News Pulse for October 23, 2018

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

Australian startups crave media coverage and lack marketing skills, report finds

Media exposure is the biggest challenge facing Australian startups and lacking marketing skills in their founding team is their biggest regret, the 2018 Startup Muster report says.

This year’s report, which surveyed 3,476 Australian startup founders, found 42% of them said they needed media exposure in the next six months.

Australia should beat, not copy flawed UK open banking

One of Australia’s long-standing favourite pastimes is to take something the UK invented and then make it our own. Cricket and rugby spring quickly to mind, but now with the advent of open banking, we have the opportunity to do it again.

Last week, The Australian Financial Review published an opinion piece advocating that if we don’t adopt the “world’s best open banking implementation”, then we will have failed and our entire fintech sector will be at risk.

The number of startups in Australia has fallen for the first time in 5 years

The number of early-stage startups in Australia has fallen for the first time in five years.

According to the annual Startup Muster report, released yesterday, 12.5% fewer startups were active in 2018 than in 2017.

Review calls on ATO to better manage conflicts of interest

The Australian Taxation Office (ATO Australian Taxation Office) needs to better manage conflicts of interests within its ranks to minimise risks of corruption, according to the findings of a long-awaited review.

The review of the ATO Australian Taxation Office’s fraud control management by inspector-general of taxation Ali Noroozi was initiated after a scandal involving one of the ATO Australian Taxation Office’s former highest-ranking officers, Michael Cranston, and the alleged abuse of his position.

Huge Sibos event shows surging clout of banking and fintech

More than 7000 global bankers have flooded into the International Convention Centre in Sydney on Monday for an unprecedented opportunity to download the latest cutting-edge thinking about global finance over the next four days.

And by the looks of hundreds of booths representing the world’s biggest banks in the vast exhibition hall – which are more like fully blown bank branches – it’s clear some serious business is being done here this week too.

ANZ CEO says robots can’t replace bankers

SIBOS told cyborg onslaught isn’t a relationship.

The chief executive of the ANZ Bank, Shayne Elliott has used his opening address to the SIBOS conference in Sydney to stress humans won’t be replaced by robots in the banking world, despite the rise of new technologies ranging from AI to blockchain powering fintechs and neobanks.

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