finder fintech roundup: ANZ, Bankwest, ASIC, Friendsurance and Bendigo Bank

Elizabeth Barry 11 September 2017

fintech

Another bank tests wearable payment technology, and Australia's first P2P insurance policy is launched.

It was a busy week in fintech, with announcements from major financial players as well as new market entrants. Here's what you missed.

New Melbourne startup incubator to open with $80m in financial support

The City of Melbourne has announced the launch of a new startup incubator and accelerator space, which will open in the city's CBD. The Jiangsu-Victoria Innovation Centre will provide startups access to coaching as well as $80 million in financial support to fund projects over three years.

ANZ launched voice ID for mobile banking

ANZ has become the first Australian bank to offer voice-authentication technology on mobile, with ANZ customers now able to use their voices to authorise mobile transactions of over $1,000 using the Grow by ANZ app.

Bankwest tests new wearable payment technology

Bankwest has enlisted 400 of its staff to test 3 types of wearable payment technology for the next 12 weeks. The wearables use NFC microchips, allowing users to make contactless payments using a key ring fob, wristband or clip.

ASIC: Fintech will be both a challenge and risk in 2017-18

The Australian Securities and Investments Commission (ASIC) has identified digital disruption as both a long-term challenge and a key risk as part of its corporate plan for 2017-18 to 2010-21. The regulator outlined an action plan to lead it into 2020-21, which it hopes will allow it to combat the risks of digital disruption and ensure consumers gain the full benefits on offer.

Financial empowerment app launches for domestic violence victims

Women's Legal Service Queensland has launched a mobile app to provide financial tools and support for victims of domestic and family violence. The Penda app is currently available to be downloaded for free.

Introducing the "welfie", a picture of your personal finances

New personal finance app PictureWealth has launched, allowing users to get a snapshot of their personal finances in one image dubbed the "welfie".

Australia gets its first P2P insurance policy for bike riders

Peer-to-peer (P2P) insurer Friendsurance has launched its first product in Australia: Cashback Bike Insurance. As well as being offered under Friendsurance's P2P insurance model, the insurance product also offers bike riders an extra level of protection not usually offered in bike insurance policy.

Spotcap launches $10,000 Fintech Scholarship program

Online lender Spotcap has announced the launch of a Fintech Scholarship program. The program will see a student attending university in a fintech-related field receive $10,000. Spotcap has also announced one paid internship placement at its offices in Sydney.

Blockchain to be used for international money transfers

Foreign exchange digital currency provider FlashFX has become the first Australian company to use blockchain for international money transfers, receiving an Australian Financial Services Licence from the Australian Securities and Investments Commission.

Blockchain gets fishy: how marine insurance is embracing fintech

An industry consortium led by EY and Guardtime has announced the world's first marine insurance blockchain platform. The distributed-ledger technology will be used to capture information about vessels as well as global risks and exposures, and then integrate that data into policies and contracts.

Bendigo Bank customers can now use Samsung Pay

Bendigo Bank has become the latest financial institution to jump on the Samsung Pay train, with its cardholders now able to make contactless payments with their Samsung phones. The bank joins more than 40 institutions currently on board with Samsung Pay.


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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