March Stuart Allott, Sportsbet head of corporate affairs, told BI Australia: “Given the unprecedented… Read More

Open Banking: Fintech Frollo Introduces Product Data API Service for Banks to Help Data Holders Meet Regulatory Requirements

North Sydney-headquartered Frollo has introduced a product data API service for banks, which helps data holders with adhering to relevant Open Banking regulations. The API solution satisfies the requirements specified by the Australian Competition & Consumer Commission’s (ACCC) initial guidelines. Frollo is notably one of… Read More

Australia: Prospa to Participate in Government’s SME Guarantee Program

Online lender Prospa Group Limited (ASX: PGL) has received access to the Australian government’s SME Guarantee Scheme to support small businesses impacted by the COVID-19 pandemic. The Fintech believes it is uniquely placed to implement the Government’s initiative. The Coronavirus Small and Medium Enterprises Guarantee… Read More

Contactless Payments: Commonwealth Bank of Australia Reports Significant Increase in Digital Wallet Transactions Following COVID-19 Outbreak

The Commonwealth Bank of Australia (CBA), a global bank with businesses across New Zealand, Asia, the UK, and the US, recently noted that there’s been a significant increase in mobile-based digital payments at point-of-sale (PoS) terminals. This, as Australian residents may be trying to avoid… Read More

Australian Neobank 86 400 Secures $34 Million in Capital from Morgan Stanley, Others

Cuscal-backed digital bank 86 400 has secured $34 million in funding from its first outside investors. The Australian neobank’s Series A investment round was led by Morgan Stanley. The banking challenger has acquired a total of $90 million in capital. The bank’s latest round included… Read More

Canary in the Coal Mine? COVID-19 Crisis Having Severe Impact on Consumer Credit Markets as Online Lending Sinks

“We’ve seen a significant contraction in the market with a reduction of 30 to 40% in the demand for personal loans. It’s our view that the fall in demand is being driven by faltering consumer confidence due to job insecurity and economic uncertainty amongst other… Read More

Australian Digital Bank Up Slashes its Savings Interest Rate, Following Reserve Bank’s Recent Cuts

Up is the latest digital banking service provider to slash its savings rates following the Reserve Bank of Australia’s recent cut to the nation’s official interest rates. The Melbourne-headquartered neobank has adjusted the maximum rate on its Saver Account. The new rate has been marked… Read More

Australian Digital Bank Xinja Selects Cloud Content Management Provider Box

Xinja, a an Australian digital bank, has selected Box (NYSE:BOX), a cloud content management provider, to help with improving its client interactions through the neobank’s mobile app. Xinja clients’ bank statements and account data will be sent via a portal that’s operated and managed by… Read More

Gobbill, a Fraud Detection and Payment Automation Firm, and AirPay Integrate AliPay, WeChat Payments into Today Australia Media Platform

Australia-based Gobbill, a fraud detection and payment automation firm, and AirPay, a Chinese mobile payment company, have integrated Alipay and WeChat payment functionality into a media platform, called Today Australia. The integration will allow users to make payments via a feature called “ToPay,” which comes… Read More

Digital Bank 86 400 Appoints Two New Business Development Managers to Help Expand its Presence in Mortgage Broking Sector

Digital bank 86 400 has confirmed that it has recently appointed two new business development managers in order to expand its presence in the mortgage broking sector. Hien Nguyen, a former FAST partnership manager, and Zac Harb, ME Bank’s key account manager, have reportedly joined… Read More

Parliament of Australia: Select Committee on Fintech & Regtech Re-Opens Comments on Sector in Light of COVID-19 Pandemic

The Australian Select Committee on Financial Technology and Regulatory Technology (ie Fintech and Regtech) has re-opened a consultation in light of the ongoing Coronavirus or COVID-19 pandemic. According to the Australian Parliament: “Since the committee finished its last round of public hearings in February, Australia’s… Read More

Challenger Bank Virgin Money Is Evaluating Plans to Shut Down Physical Branch Locations, Following Coronavirus Outbreak

Challenger bank Virgin Money is reportedly evaluating its plans to shut down its physical branch locations as lenders begin to increasingly focus on reducing the potentially negative impact of an economic downturn, resulting from the coronavirus (COVID-19) outbreak. Hundreds of jobs, which had been created… Read More

Digital Banking: Australia’s Tyro Payments Reports that its Transaction Volumes are Steadily Increasing During Coronavirus Outbreak

Sydney-based Tyro Payments (ASX: TYR), an Australian Fintech institution that specializes in merchant credit, debit and EFTPOS acquiring, reports that its transaction volumes during the past three weeks have been steadily increasing. Tyro Payments notes that from March 1 to March 20, there was a… Read More

COVID-19 Impacts Australian Stock Exchange Transition to DLT Based Replacement for CHESS

Earlier today, the Australian Stock Exchange (ASX) announced that its planned replacement for CHESS – the backbone system of the stock exchange has been impacted by the COVID-19 pandemic. The exchange said the implementation timetable has been altered due to the uncertainty created by the unfolding… Read More

Digital Banking: Australia’s Neobank Xinja Secures $433 Million in Capital from Dubai’s World Investments

Dubai’s World Investments is reportedly investing $433 million in Australia-based digital bank Xinja over the next couple years. This, after the mobile-first bank’s steady customer growth. Subject to pending regulatory approvals, Xinja bank will be able to access $160 million in capital immediately. The remaining… Read More

Fintech Australia Postpones Finnies Awards Amid COVID-19 Pandemic

FinTech Australia announced on Monday it has postponed its 2020 Finnies Awards amid the COVID-19 pandemic. According to the organization, the Finnies is Australia’s only industry-backed fintech awards and the event gives more than 100 fintech startups the opportunity to be recognized for their achievements…. Read More

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