The fintech startup Petal, in conjunction with WebBank, is offering a credit card to the estimated 65 million people in the US who have insufficient credit history to qualify for a traditional credit card. Instead of relying on credit scores, Petal uses cashflow underwriting based on machine learning. It considers how much money consumers make, the bills they pay on a monthly basis, and trends in volatility in their income and expenses.
www.americanbanker.com/news/petal-webbank-launch-card-for-credit-invisibles
Flamingo's virtual assistant platform called Rosie, is a way for financial institutions to assist and retain customers or potential customers as they consider which complex financial products are right for them. It's an artificial intelligence engine that guides customers through their financial services product purchase, onboarding or enquiries.
http://www.afr.com/technology/amp-trials-fintech-flamingos-virtual-chatbot-rosie-20170123-gtwyi4#ixzz4vMgRwJR3?
Australia will be the first market for a fintech app which allows you to buy insurance for individual items of value, such as cameras, laptops, bikes, or instruments, turning it on or off as you please. The US startup Trove's decision to launch this new on-demand app in Australia first is due to support it has received from Suncorp as well as Australia's regulatory environment and the high penetration of smart phones.
RateSetter connects investors who want a better rate on their money with borrowers who want a simple, competitive personal loan. It was the first company and FinTech to be licensed by ASIC to provide peer-to-peer lending to retail investors and SMSFs in Australia. www.ratesetter.com.au
ASIC (Australian Securities and Investment Commission) and the FCA (Financial Conduct Authority) of the UK have agreed to cooperate to assist innovative Fintech companies in Australia and the UK that wish to enter the other's market-Financial Services Update provided by Ashurst. http://download.asic.gov.au/media/3585954/fca-asiccoperation-agreement230316.pdf
The Australian Government is conducting a review into open banking in Australia so that banks ? especially the Big Four ? open up their APIs and let FinTechs offer new financial products and services. In Europe, open banking has already been mandated by the European Commission.
http://www.innovationaus.com/2017/08/ScoMo-to-pry-open-bank-data?
