finder fintech roundup: The parliamentary inquiry and fintech, Apple Pay wars continued and fintech’s third wave

Elizabeth Barry 7 October 2016 NEWS

moving to financial innovation

This week the focus in Australian finance was the Parliamentary Inquiry into banks, but fintech still rolled on.

While fintech was sidelined this week as CEOs of the Big Four banks were grilled over the bank's conduct, we still had some notable progressions in the space.

Why the Parliamentary Inquiry was good for fintech

CEOs of Australia's largest banks were forced to answer to the House of Representatives economics committee this week, and questions included issues such as data sharing, business loan rates and financial advice. What each CEO said revealed some good news and opportunities for fintech companies.

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Fintech Australia throws support behind Apple Pay wars

Fintech Australia, the national fintech industry association, has come out with a statement regarding some of our biggest banks and their fight with Apple. Fintech Australia has taken the view that the dispute shows the need for open access in all areas of infrastructure.

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The "third wave" of fintech

Goldman Sachs global head of fintech, Jeff Gido, discussed the evolution of fintech and a supposed "third wave" of innovation. The third wave will be characterised by collaboration between fintech "disruptors" and banks in order to make "a better tomorrow".

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

Image: Shutterstock

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