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Australia

Reserve Bank of Australia mulls payment cost change for merchants

Australian central bank examining the market in the wake of COVID-19

iSignthis drops $1m on NSX shares to further rival ASX

The company’s subsidiary Probanx Solutions has bought 16.5 million NSX shares.

Westpac discloses AML breaches and due diligence failures

Australian bank has set aside AUD 900 million for an expected fine.

Aussie fintech Verteva lands $21.4m to digitise home lending market

The start-up is headed up by two former Westpac execs.

Aussie neobank Xinja loses 2.25% interest rate

The interest rate caused it to hit AUD 100 million in deposits after just 19 days.

ANZ promotes Emma Gray to new group executive data role

Gray is rewarded for her work as chief digital officer.

Tencent buys 5% stake in Aussie fintech Afterpay

It puts Afterpay at a market capitalisation of more than AUD 8 billion ($5.1 billion).

Iress integrates with Knowledge Bank’s mortgage criteria search engine

Brokers will be able to access lender criteria all in one place.

Webinar: Swift gpi is a chance for payments modernisation

Opportunities beyond meeting the minimum exist for banks embracing gpi.

Looking beyond the coronavirus trading boom

Some trading apps see their future in the saving market.

2020 Review: Top 10 funding rounds this quarter

A look back at some of the biggest investments this past quarter.

Top 10 coronavirus initiatives by governments and regulators

A brief overview of how governments and financial regulators have reacted to coronavirus.

HSBC reports money laundering breaches in Australia subsidiary

The breaches involved small amounts of cross-border foreign currency transactions.

Judo Bank lands $307m from government to support SMEs

“This is a really substantial additional signal of support by the government,” says co-CEO.

86 400 raises AUD 34 million in Morgan Stanley-led Series A

This brings the total capital raised by 86 400 up to AUD 90 million.

Westpac’s acting CEO gains full authority as bank gears up COVID-19 response

Peter King will be Westpac’s CEO for at least the next two years.

Australian telco ZipTel buys up challenger bank Douugh

Douugh uses AI to help customers get better insights on their money.

Aussie challenger Xinja lands $255m from Emirates’ World Investments

Xinja will receive the bulk of the investment over 24 months.

Commonwealth Bank =

Commonwealth Bank of Australia admits to consumer protection violations

The Australian bank is set to be fined around AUD 5 million.

Greensill buys Aussie payday advance app Earnd

The acquisition marks Greensill’s move into payday finance.

Aussie neobank Hay chooses Mambu’s cloud banking platform

Mambu landed two other Asia-Pacific deals this month.

Mambu to power Australian credit firm Nimble

Nimble is switching up on its tech to power digital bank aims.

Virgin Money Australia picks Temenos Transact as new core system

Parent firm Bank of Queensland kicks of digital transformation plan.

Australian neobank Xinja launches $33m Series D with customer buy in opportunity

The challenger is offering a minimum investment of AUD 20,400 ($14,000).

Revolut bags $500m from TCV to drive daily account usage

The challenger wants to “accelerate daily usage of accounts”.

Australia’s regulator flags new internal bank stress-testing framework

APRA will consult the industry on the development of the framework in H2 2020.

iSignthis to form blockchain venture with NSX to compete with ASX

NSX suspended iSignthis from trading on its platform five months ago.

Standard Chartered commits $75bn to sustainable development

Infrastructure projects to get $40bn, whilst renewable energy and clean tech to get $35bn.

Aussie challenger Hay launched by UK’s Shawbrook Bank ex-employees

The challenger is headquartered in New South Wales with offices in London and Belfast.

Report: The digital drive to replace the passport in financial services

FinTech Futures publishes its latest industry report, on digital identity and fraud.

Standard Chartered sets up Singapore-based venture with Assembly Payments

The new payments venture is designed to help ecommerce merchants.

Funda Finance Partners in lendtech revamp with nCino

US-based nCino has gained further presence in Australia via a new deal with Funda Finance Partners, an SME lender. New South Wales-based Funda will implement the vendor’s flagship cloud-based solution, nCino Bank Operating System, “to streamline its lending processes and enhance its customer experience”, nCino says. “Funda chose nCino after searching for a technology solution […]

US neobank North Loop partners with Aussie edtech Cohort Go

The neobank can extend its list of international payee countries to one 33 times the size.

Aussie neobank Xinja hits $100m in deposits after 19 days

The challenger expected to do $120 million in deposits in a year.

GoSave to launch digital piggy banks in UK before Christmas

Co-founder tells FinTech Futures: “We’re fighting the inertia of kids not saving.”

Australia’s Commonwealth Bank to back 25 start-ups

Home-In and Vonto are the first two Aussie start-ups to join the incubator.

Klarna lands $200m from CBA for Australia launch

CBA will own half of Klarna’s Australian and New Zealand business.

Video: Top fintech stories this week – 24 January 2020

FinTech Future’s weekly news round-up.

Aussie neobanks challenge country’s big four banks

ANZ, Westpac, NAB and Commonwealth Bank have lost a collective half a billion dollars.

Volt closes $70m ahead of IPO plans

Volt plans for $50 million Series D round with British and Middle Eastern investors.

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