The Australian fintech startups disrupting home loans
A new type of fintech company is helping home buyer owners save on their home loans, using technology to drive competition and take business from the big banks. The differences between mortgage deals offered by the big four banks are hard to spot and even harder to work out when looking for a home loan deal, according to an investigation by the consumer watchdog, the ACCC (Australian Competition and Consumer Commission). The watchdog says there are signs of “less-than-vigorous” price competition in Australia’s $1.75 trillion mortgage lending industry. However, a group of startups are trying to change that. A number of property-related fintechs have lodged entries to this year’s Finnie […]
Optimo adds SMSF modelling to platform
Optimo Financial has enhanced its paraplanning software Pathfinder Online to include self-managed super fund modelling capabilities. Pathfinder, an online modelling platform, allows financial advisers to create projections for up to 20 years that cover tax, superannuation and the Age Pension. Optimo Financial chief executive Hugh Bannister said for too long advisers have relied on cumbersome, multi-module programs and third-party paraplanning services. “The self-managed super fund generation is demanding a comprehensive strategy consistent with the evolving super rules,” Bannister said. The new release, which is in beta phase, will meet demand on a 24/7 basis and enable financial advisers and paraplanners to produce comprehensive financial strategies for clients within minutes, he […]
N2N Connect buys a stake in Australian peer-to-peer lender
N2N Connect Bhd has agreed to acquire a 28% stake in an Australian peer-to-peer lending company for AU$2.8mil (RM8.33mil) cash. The company told the stock exchange today that the acquisition of OurMoneyMarket Holdings Pty Ltd is not expected to have any “material effect” on its earnings and net asset for the financial year ending Dec 31, 2018. OurMoneyMarket operates a platform that provides borrowers with a 100% online application process. “OurMoneyMarket intends to redefine the role that marketplace lending plays in Australian financial services with a focus on collaborating with, rather than competing against, traditional lenders,” N2N Connect said. Its advanced investor platform applies securitisation “best practice” methods to provide […]
NAB launches Google Pay across its debit and credit cards
This adds to NAB’s existing contactless payment options of NAB Pay and NAB PayTag, Samsung Pay, and Fitbit and Garmin smartwatches. NAB has today announced the launch of Google Pay across both its debit and credit cards, enabling customers to securely make contactless payments with their smartphone or compatible device. Google Pay allows customers to make tap and go payments with their smartphone in store and online, instead of using their physical credit or debit card. Just like when using your debit card to tap and go, when using Google Pay customers won’t need to enter a PIN for their transaction unless it’s more than $100. Google Pay is Google’s […]
Solving the problem of accessing money overseas
With big plans to disrupt the international payments industry, Australian fintech start-up Pelikin is looking to cash in on our dissatisfaction with the banks. Sam Brown’s own difficulties in accessing his funds while travelling in Europe and Asia inspired him to found Pelikin in 2015 with the goal of first becoming a multi-currency debit travel card provider. Pelikin is preparing to launch its beta service, with plans to open registration to the public around the middle of the year. Having relied on seed funding to date, the Australian start-up plans to take advantage of equity crowdfunding to support its next growth spurt. The Pelikin debit card will be accompanied by […]
AUSTRAC begins oversight of cryptocurrency
AUSTRAC has implemented new laws that will see it regulate digital currency exchanges operating in Australia. The new laws came into effect on Wednesday and will require Australian cryptocurrency service providers to register with AUSTRAC as well as meet the government’s anti-money laundering and counter-terrorism financing (AML/CTF) compliance and reporting obligations. AUSTRAC released a draft consultation paper in January regarding amendments to AML/CTF regulation to extend it to digital currency providers. In a statement, AUSTRAC chief executive Nicole Rose said the new laws strengthen AUSTRAC’s ability to help cryptocurrency exchanges defend against cyber crime. “It’s recognised that this reform will help protect their business operations from money laundering and terrorism […]
Fintech heads list of growth companies across Asia-Pacific
When Prospa launched in Australia in 2011, the online lender to small companies had an intimidating task before it: taking business from the country’s biggest banks. Small companies in search of working capital had long relied on traditional lenders, before the global financial crisis curtailed banks’ appetite for risk. Seven years on, Prospa has topped this inaugural list of high-growth companies, in revenue terms, from the Asia-Pacific region. The expansion of digital services combined with a desire for flexible financing fuelled Prospa’s growth. It is hardly a lone disrupter. Hot on its heels at the top of the list are New Zealand-based fintech firms Pushpay, a mobile payments service, and […]
Afterpay sales up 400 per cent in the third quarter
Buy-now pay-later tech solution Afterpay Touch Group (ASX: APT) has recorded another strong result with sales up 400 per cent in the latest quarter. In a business update released on Wednesday, Afterpay says more than $1.45 billion of total underlying sales were processed through the Afterpay platform in the first three quarters of FY18. The value of total sales is up significantly from the same time last year when the company recorded $290 million during the first three quarters of FY17. Afterpay’s in-store option has also seen considerable growth this year, as more than 7000 individual shopfronts, including all stores operated by Super Retail Group (ASX: SUL), now offer the […]
