With the foot of the world’s largest banking sector in the Australian economy, there are several opportunities for FinTech companies to get a foothold. Here is a list of five FinTech platforms that are worth keeping an eye on in the Australian banking sector:
1. TradeMe
TradeMe is the leading e-commerce marketplace in New Zealand, with 200 million dollars worth of transactions occurring each year across the site. This year, TradeMe went global by launching its version of Shopify, which will help them monetize their platform further. The company has also developed a mobile app for use on iOS and Android devices that allows users to shop using their smartphones instead of downloading a desktop application. TradeMe has also launched an initiative in collaboration with Google called “Shopify Me” that aims to bring online retail to small business owners and freelancers.
2. AussieBanking
AussieBanking is an independent provider of financial services founded in the Commonwealth Bank Group. It was formed out of a merger between CBA’s domestic wholesale division, First National Bank (FNB), First Capital Finance, and Westpac’s banking operations. As of September 2018, it had around 1,700 staff members serving over 100,000 customers. The company provides savings accounts, credit cards, home loans, and insurance products through more than 250 branches located throughout metropolitan Melbourne. AussieBank also operates in regional Australia under the brand name Suncorp. In November 2018, the Financial Services Council awarded AussieBanking its first-ever Innovation Award for its innovative approach to innovation through its digital lab.
3. Intuit Merchant Banking
The bank itself has been developing fintech solutions such as a chatbot that can be used to make payments or provide customer service – something that banks are doing very slowly because they don’t want to risk getting involved in money laundering activities through the platform. However, this could change if regulations were relaxed enough or if the government forced all banks to adopt these new technologies. For example, there is already a trial for the UK involving Santander, HSBC & NAB to develop a system for making peer-to-peer payments via Facebook Messenger.
4. Telstra Ventures
Telstra, one of the biggest telecommunications firms in Australia, was established back in 1948 when the Australian government encouraged a major consortium of communications professionals from private industry to create a national network. Since then, Telstra has grown to become the third-largest telecommunication carrier in the country. In 2010, Telstra invested AU$20 million into developing the National Broadband Network (NBN) program, which will connect every household in Australia with superfast fibre optic broadband connections.
5. OzForex
OzForex is an Australian-based forex broker. Founded in 2015, it facilitates online trading through its trading platform while providing education about currency markets through its blog. The firm offers competitive spreads and commission rates (which start at 0,05 pips). Its web interface is available in English, Indonesian, Simplified Chinese, French, German, Spanish, Italian, Portuguese, and Dutch languages. By 2016, it became possible to open an account directly without requiring any physical presence in Australia.
Dil Bole Oberoi
