finder fintech roundup: Fines, blockchain tests and regulations

Elizabeth Barry 11 November 2016 NEWS

signing a fintech contract

Making and breaking rules was the fintech focus of this week.

This week, small loans lender Cash Converters was hit with an ASIC fine, a regtech startup is looking to save banks $300 million a year and travel company Webjet also tests blockchain in a world-first solution for hotel bookings.

Australian banks are spending $300 million per year on this

GRC Solutions is looking to save Australian banks $300 million in regulatory costs with its adaptive eLearning technology. The fintech company is also looking to expand globally.

Webjet tests blockchain for hotel bookings

In a world-first blockchain test, ASX-listed Webjet is looking to bring transparency and accuracy to hotel bookings. The company teamed up with Microsoft to complete the six-month proof of concept.

Cash Converters refunds $10 million to payday loan borrowers

Short-term lender Cash Converters has been forced by ASIC to refund $10 million to borrowers. The lender was found to have issued contracts to customers before verifying their income and expenses.

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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