finder fintech roundup: Westpac, CBA, NAB, CCR, SocietyOne, iPhone X, bitcoin

Elizabeth Barry 6 November 2017 NEWS


Banks will be obligated to share credit data and fintech comes of age.

A lot happened in Australian fintech in the last seven days – here's what you missed.

Westpac drops new PayWear wearable payment tech

Westpac has officially launched "PayWear", a waterproof, wearable technology that allows Westpac customers to make cardless purchases. Find out more about the new tech here.

CBA, Westpac and NAB collab to create new mobile payment app

Three of the Big Four banks have collaborated to launch Beem, an app that will allow instant payments between all Australian cardholders including small businesses.

Banks obligated to share credit history data with startups and competitors

From July 2018, the Big Four banks will be obligated to share 50% of their credit data as part of the comprehensive credit reporting regime. This will increase to 100% 12 months later.

The more robust credit landscape is expected to benefit consumers and fintech startups who will be able to offer new products and make better lending decisions.

Segwit2x: A beginner’s guide to the bitcoin fork

The bitcoin Segwit2x (B2X) hard fork is set to come at block 494,784 and is predicted to happen on 16 November – find out exactly what it is and what it means in our guide.

Fintech comes of age in Australia: Monthly revenues up 200% in 2017

The second annual Fintech Census has been released, profiling the Australian fintech landscape and revealing a matured fintech sector. The census has revealed that median monthly revenues of post-revenue fintech companies are up 208% and one-quarter (24%) of fintechs reported that their revenue increased 700%.

SocietyOne: Changes to credit reporting will be “game changing”

Peer-to-peer lender SocietyOne has welcomed the Federal Treasurer's announcement that banks will be required to share credit data from July 2018, saying the changes will be "game changing". The lender has been contributing its own credit data since November 1.

Australia’s bitcoin users are exactly who you’d expect

The largest ever survey of Australia's bitcoin users has been conducted by and revealed who in Australia is buying bitcoins. Find out who, and where, the majority of Australia's bitcoin users are.

Westpac launches facial recognition functionality on new iPhone X

Westpac has announced that it will allow its customers using an iPhone X to log in to Internet banking by using the phone's facial recognition software.

The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Monday to catch up.

Picture: Shutterstock

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