Weekly update 19/11/2023

Fintech weekly news

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Australian Fintech Landscape: Key Developments and Strategic Shifts

Recent Rebranding Efforts in Australian Fintech Industry

  • Tic:Toc to Tiimely: Adelaide-based fintech company Tic:Toc has undergone a rebranding to Tiimely, signifying a strategic shift in its business model. The rebrand reflects the company's transformation from its inception with the World’s First Instant Home Loan™ in 2017 to a more diverse platform technology company. This change represents a broader trend in the fintech sector, where companies are evolving to offer multifaceted technological solutions.

  • Super-Rewards to Grow My Money: Sydney's Super-Rewards has rebranded as Grow My Money. This new identity aligns with their innovative approach of allowing shoppers to earn cashback that can be directed towards mortgage repayments or superannuation savings, demonstrating a commitment to creating financial solutions that integrate with everyday activities.

Innovations and Collaborations

  • Telescope AI's New Features: Sunshine Coast's Telescope AI introduced two new features, "Personalized Advice" checks and "Safety Checks," for their product Ripple. These features, powered by AI, focus on ensuring legal and ethical compliance in investment idea generation for the asset management industry, highlighting the increasing role of AI in enhancing financial services' safety and compliance aspects.

  • Parpera and NRMA Insurance Partnership: Parpera announced a partnership with NRMA Insurance, marking the debut of the Parpera Marketplace. This collaboration signifies a move towards more integrated financial services in Australia, offering businesses a broader range of choices and a more streamlined experience.

  • ExtrasJar's Collaboration with Phoenix Health: In a unique venture, ExtrasJar has partnered with Phoenix Health to launch ExtrasJar Hospital Insurance, blending traditional hospital coverage with innovative health finance approaches. This initiative reflects a trend towards modernizing traditional insurance products to meet contemporary consumer needs.

Corporate Developments

  • Novatti Group's Strategic Decision: Novatti Group (ASX: NOV) has sold its shares in Reckon, a move aimed at simplifying their business operations. This decision is indicative of the ongoing strategic realignments within the fintech sector as companies seek to streamline their operations and focus on core competencies.

  • Upworth's Market Entry and Funding: Sydney-based Upworth, a new entrant in the Australian fintech landscape, has announced its official launch, along with raising $1 million in capital from angel investors and entrepreneurs. This development underscores the continued interest and investment in the fintech sector, especially in innovative startups.

  • Send Payments & PEXA Collaboration: In a significant collaboration, Send Payments & PEXA have joined forces to assist with international currency exchange payments on the PEXA platform. This partnership is expected to streamline foreign exchange transactions, addressing the need for more efficient and user-friendly processes in international financial dealings.

Insights from KPMG’s Australian Fintech Survey Report 2023

The KPMG Australian Fintech Survey Report 2023 offers valuable insights into the emerging trends, challenges, and opportunities within the fintech industry in Australia. The report highlights the dynamic nature of the sector, underscoring the importance of innovation, customer-centric solutions, and strategic partnerships in driving the industry forward.