To our knowledge, no other such partnership exists in the world of Fintech. Further partnerships with Society One demonstrate Westpac's desire to work with Fintech rather than compete.
As we head into Intersekt Festival 2021 Macgregor talks candidly of the challenges facing incumbent banks. He also shares his thoughts on how banks can adapt and become part of a very exciting but uncertain future.
About Macgregor Duncan and Westpac
Westpac is Australia's second-largest bank. Macgregor Duncan leads Westpac’s corporate and business development team, where he’s responsible for M&A, strategic investments and partnerships.
Before joining Westpac in 2016, Macgregor's spent time in the US as managing director at a US private equity firm. He also spent time as an investment banker at Goldman Sachs, and a corporate lawyer in New York.
Graduating from Adelaide, Princeton and Harvard Universities, Macgregor is the co-author of Imagining Australia: Ideas For Our Future.
Macgregor is currently a non-executive director at the Australian Business Growth Fund and sits on the board of 10x Future Technologies.
65: Afterpay, Lee Hatton
Fintech Australia Podcast #65 Lee Hatton from Afterpay joins Dexter Cousins as they discuss a world-first partnership with Westpac.
Banking as a Service is real! Afterpay recently announced a landmark partnership with Westpac to provide a deposit account facility to Afterpay customers via the 10x/Westpac BaaS platform.
It has been an incredible year for Nick Molnar, Anthony Eisen and the Afterpay team. Lee talks about 2020 highlights and what we can expect to see in 2021.
Lee also shares her thoughts on leadership and how the events of 2020 have challenged leaders like never before.
Founded by Dexter Cousins in 2016, Tier One People is on a mission to help Australia become the world leader in Fintech innovation.
Tier One People helps companies like Revolut, TrueLayer and 10x build founding teams for launch in Australia.
And series A+ / ASX Listed Aussie Fintech like Lendi, Afterpay and 86 400 hire executive talent capable of delivering growth and scale.
If you are building a world-class Fintech venture and need help in hiring tier-one people contact us
Lee Hatton, Afterpay
In episode 48 Dexter Cousins chats Fintech with Lee Hatton, EVP of Platforms at Afterpay. Lee spent 5 years as CEO of UBank, Australia's 1st 100% online bank and is also a board director at Xero.
Afterpay is one of the world's fastest growing Fintech. Listed on the ASX with a market cap of Aus $24bn! makes Afterpay a Decacorn🦄🦄🦄 Right!?
Tencent invested $300m for a 5% stake in the business in 2020. With 700 staff globally and operations in the US and UK Afterpay is the jewel💎 in the Australian Fintech crown 👑
Lee shares her story from a farm in New Zealand to, banking to one of the world's fastest growing Fintech. It's a phenomenal story from a phenomenal person!
We talk about Afterpays plans for global domination, exactly why Lee made the move and her approach to leadership.
Find out more Afterpay.com
FinTech Summit 2018
Tuesday 16th October 2018. The 5th FinTech Summit took place in Sydney. An all-star line-up of FinTech leaders and a sell-out crowd made this the best FinTech Summit yet.
The topics of open banking, the rise of challenger banks, the recurring themes of raising capital and hiring talent were all debated. But the prominent themes of the day were integrity, ethics and genuine care for customers.
There was a real sense of excitement in the room, with the audience recognising we are at the beginning of a new era in FinTech. Presentations by UP Bank and Xinja demonstrated the differences between a digital challenger bank and a neo bank.
Using ground breaking technology, Up (challenger bank) have taken an established bank and re-imagined the banking experience based on the premise 'living not banking.'
Xinja (neo bank), on the other hand are building a totally new bank and new products, using technology to 'bring humanity back into banking.'
Two very different angles, two very different visionaries but two people united in making Australian banking the best in the world.
Celebrating the success stories of Australian FinTech
David Hancock of AfterPay opened the FinTech Summit with a fantastic presentation on customer trust. AfterPay has a market cap of AUS $2.6bn and is without doubt Australia's greatest FinTech success story to date. The global growth story is astonishing, even Kylie Jenner wants AfterPay for her cosmetics business!
The paradigm shift in risk management, based on trust and customer care, has played a big role in AfterPay's success. Social platforms, technology and access to data have all enabled the rapid growth and adoption of new business models. His words of advice to the major banks were
“The cost of mistrusting people is significantly higher than the value of mistrusting people.”
Katherine McConnell, CEO and Founder of Brighte shared her journey. Incredible to think exactly three years ago, Katherine arrived at Stone & Chalk with a vision and a laptop. Today, Brighte has written approximately AUS $200m in loans, has $90m banking facilities, with investors including Mike Cannon-Brookes and AirTree Ventures.
The 10x vision for Brighte is to enable the mass adoption of batteries in the home and play a pivotal role in making Australia a clean energy country. Despite all the success and awards, Katherine remains one of the most humble and accessible people in FinTech. It is fantastic to see the continued success of Brighte.
Xinja news and updates
Xinja CEO, Eric Wilson was as passionate as ever in his mission to bring humanity back into banking. We caught up with Eric afterwards where he shared big announcements and a new product release (not Xinja Chocolate.)
Although unable to name names at this stage, expect announcements on high-profile board appointments (rumoured to be Brett King) The series C funding round is coming to a successful close with lots of interest from overseas investors. Talks with regulators are on track. And the core banking system implementation (a world first partnership with SAP) is ahead of schedule. Hopefully all should be announced at the next AGM planned for November.
So, only one questions remains (quote Billy Zane in Zoolander)
‘Eric, when you gonna drop Android on us buddy?’
Soon!
Values and culture are your business
The afternoon event consisted of 4 break out sessions on open banking, raising capital, regtech and compliance. Yours truly chaired a panel discussion with Kylie Vitale of Volt Bank, Kristen Holmes of Zip and Will Blott of Cover Genius. Three highly progressive People and Culture leaders with a pioneering approach to scaling businesses through Values and Culture. The value of hiring a People and Culture specialist in the early stages of growth is huge.
Open banking and the future of Australian FinTech
Martin McCann of Tradeledger ended what was an energetic event with a rallying call to action on open banking.
“If we make Banking as a Service a success, we could unleash Aussie financial muscle on international markets, on a scale never seen before”
What a fantastic message to end a landmark day.
My closing thoughts? Open banking is a once in a century opportunity for Australians. For the future of Australia and our ability to compete on a global scale, we simply cannot allow open banking to become the exclusive domain of the big four banks. Scott Morrison has asked the FinTech community not to screw it (open banking) up. Today, the FinTech community fired the same message straight back to the PM.
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