The Hong Kong Securities and Futures Commission (SFC) and Australian Securities and Investments Commission (ASIC) have signed a co-operation agreement for financial innovation. Both parties play up their “already close ties” and the Australia-Hong Kong trade and investment relationship “more broadly”. ASIC says Hong Kong is Australia’s seventh most important destination for services exports, valued […]
A new law in New Zealand is being readied with plans to bring in more innovation and accountability to credit unions. Called the Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill, the new legislation will update the law for credit unions and their associations. It has been read for the first time in Parliament. […]
Four Australian banks, Australia and New Zealand Banking Group (ANZ), Commonwealth Bank, National Australia Bank (NAB) and Westpac are now live or planning to implement Swift’s global payments innovation (gpi) initiative. According to Swift, these Australian banks represent over 80% of cross-border payments flow for Australia. The banks all say the same stuff – so […]
New Zealand-based SBS Bank is rolling out a new “end-to-end” digital banking platform supplied by Sandstone Technology.
Consulting firm EY will acquire Australian cybersecurity and identity and access management (IAM) provider Open Windows. EY says Melbourne-based Open Windows’ expertise and tools will form the basis of a new Asia-Pacific regional IAM advisory platform within EY, to help assess, design, build and operate solutions. Lynn Kraus, Oceania managing partner advisory, EY, says it […]
Securities processing software vendor GBST has migrated the back and middle-office operations of Deutsche Bank from the legacy GBST Shares platform to GBST Syn for processing the bank’s equity market trades in Australia. This is GBST’s fourth live Syn installation in the country. Other users are Macquarie Bank, Citi Australia and brokerage and investment firm […]
Bank of Sydney has completed its search for a new digital channels software provider – the winner of its tender is Fiserv with its DigitalAccess omnichannel system.
It’s smiles all around as two fintech groups are welcoming the Australian Securities and Investments Commission’s (ASIC) initiative for more regtech innovation. The RegTech Association and FinTech Australia joined forces to welcome the release of the report, “ASIC’s Innovation Hub and our approach to regulatory technology”. This latest bout of happiness follows nicely on from […]
Australia-based MyState Bank has moved onto a single core banking platform, replacing two separate installations. The solution is understood to be TCS Bancs from TCS Financial Solutions.
Australia-based Xinja has emerged from the shadows to unveil its plans for a mobile-only digital bank. Xinja has raised in excess of AU$2 million ($1.5 million) in its first-round funding to launch a pre-paid debit card as a precursor to establishing Australia’s first fully digital, independent “neobank” built for mobile. The bank will have no […]
LeasePlan, one of the world’s largest fleet management specialists, is undertaking an enterprise-wide technology overhaul with SAP.
Australian bank Westpac has gone live with the first stages of its tech overhaul in Australia to move its core processes from its own premises and into the cloud. According to the Australian Financial Review, it “has already moved two core banking processes to the cloud since the end of March, and intends to have […]
UBank, a subsidiary of National Australia Bank (NAB), has launched RoboChat, Australia’s “first virtual assistant” for online home loan applications. RoboChat will guide customers through the online mortgage form by providing real-time input on questions like “what term do you offer on home loans?” and “do you offer redraws and how do they work?”. Lee […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Everyone loves a dreamer, except in the world of banking – where digital aspirations are swiftly cut down to size by the reality of legacy systems. That is until Luis Uguina, chief digital officer for Macquarie’s Banking and Financial Services Group, comes along and challenges everything you thought you knew about banks’ digital offerings.
Micro-investing service Acorns Australia has chosen Moneythor’s machine-learning solution to help it analyse customers’ spending patterns and offer insights into savings. The new “My Finances” features of the Acorns app were developed with Moneythor’s engine. The solution’s predictive analytics and data classification techniques are also used to provide customers with an estimate of their future […]
With the battle of the four banks won, Apple Pay’s fight to retain its Australian smartphone market continues as HSBC Australia is now offering support for its customers for the first time. Back in March, Apple Pay emerged victorious in its long-running feud with four domestic banks over their permission to collectively bargain with Apple […]
An Australian start-up is set to launch a “bank account on steroids” by offering investment, transaction and savings accounts in one product. Called Mosaic, the bank will allow a user to invest in any asset class if they’re an active investor or be risk profiled to determine a passive fund “best suited to their situation”. […]
Reserve Bank of Australia (RBA), the country’s central bank, has made a decision to overhaul its core banking technology with TCS Financial Solutions’ Bancs system.
QxBranch, the quantum computing and data analytics software company, has created a quantum computing simulator for the Commonwealth Bank of Australia (CBA).
