finder fintech roundup: Regtech, agri-lending and banking licences
P2P lending records are being smashed but fintech is still being criticised for lack of competition.
The banks announce new fintech features, disruptors smash lending records and regulators lament the lack of competition in startup banks.
Agri-lending helped drive SocietyOne to a new lending record
Peer-to-peer (P2P) lender SocietyOne has announced it passed the $250 million lending mark in March of this year. While it primarily handles personal finance, the lender has attributed some of its success to the increased demand for its agri-lending product.
Despite fintech hype, Australia's banks still lagging behind
MP and chair of the House Economics Committee David Coleman has lamented the lack of startup competition in the banking sector, noting just one banking licence (Tyro) was granted in the past year.
The rise of regtech – the "little sister" of fintech
The regtech association officially launched on Friday in Sydney last week. We talked exclusively with Matt Symons, co-founder of Red Marker and RegTech Association director, Karen Malzard, head of risk at ANZ Wealth and Danny Gilligan, MD of Reinventure about regtech and their place in the innovation ecosystem.
ANZ introduces voice authorisation for higher value mobile transactions
In a first for Australian banking, ANZ customers will soon be able to use their voice to authorise transactions over $1,000 via the ANZ mobile app. Previously, customers had to revert to Internet banking or visit a branch to make transactions over that amount.
CBA adds two new features to its banking app
Commonwealth Bank has announced two new additions to its mobile app – transaction notifications and a spend tracker. Executive general manager of digital at the bank Pete Steel said these features were in response to increased customer demands for banks to help them save money.
The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Friday to catch up.