Code of Lending Practice launched by fintech SME lenders

Code of Lending Practice launched by fintech SME lenders

Fintech lenders Capify, GetCapital, Moula, OnDeck, Prospa and Spotcap have collaborated with the Australian Finance Industry Association, the Australian Small Business and Family Enterprise Ombudsman, theBankDoctor.org and FinTech Australia to produce a Code that will improve transparency and disclosure in this important alternative source of debt funding for Australian SMEs. The Code will inform SMEs […]

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Prospa, ASIC & the conundrum of Unfair Contract Terms law

Prospa, ASIC & the conundrum of Unfair Contract Terms law

The aborted Prospa IPO raises questions not just about the online SME lender’s compliance with UCT but also ASIC’s role in applying and enforcing this law which came into effect in November 2016. In its prospectus Prospa said “we have reviewed our loan contract in relation to UCT in July 2015 and again in September […]

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Prospa IPO exposes lack of transparency in the unregulated non-bank SME lending market.

Prospa IPO exposes lack of transparency in the unregulated non-bank SME lending market.

Prospa’s impressive growth trajectory is set to receive a boost when it becomes Australia’s first online small business lender to list on the ASX. But the prospectus exposes issues of transparency for the acknowledged market leader in what is a largely unregulated market. Propsa will raise $146m of new capital of which $100m will fund […]

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Will the bank chairmen step up, step down or be sacked?

Will the bank chairmen step up, step down or be sacked?

Scott Morrison says bank boards need to step up, but maybe it would be better if they actually stepped down, starting with the chairmen? CBA’s tattered reputation took another blow today when APRA released this report on governance, culture and accountability at the bank. It will certainly increase the heat on CBA but the Treasurer […]

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How the fall out from the Royal Commission will affect you

How the fall out from the Royal Commission will affect you

I got it wrong when I predicted the Royal Commission wouldn’t amount to much. As a hardened 25 year career banker even I’ve been dismayed by the revelations. There will be more to come later next month when the RC turns its attention to SMEs, but the ramifications from the RC will be far reaching […]

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Improving transparency in the fintech business lending market

Improving transparency in the fintech business lending market

theBankDoctor, Kate Carnell & Fintech Australia have published a detailed report on improving transparency in the fintech business lending sector. This project has been twelve months in the making and represents a line in the sand on industry self regulation which is needed to ensure this rapidly emerging sector fulfills its potential of becoming a […]

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What Australia’s bank leaders can learn from Amazon’s Jeff Bezos.

What Australia’s bank leaders can learn from Amazon’s Jeff Bezos.

Amazon is well on the way to its goal of conquering the modern commercial world. The e-commerce, logistics, media and food titan is now the second biggest company in the world and Morgan Stanley predicts it will overtake Apple by the end of next year to become the globe’s first USD1 trillion company. Australian institutions, […]

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The other reason for removal of ATM fees

The other reason for removal of ATM fees

ATMs are going the way of letterboxes and public phone booths. Emails are replacing letters, mobiles phones are replacing public phones and payment options like Apple Wallet, payWave and cash out are rendering ATMs redundant. In the not to distant future we will be using ATMs about as often as we currently use letterboxes and […]

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The APRA Inquiry creates the opportunity for CBA to turn from laggard to leader in culture and governance.

The APRA Inquiry creates the opportunity for CBA to turn from laggard to leader in culture and governance.

A truism learned from a career inside and outside banking is “you may win a battle with a bank but you’ll never win a war”. But big and powerful banks, accustomed to getting their way with customers, seem to be finally coming to the realization that they are not going to win the public opinion […]

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Shining a light on the SME fintech lending market

Shining a light on the SME fintech lending market

theBankDoctor.org, Kate Carnell, the Australian Small Business & Family Enterprise Ombudsman (ASBFEO) & Danielle Szetho, CEO of the industry association Fintech Australia (FA) have published a detailed report on improving transparency in the fintech business lending sector. This project has been twelve months in the making and represents a line in the sand on industry […]

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