Guide to borrowing from fintech lenders released
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) and theBankDoctor.org released a guide to help small to medium enterprise (SME) owners better understand the ‘ins and outs’ of borrowing from fintech lenders. “This is another step closer to transparency and disclosure for the fintech industry; an alternative finance solution for SMEs,” Ombudsman Kate Carnell said. “Borrowing from fintech lenders is a joint project between ASBFEO and independent SME finance expert, Neil Slonim from theBankDoctor.org. “It provides answers to the questions asked by most potential borrowers: What is a fintech lender and how is it different to a bank? What products do they offer? How much can I borrow and […]
Thousands of self-managed super funds are now investing in cryptocurrencies
Cryptocurrencies have caught the eye of Australian self-managed super funds (SMSFs), according to staff from domestic crypto exchanges. So along with traditional holdings such as residential property or blue chip shares, a small portion of SMSF investors are looking for something a little more high-risk. Adrian Przelozny, CEO at crypto exchange Independent Reserve, told Business Insider there’s been “significant activity in the space” from SMSFs. He said the number of SMSF customers who are registered with the exchange now number “around six or seven thousand“. That’s still a relatively small percentage of the more than 590,000 SMSFs in Australia, which hold combined assets of almost $700 billion. But it’s a […]
Fintech payments startup Zip just closed a deal with Target Australia
Shares in Zip Co, the owner of zipPay, zipMoney and Pocketbook brands, jumped after the fintech announced a deal with Target Australia. A short time ago, the shares were up 5.8% to $1.09.The company announced a partnership with Target, owned by Wesfarmers, to offer Zip interest-free payments to customers in its 303 stores. Zip CEO and Managing Director Larry Diamond says Zip will be Target’s first in-store alternative payments offering. “We believe Zip will be a great fit for Target, providing their customers with a better way to pay,” he says. To read more, please click on the link below…. Source: Fintech payments startup Zip just closed a deal […]
ACCC wants fintechs to improve data standards
The competition regulator wants fintechs receiving bank data under the government’s data porting regime to face tough penalties if they fail to meet stricter privacy standards that will be introduced to protect customers. Releasing a framework for rules to govern the new “consumer data right” (CDR) – which will begin with bank data and then be extended to telecommunications and utilities – the Australian Competition and Consumer Commission said its accreditation regime would require data recipients to be “fit and proper”, have “effective” risk systems to protect information and privacy, and to take out insurance to cover potential data breaches. Suggesting it will adopt a tougher approach towards open banking […]
Dogecoin: the best performing crypto started off as a joke
It’s been a brutal bear market for crypto. Since peaking in early January, the entire space has lost around $US640 billion ($901 billion). Every time there’s been a brief rally it’s been followed up by relentless selling. According to OnChainFX, a site that tracks cryptocurrencies, only one coin has seen major gains over the last 30 days, and it happens to be the one that’s the biggest joke of all: Dogecoin. The coin, which was introduced in 2013 as a play on the once popular Doge meme, has surged over 160 per cent in about a month. Its founder, Australian Jackson Palmer, told Fairfax Media earlier this year that he […]
Australian financial regulator to focus on ICOs and cryptocurrency exchanges
In its 2018-22 corporate plan report, the Australian Securities & Investments Commission (ASIC) revealed it would be focusing on cryptocurrencies with an emphasis on ICOs and exchanges. The Australian Securities and Investments Commission (ASIC) published a report this week that details its plans to tightly scrutinize the crypto industry in the country. The areas of great focus, according to the regulator, will be on crypto exchanges and Initial Coin Offerings (ICOs). The detailed report was part of the regulator’s ‘Corporate Plan 2018-2022′, which explained its plans for 2018 and 2019. ASIC’s mandate includes oversight over the country’s financial services, markets, corporate investments, and consumer credit. ASIC mitigating crypto risk for […]
Meet Open Orbit and its nimble problem-solving platform
In every business, there are problems to solve and business processes crying out for improvement. What Open Orbit offers is a unique digital Expertise Automation platform which uses AI techniques to problem solve in a whole new way. Chatting to Niranjan Deodhar, Founder of Open Orbit, Stone & Chalk pick his brains about Open Orbit and the recent win at the Australian Business Awards (ABA) 100 – Winner of Technology and Software categories. Efficiency is obviously Niranjan’s middle name, but where does the name Open Orbit come from? Niranjan says, “Open – because we want to drive collaboration between people who are solving problems. And Orbit which is about looking […]
The power to make corporate banking ‘beautiful’
Small businesses “simply want working capital. They want to know how much, how soon and what it will cost,” says Martin McCann, CEO and Co-Founder of Trade Ledger. As the Australian company establishes itself in Europe, Martin talks with FinTECHTalents about bringing the open banking revolution to corporate banking, overcoming the barriers of Excel spreadsheets with machine learning, AI and bots and plans to bring the winner of their upcoming ‘Code Challenge’ to Sydney. Trade Ledger was founded in 2016 – Why, what problem were you solving? The single biggest reason businesses fail is a lack of adequate funding – globally this equates to an under supply of credit of […]
