News Pulse for October 10, 2016

A daily download of SME, startup, fintech and tax news from around Australia.

Banking inquiry: Malcolm Turnbull confirms Government will establish banking tribunal

Prime Minister Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 has confirmed the Government will establish a banking tribunal.

The possibility for a tribunal was raised during this week’s parliamentary hearing with the heads of the big four banks.

What will the bank tribunal mean for the banks and consumers?

After bank bosses had their turn in the parliamentary spotlight this week, Prime Minister Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 confirmed the government will set up a new banking tribunal for aggrieved consumers.

Fending off Labor’s push for a royal commission, he promised a “low-cost, speedy tribunal” to deal with customer gripes with their lender.

Most Small Businesses Aren’t Taking Advantage Of Government Incentives

Australian small business owners are not making the most of Government incentives that could make their lives a little easier, according to a new survey. They also have a tendency to be self-reliant, preferring to tackle problems alone. Read on for more insights from the survey.

Domain name hosting provider GoDaddy recently conducted a survey on 500 small business owners and found many of them had a ‘lone wolf’ attitude when running their company. They value the flexible lifestyle of owning a business and most of them deal with their own IT problems themselves.

CUA developing a startup mentality after KPMG’s mLabs

Member-owned credit union will try to speed up the time it takes to bring new ideas to market after participating in KPMG’s first fintech accelerator for mutual banks, mLabs.

CUA was one of the corporate participants in the 12-week program which yielded 18 commercialisation opportunities, including a debit card and app for kids and a personal finance management application.

How Sydney startup Propeller Aero raised $4 million from some of the biggest investors in the world: “They are ready to follow in the footsteps of Atlassian”

His startup, drone software company Propeller Aero, was on the hunt for a large funding round to transform it into a household name, and on the back of a “big commitment” from seed investor Blackbird Ventures, Miguel set out to secure the round in the startup capital of the world.

Using contacts from the Startmate accelerator program to get lucrative introductions, the entrepreneur met with a range of high-profile investors to pitch his vision for Propeller Aero, one where the use of drones is commonplace for businesses and his startup is leading the way in providing the software to underpin this.

Honcho: Australian start-up takes its off-the-shelf business plans to the world

Honcho founders Matt Abrahams and Matt Pearson knew they were on to a good idea from the beginning, but they had one big problem.

“What Honcho does as a platform, the first of its type, is that it takes care of everything from business name registration and tax services through to getting a bank account (with partner ANZ), quoting and invoicing, taking payments with Stripe, website and domain name as well as basicAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au emarketing.”

Why the parliamentary inquiry was good for fintech

Discussion of data sharing, small business loan rates and investment troubles spell increased opportunities for fintech. The parliamentary inquiry into banks saw CEOs of the Big Four – Westpac, ANZ, NAB and Commonwealth Bank – grilled about a range of issues pertaining to their bank’s conduct. While the line of questioning taken by House of Representative economics committee did not directly relate to fintech, the answers and defences at the four inquiries reveal several interesting points that relate to the fintech sector, for both banks and fintech companies.

Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.

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