HSBC reports money laundering breaches in Australia subsidiary
The breaches involved small amounts of cross-border foreign currency transactions.
Australasia
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.
Appian unveils software to help banks operate amid coronavirus outbreak
The application is only available to companies with more than 1,000 employees.
WorldRemit teams up with Paykii
It will launch international bill payments through its own app/website using Paykii’s tech.
Swift’s ISO 20022 migration set back a year to November 2022
“The new approach will avoid short-lived investments by customers,” says Swift.
Commonwealth Bank of Australia admits to consumer protection violations
The Australian bank is set to be fined around AUD 5 million.
Travelex owner Finablr prepares for insolvency
Finablr processed $115 billion in transactions in 2019, and more than 1,500 firms rely on it.
Global fintech funding: 2018 still stands as the reigning year
As of February 2020, year-over-year deal counts were down by 22%.
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).
Silicon Valley, London… New Zealand: Why this emerging fintech hub shouldn’t be overlooked
The country’s emerging tech scene is much bigger than you might expect.
New Zealand’s central bank launches new market infrastructure with Italy’s Sia
“The extent of change is significant,” says RBNZ, which is deploying to 57 banks.
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.
BIS fintech report: More harmonised standards and less TPP reliance
BIS has published a cross-country review on the fintech regulatory landscape.
Klarna lands $200m from CBA for Australia launch
CBA will own half of Klarna’s Australian and New Zealand business.
Bank-backed blockchain trade platform Contour launches in Singapore
Contour is built on R3’s Corda platform.
The rise of investment apps
There’s an appetite to save and invest despite low interest rates across Europe, Australia and the US.
Greensill pledges to help SME suppliers after ombudsman probes
The lender says it needs to “think about the way that [its] capital is being delivered”.
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.
Digital broker Stake releases UK beta app ahead of February launch
The app plans to expand across Europe “in the coming months”.
Volt closes $70m ahead of IPO plans
Volt plans for $50 million Series D round with British and Middle Eastern investors.
