finder fintech roundup: World Economic Forum, Victorian startups and anti-money laundering
Two revealing reports and a step forward for digital currency regulation.
The latest insights and announcements in the Australian fintech space.
World Economic Forum: Fintechs have "failed to disrupt", but there is hope
A new report from the World Economic Forum has detailed how fintech companies globally have failed to disrupt the competitive landscape. The report also found that larger tech companies such as Amazon and Facebook may present more of a competitive force to financial incumbents.
Government closes regulatory gap for digital currency providers
The Australian Minister for Justice has announced the first stage of reforms to strengthen the Anti-Money Laundering and Counter-Terrorism Financing Act. By doing so, it has increased the powers of the Australian Transactions and Reporting Analysis Centre (AUSTRAC) and brought digital currency exchange providers under its remit. The announcement has been welcomed by FinTech Australia CEO Danielle Szetho.
The Victorian startup ecosystem is thriving outside Melbourne’s CBD
A new report from LaunchVic, released in partnership with dandolopartners and Startup Victoria, has found that while 97% of firms are based in Melbourne the majority (71%) are located outside the city centre. Most of these startups are found in the inner city and south eastern suburbs but 3% are located in the regional areas of Geelong, Bendigo and Ballarat. Find out more about the research here.
The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Monday to catch up.