finder fintech roundup: Regulations, open APIs and hitting million-dollar milestones
Fintech never sleeps, especially in the lead-up to Christmas.
Rather than slowing down towards the end of the year, fintech companies and regulators seem to be speeding up. This week we saw details for the "regulatory sandbox" announced as well as several rule changes from overseas markets. The fintech partnership between Prospa and Reckon proved to be fruitful and Big Four lender NAB made a much-welcome announcement regarding its data.
Fintechs that bypassed banks in partnership hit $1 million milestone
Following an announcement in July of a loans partnership, fintechs Prospa and Reckon have surpassed $1 million in loan originations on their innovative platform. The partnership allows Reckon customers to apply for loans that are powered by Prospa.
NAB to share open data through APIs
NAB has become the first Big Four bank to offer open APIs to a selection of third-parties. The API will give developers access to branch and ATM location data as well as foreign exchange rates for a two-week period.
How overseas regulators are dealing with fintech problems
Several announcements have been made recently regarding fintech in the US, UK and China. The announcements, which include fintechs being able to apply for banking licences in the US and tighter peer-to-peer lending laws in China, may hold lessons for Australia's fintech industry.
Transparency key to driving Australia's startup ecosystem
Digital strategist and advisor Chris Adams believes Australia's startup ecosystem is moving past "tall poppy syndrome". Adams was speaking at a CapitalPitch event in Sydney last night alongside representatives from NAB and investment group Tulla.
The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Friday to catch up.