Call for sector to go global as winners in fintech innovation announced

  • By Christine St Anne

Winners have been announced at the fifth annual Australian FinTech Awards 2020 with calls for the sector to lead globally 

The recent awards were hosted by FinTech Summit and FinTech Awards founder Glen Frost, with winners announced across 21 categories

Speaking at the event was, Senator Andrew Bragg and chair of the Senate Select Committee Inquiry into Financial Technology and Regulatory Technology.

Bragg called for a more global view of the industry particularly in light of the recent turmoil between China and Hong Kong.

Bragg has set up a 15 member advisory group, led by former Macquarie banker Andrew Low which he hopes will “come up with ideas to help Australia capitalise on the demise of Hong Kong as a financial and technology hub”.

While Bragg acknowledged that a more tax-friendly regime is needed for fintech growth and businesses, he would also like to see Sydney and Melbourne become regional headquarters on par with Singapore.

“I know that Hong Kong will still be an important gateway to China but because of the recent turmoil there it just doesn’t have the same attraction as a regional headquarters,” Bragg said. 

“We would be mad to sit idly by and allow such a lucrative share of the market leak to Singapore.” 

He called on the industry to send through the committee ideas that would realise this goal. 

“I believe Australia is better positioned than most other countries for the fintech sector to lead the way in our recovery,” Bragg said. 

“Financial technology is a ray of sunshine for Australia.” 

Bragg also echoed his Treasurer’s views on the performance of Australia’s regulators and in particular ASIC. 

“They haven’t served us well as they could have. It’s not their job to get involved in policy discussion. It’s their job to enforce the rules,” Bragg said. 

“At least on buy now, pay later, ASIC wisely keeps out of Canberra’s preserve.  

“Policy and regulation of the buy now pay later industry remain a matter for government and, ultimately, the Parliament,” he added. 

Senator Andrew Bragg in conversation with Afterpay director of policy and regulatory affairs, Michael Saadat. 

Bragg highlighted that the stellar growth of BNPL which has been embraced by young people. 

Amid this growth, he believes that no major issues have been identified except for “very low moderate late fees”.  

“ASIC rightly notes that self-regulation can drive good behaviour in innovative sectors like BNPL - which is exactly in line with the legislation introduced into Parliament to support industry codes.” 

For Bragg, if any consumer issues emerge in the future, ASIC can use its product intervention powers. 

He also highlighted that the senate committee will use the remaining months to look at longer term views of tech as a “driver of future jobs and economic growth”. 

“It is simply not true that technology destroys jobs, on the contrary, it’s jobs accretive.

“I am optimistic about new jobs underpinned by technology.” 

And the winners are: 

1. Best Fintech Payments Provider

Supported by the Australian Payments Network

Winner: Monoova 
 

2. Best Fintech Wealth Management Platform

Supported by Australian FinTech news 

Winner: Stockspot 
 

3. Best Fintech Consumer Lender

Supported by Perpetual

Winner: flexigroup 
 

4. Best Fintech Business Lender

Supported by Mambu

Winner: MoneyMe

5. Best Fintech-Bank Collaboration

Supported by Mambu

Winner: Lendi 

 

6. Best Fintech-Non-Bank Collaboration

Supported by RFi Group 

Newcastle Permanent Building Socieity

 

7. Best use of AI in Fintech 

Supported by Newcastle Permanent Building Society 

Winner: Tic Toc 

 

8. Best Proptech Platform 

Supported by Stone and Chalk 

Winner: MoneyMe

 

9. Best Alternative Investments Product/Platform9

Supported by RFI Group

Winner: Plenti

 

10. Best Open Banking Platform

Supported by Australian FinTech

Winner: Frollo

 

11. Best Smart-Bank/Neobank

Supported by: Envestnet/Yodlee

 

 

12. Best Fintech Superannuation Service/Platform

Supported by eftpos

Winner: Raiz Invest Super 

 

13. Best Fintech/Banking app

Supported by 7R Talent

Winner: 86 400 

 

14. Best Working Capital/Supply Chain Finance Product/Platform

Supported by Perpetual

Winner: Wiise Software 

 

15. Best Insurtech Product/Platform

Supported by: Insurtech Australia

Winner: Claim Central 

 

16. Best Fintech Foreign Exchange Provider

Supported by Stone & Chalk

Winner: Up

 

17. Fintech CTO/CIO of the Year

Supported by 7R Talent

Winner: Stuart Grover, co-founder and CIO, Look Who’s Charging

 

18. Female Fintech Leader of the Year

Supported by ncino

Winner: Katherine McConnell, founder, CEO, Brighte 

 

19. Fintech Leader of the Year

Supported by SeedSpace

Winner: Nathan Walsh, founder and CEO , Athena Home Loans 

 

20. Best Fintech Growth Story

Supported by Envestnet/Yodlee

Winner: Afterpay

 

21. Ashurst Fintech Start-Up of the Year

Supported by Ashurst

Winner: Beforepay