A long-serving industry figure is retiring from a key board role at one of Australia’s largest mortgage aggregators.
Australian Finance Group (AFG) co-founder Malcolm Watkins is retiring as non-executive director, bringing to a close nearly 32 years with the aggregator he helped turn into a diversified, ASX-listed financial services group.
Watkins helped establish the Perth-founded aggregator in 1994 alongside Brett McKeon, Kevin Matthews, and the late Brad McGougan, at a time when the broker channel was still finding its feet in the Australian mortgage market.
Over the ensuing decades, AFG grew into one of the country’s largest aggregators, with brokers on its panel now responsible for around one in nine new residential mortgages nationally.
Initially an executive director, Watkins moved into a non-executive role in 2022 as part of a gradual governance transition.
AFG chair Greg Medcraft said Watkins’ influence stretched across the company’s strategy, culture, and systems from its earliest days.
“Malcolm has been fundamental to the success of AFG from day one. His vision, deep industry knowledge and commitment to innovation have left a lasting imprint on the company,” he said.
Architect of broker technology
Much of Watkins’ executive career at AFG was spent spearheading the group’s technology and marketing capability at a time when digital tools were becoming central to broker businesses.
Over more than two decades, he oversaw investment in and delivery of the group’s core platforms and electronic systems, which are now embedded across AFG’s network.
Medcraft stressed that this technology focus had been central to both the company’s growth and the day-to-day work of brokers using AFG systems.
“During his time as an Executive Director, Malcolm was responsible for the Company’s technology development programs and electronic delivery systems,” he said.
Alongside his technology contributions, Watkins also led national marketing programs and represented AFG as its nominee on the board of commercial lender Thinktank Group Pty Ltd.
He served on Thinktank’s board for around five years, coinciding with a period of expansion and investment in its infrastructure and staff.
“On behalf of the Board, I would like to thank Malcolm for his extraordinary contribution and dedication spanning over three decades and wish him every success in the next chapter,” he said.
Reflecting on growth and broker competition
In a statement, Watkins said he took satisfaction from AFG’s journey from a small Perth venture to a major listed group with national reach.
“I take immense pride in what AFG has achieved, from a start-up business in Perth to a highly successful listed company with now one in nine residential mortgages in Australia written by an AFG broker,” Watkins said.
He said the company’s scale, balance sheet, and strategic focus positioned it well for the next phase of growth.
“AFG has always been a leader, and its scale positions the Company well for continued growth, underpinned by a strong balance sheet and clear strategic priorities,” he said.
Watkins also used his farewell remarks to underline the policy and competition role played by the broking industry during his time at the aggregator.
“The role mortgage brokers play in delivering genuine competition and choice for Australian consumers is vital, and I am proud of the leadership role myself and AFG have taken in advocating for the industry,” Watkins said.
Watkins was also a former director and board member of the Mortgage and Finance Association of Australia – the peak body for the broking sector.
[Related: AFG reflects on 30 years of broking]
