The peak financial technology (fintech) industry bodies in Indonesia and Australia have signed a landmark agreement to help drive exchanges of talent and expertise between the two growing fintech markets.
Signed on 1 December, the memorandum of understanding between FinTech Australia and FinTech Indonesia is regarded as an important step to drive the mutual development and growth of fintech industries across both jurisdictions.
A proposed new regulatory pathway to allow the creation of Australian challenger banks is a welcome move but does require some improvements, according to the peak body for the nation’s fintech industry.
FinTech Australia has lodged a submission with the Australian Prudential Regulation Authority (APRA) in response to its discussion paper, entitled “A phased approach to authorising new entrants to the banking industry”.
Below are announcements from our members for December 2017:
We have an opportunity for a fintech community leader to sponsor our end-of-year infographic and opinion piece, which will outline the industry’s achievements during the second half of 2017 and predictions for 2018.
Our half-year infographic, published in August, (pictured left) received widespread domestic and international media, and social media attention.
Australia’s 2.1 million small to medium enterprises (SME) are the backbone of the nation’s economy, employing more than 7.3 million people (or about 68 per cent of Australia’s overall workforce).
Fintech lending and finance firms are increasing providing the capital that these businesses need to invest and grow.
Below is a comment given to The Australian newspaper on the decision by the Australian Securities Exchange to use distributed ledger technology for its settlement and clearing system for equities transactions.
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When it comes to blockchain and distributed ledger technology, Australia is going beyond the hype and instead developing real solutions and governance for this technology. The ASX announcement is further evidence of this.
A successful AUD$67 million capital raise by US-based consumer finance marketplace Credible on the Australian Securities Exchange (ASX) illustrates the strong and growing appetite for exposure to fintech by Australian investors.
Credible was founded as a student loan refinancing marketplace in San Francisco in 2012 by Australian-born entrepreneur Stephen Dash.
Australia is set to further grow its world-leading blockchain and digital currency industry following the Australian Parliament’s approval of anti-money laundering legislation last night, according to Australian fintech leaders.
The Australian Senate passed legislation extending anti-money laundering and counter-terrorism financing regulation to digital currency exchanges.
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