Australia and New Zealand-based banking group, ANZ, has announced it will be the first Australian bank to introduce voice biometrics on mobile devices to allow higher value transactions. From the middle of this year, customers transferring more than $1,000 through ANZ’s mobile apps will be able to use their voice to automatically authorise high value […]
Apple Pay has emerged victorious in its long-running feud with four domestic banks over their permission to collectively bargain with Apple and boycott Apple Pay. The Australian Competition and Consumer Commission (ACCC) has issued a determination denying authorisation to the Commonwealth Bank of Australia (CBA), Westpac, National Australia Bank (NAB), and Bendigo and Adelaide Bank […]
Accenture will acquire First Annapolis, a privately held payments consulting and advisory firm. Alan McIntyre, senior managing director, and head of Accenture’s Banking practice, says the acquisition “will enhance our capabilities in the payments sector”. Terms of the transaction were not disclosed. The acquisition, which is subject to customary closing conditions, is expected to close […]
TSB Bank in New Zealand is rolling out a new lending solution from Australia-based fintech start-up Cloudcase.
Australia-based BT Financial Group, a wealth management subsidiary of Westpac, has added new functionality – superannuation administration – to its core banking platform, supplied by Avaloq.
An Australian start-up has been revealed as the key technology partner of Visa’s new contactless payment sunglasses which were launched at the South by Southwest (SXSW) Festival. Visa unveiled the WaveShades sunglasses at the festival in Austin, Texas. Behind the scenes, the bright idea came from FinTech Australia member Inamo who came up with the […]
Australia-based banking tech provider Rubik has signed wealth management company Yellow Brick Road (YBR) for its scaled advice solution, Provisio.
Australia-based banking tech provider Rubik (soon to be acquired by Temenos) has signed a new client, Goldfields Money. Rubik’s CEO Iain Dunstan says one more new customer will be announced “imminently”.
On 16 January 2017, the Australian Prudential Regulatory Authority (APRA) released for public consultation its Economic and Financial Statistics (EFS) Form Review. Notably, this consultation package represents a major overhaul of many of the financial and statistical returns currently prepared by the Australian authorised deposit-taking institutions (ADIs) as well as introducing a new set of returns to be submitted. We examine what’s at stake.
Kevin, Traity’s new chatbot, provides micro-insurance for P2P transactions online. Created in collaboration with Australia’s financial services conglomerate, Suncorp, Kevin protects buyers on online marketplaces such as Gumtree, Facebook and Craigslist.
Australia-based banking software and services vendor Rubik Financial is to be taken over by Temenos. The deal is valued at $50 million.
Four big Australian banks haven’t given up the fight to convince the country’s antitrust regulator that they get some concessions from Apple over Apple Pay. With a decision due in a few weeks, the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Westpac, and Bendigo and Adelaide Bank may have made their final submission […]
Suncorp’s multi-year venture to modernise its core banking system, known as Project Ignite, has stumbled at the final hurdle. As Banking Technology reported in August 2016, the revamp was in its final stages. However, in questions over its half-year FY17 results, Suncorp told iTnews that the configuration of the platform and product migration has “taken […]
The New Zealand Tech Industry Association (NZTech) is launching a new working group, FinTechNZ, which will focus on financial innovation and technology. This working group will be inaugurated in Christchurch, Wellington and Auckland next week.
The future of commercial banking may well lie in being “curators”, according to Australia and New Zealand-based banking group, ANZ. In an interview with the Australian Financial Review, Mark Hand, managing director, corporate and commercial banking at ANZ says commercial bankers will “morph into ‘curators’ for their business clients by linking customers with reputable, external […]
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
Spotcap, an online lending company headquartered in Berlin, Germany, has announced it is now operating in Auckland, New Zealand, as a registered financial services provider and is accepting applications for credit of up to NZD 250,000 ($182,000) from eligible businesses.
Commonwealth Bank of Australia (CBA) has issued a cryptobond for Queensland Treasury Corporation (QTC) using its capital markets blockchain platform. CBA says it is “the first blockchain bond issuance by a government entity both in Australia and in the world”.
Australia’s ME Bank has signed a five-year deal with tech consultancy firm Capgemini to manage its core banking functions. ME Bank says it will still look after the design and security elements of the Temenos’ T24 core banking system, while Capgemini will provide a managed service for its infrastructure. In an interview with the Australian […]
St George Bank, Sydney-based subsidiary of Westpac, has finally gone live with new core banking software, CSC’s Celeriti. The project has been underway since 2010.
