Community legal centre Financial Rights Legal Centre has called on the Australian Government to respect the rights of joint bank account holders to control their own data.
Investment in Australia’s fintech sector has accelerated in the first half of 2020, reaching US$376.5 million, a more than 150% increase from US$149.05 million in the corresponding period in 2019, with the growth coming despite a decline in merger activity, according to a new fintech report.
International digital remittances will reach US$525 billion by 2024 as traditional players in the market face fintech challenges, according to a new research report.
The founder and chief executive of marketplace lender MoneyPlace, Stuart Stoyan, has been appointed as the new chair of Fintech Australia to replace the founding chair, Simon Cant, who is stepping down.
Online retail marketplace MyDeal.com.au has launched a business loans service in partnership with fintech lender Prospa, offering unsecured loans which it claims will accelerate the growth of retailers.
KPMG Australia has launched a fintech accelerator — mLabs — aimed at connecting authorised deposit-taking institutions (ADIs) with fintech startups.
Card payments provider Tyro has warned that Australia’s position in the global fintech market could be jeopardised if big banks are allowed to retain control of customer transaction data.
Australia has a bright future as a leader in Fintech innovation but to reach that leadership position requires concerted effort from government agencies and established financial institutions, as well as partnerships and research collaboration between banks and start-ups, according to global research company, Frost & Sullivan.
The Budget has drawn a mixed and not overly enthusiastic reaction from Australia’s tech startups. While many welcome small business tax cuts and ongoing support for the fintech sector, others are disappointed that some of the initiatives announced by Treasurer Scott Morrison don’t go far enough.
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