Tagged: australia

Australia’s DayTek Capital, which aims to Launch a Digital Bank, Acquires Financial Services License

Australia based DayTek Capital, a company focused on establishing a digital bank, has reportedly been awarded a financial services license by regulators in the country. Headquartered in Queensland, the new digital bank, called Infinity, has joined several other Australian banking challengers, which include Xinja Bank,… Read More

SendGold, an Australian P2P Digital Money or Gold as a Service Platform Reports Over 800% Increase in Transactions, After COVID-19 Outbreak

Fintech firm SendGold, which describes itself as a Gold-as-a-Service (GaaS) platform, reports an 819% increase in transaction volume and a 311% growth in transaction size since January 2020. Established in 2016, SendGold is a peer to peer (P2P) digital money platform focused on serving the… Read More

Australian Stock Exchange Listed Fintech EML Payment Plans to Reduce the Use of Plastic Cards by 50%, Globally

Fintech firm EML Payment Ltd (ASX: EML) aims to significantly reduce plastic consumption by the weight of 56 elephants, 10 humpback whales, 1,250 lions, and the height of 5,000 giraffes across the company’s global portfolio within the next three years. EML’s “Change for Good” Initiative… Read More

Online Lender Prospa Announces Full Year Results, Sees Green-shoots in SME Economy

Online lender Prospa (ASX: PGL), a Fintech serving Australian and New Zealand SMEs, has released FY20 unaudited results. Simultaneously, Prospa has announced that it has set aside an additional $20 million provision for credit losses, largely due to the ongoing COVID-19 crisis. Prospa notes that… Read More

Australian Fintech Firm X15 Ventures Introduces Backr App to Help SMEs Launch their Operations

X15 Ventures, a Fintech firm owned by the Commonwealth Bank of Australia (CBA), has introduced an app for SMEs that helps them with launching their operations. There’s also a cash incentive being offered to firms that will use the app to start their business. The… Read More

Fintech Australia CEO Rebecca Schot-Guppy Says that Government Should Introduce Low-Interest Loans for Financial Tech Firms

Rebecca Schot-Guppy, the CEO at Fintech Australia, a member-driven organization that’s focused on supporting the financial technology ecosystem in the country, has argued that the success of Fintech outliers such as Afterpay and Airwallex during the COVID-19 outbreak should serve as a reminder that the… Read More

Australian Digital Bank 86 400 Partners with Australian Finance Group on Home Loans

Australian Digital bank 86 400 has signed a strategic partnership with Australian Finance Group Ltd  (AFG), to expand its home loan broker distribution network, according to a company release. 86 400 states that with AFG on board, one in three mortgage brokers in Australia now… Read More

Birchal Publishes Update on Crowdfunding in Australia

Birchal, the top investment crowdfunding platform in Australia, has published a report updating on progress being made in Australia regarding “crowd sourced funding” (CSF) as it is called in Australia. According to Birchal, since the commencement of Australia’s CSF industry in 2018, over 80 Australian… Read More

Xinja Bank Announces Plans to Launch U.S. Share Platform For Australian Investors

Xinja Bank, an Australia-based neobank, announced on Tuesday plans to launch a U.S. share platform for Australian investors, Dabble. According to Xinja, Dabble will sit alongside the neobank’s bank account and savings account Stash. It will provide quick and easy access to US shares, many… Read More

Banking Platform Mambu Selected by Australian Bank Tyro

Banking platform provider Mambu has announced that Australian business bank Tyro has selected Mambu’s cloud-native banking platform to deliver its first term deposit product. Mambu reports that this is the first Australian deposit-taking institution (ADI) to incorporate its platform. According to a release, Mambu’s platform… Read More

Netherlands’ Digital Banking Solution Provider Backbase to Establish New Offices in Melbourne and Sydney

Virtual banking service provider Backbase is planning to establish two new offices in order to meet growing demand for its products in Australia, where digital banking platforms are expected to expand rapidly in the coming years. Backbase will be offering greater proximity and expertise in… Read More

Australian Digital Bank UBank to Reduce Its Home Loan Rate to Historical Lows for New and Existing Clients

Australian neobank UBank, a leading digital challenger, has reportedly reduced its home loan rate to its historical low. UBank’s management noted that they’ve made a 0.10% to 0.15% per annum out-of-cycle reduction to the bank’s variable home loan rates. New property owner and occupier home… Read More

Australian Neobank 86 400 to Prepare for Series B Funding Round, as it Focuses on Helping Customers Earn More from their Savings

Australian neobank 86 400 has reportedly moved to its next phase of growth only a year after being awarded a banking license. The digital bank says that it will be focusing on helping its customers with new ways to earn more money from their savings…. Read More

InstaReM Launches “BizPay” Solution for SMEs in Australia

InstaReM, a payments Fintech that is part of Nium, has launched BizPay in Australia. The service is designed to assist SMEs by converting credit cards into working capital. The announcement comes soon after the same product launched in Singapore in June. InstaReM believes that SMEs… Read More

Australia based TAGZ, a Digital Asset Exchange which Claimed to be One of the Largest Crypto Trading Platforms, to Shut Down

Australia-based TAGZ, a crypto exchange that claimed to be one of the largest fully-regulated digital currency trading platforms, recently announced that it will be shutting down its operations on July 30, 2020. TAGZ was reportedly a licensed AML/CTF compliant digital asset exchange. As noted on… Read More

“Product-Disruptive” Neobank Developer DayTek Captial in Australia Joins Visa’s Fintech Fast Track Program

DayTek Capital, a company focused on building Australia’s first “product-disruptive” neobank, is the latest firm to join Visa’s Fintech Fast Track program as it prepares for the launch of Infinity, an all-digital banking challenger. By joining the program, DayTek Capital will be able to help… Read More

Australian Fintech Zeller Acquires $6.3 Million in Seed Funding via Round led by VC Square Peg Capital

Financial services firm Zeller has acquired $6.3 million in capital through a seed funding round led by Australian VC Square Peg Capital. Zeller says that it’s planning to use the funds raised to offer services that plug the existing gaps or shortcomings of the business… Read More

Australian Wealthtech Picture Wealth Secures A$12 Million via Equity and Debt Funding Round, Acquires NEO Financial Solutions

Picture Wealth has finalized a A$12 million equity and debt funding round. The wealth management firm is planning to transform Australia’s financial advisory and superannuation sector. Picture Wealth has also acquired financial services licensee NEO Financial Solutions (NFS) for an undisclosed amount. Following the acquisition,… Read More

Online Lender Prospa Recognized as the MFAA State Excellence Fintech Lender Awards

Prospa, an online lender serving Australian SMEs, says it did a clean sweep of the MFAA State Excellence Fintech Lender Award for the third year running. According to the Fintech, the company has received the Fintech Lender Award for QLD at the fifth and final… Read More

Open Banking: European Countries Need to “Harmonize” their Approach to Open Finance, Andréa Toucinho from Partelya Consulting Suggests

Andréa Toucinho, the Director of Studies, Prospective and Training of Partelya Consulting and Country Ambassador for France of European Women Payments Network (EWPN), notes that it’s necessary to develop a European vision or roadmap for adopting Open Banking and Open Finance platforms. She suggests that… Read More

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