This week, Macquarie releases its open platform, Brexit spurs UK banks to (finally) support fintechs and bitcoin may split yet again.
All it took was Brexit
With the UK’s exit from the EU looming closer and closer, banks are pledging to fully support fintechs in order to maintain the country’s position as financial capital of the world. A move in the right direction to be sure, but perhaps next time it’d be nice to see similar initiatives without the threat of Europe falling apart...
Meanwhile, bitcoin is still struggling. A short term recovery appears to be floundering and there are worrying signs that the cryptocurrency may split again, following the launch of Bitcoin Cash on August 1st. Bloomberg looks at why another split is in the cards for November and the wider impact this could have on the cryptocurrency.
Bridging the gap
Fintech Australia, organisers of the upcoming Intersekt Fintech Festival, have announced their commitment to gender equality by achieving gender parity among the event’s speakers. A big push in the right direction for an industry marred by low numbers of female participation - last year’s EY fintech survey revealed that only 13% of Fintech founders in Australia are women.
Jumping the gun (in a good way)
Macquarie upped the ante by launching its new open banking platform this week, allowing customers to port their financial data (securely) to external services powered by fintechs and other financial technology providers. This comes amidst the growing Open Data debate taking shape in Australia, echoing a similar debate in Europe following the announcement last year of the PSD2 directive.
Race to the top
Australia may have the potential to become a world leader in fintech acording to ScoMo, but is China ahead of the game? Editors over at Institutional Investor seem to think so. Australia may have been named the second largest market in Asia-Pacific for alternative lending, but the first is of course, China. They’ve even surpassed North America as the top destination for fintech investments.
Photos by Timothy Muza, Chris Lawton and David Armstrong respectively, on Unsplash