5 things you need to know in Australian tech today

The big banks are being ordered to share their data with fintechs. Photo: iStock.

Plenty of news to get through today, so here it is.

1. The bosses of the big banks have reluctantly agreed to open up their customer data to the fintech community. The move has long been as a stumbling block to development of innovation in Australia’s financial sector, and the major bank chiefs, appearing before a parliamentary enquiry this week, have expressed in-principle support. The biggest publicly stated concern from Commonwealth, Westpac, ANZ and NAB is security and privacy. Read more here.

2. The superannuation fund that will invest in famous tech stocks claims it will have $100 million of retirement savings under its wings by its public launch at the end of this month. Spaceship, aimed at millennials, will invest in companies like Google, Apple and Microsoft to grow customers’ pension accounts. Read more on its pre-launch claims here.

3. The data-matching debacle at Centrelink has completely demoralised the Department of Human Services. InnovationAus.com reports the department is an “agency in crisis” and the so called “robo-debt” collection system has triggered a “climate of fear”, according to submissions to a senate inquiry.

4. Booming Queensland startup SafetyCulture has hired the man who reformed Atlassian and Spotify’s culture. Nick Ingall, who has started as head of talent, says the place reminds him a lot of Spotify’s heydays – and that there’s no reason why the Australian company go down the same path, after securing $30 million in series B funding last October. Read more here.

5. Online real estate classified site Domain will venture into mortage and insurance fields. The AFR reports that the chief executive of the company, which will be separated from parent Fairfax Media, has earmarked financial services as a way of growth in its post-float era.

BONUS: NAB led a $US24 million series B funding round into San Francisco foreign exchange startup Veem. It’s the third investment by the bank’s VC arm NAB Ventures. Read more on NAB’s motivation for buying into the US company.

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