Danielle Szetho is stepping down as CEO of FinTech Australia
Danielle Szetho, the inaugural CEO of industry group FinTech Australia, is leaving after almost two years of successful lobbying for change in Australia’s financial industry landscape. Sarah Worboys, a former chartered accountant now active with startups, will be interim CEO. More recently she was head of strategy and operations at Melbourne-based peer-to-peer invoice financier Timelio. Szetho, a former Fairfax Media product manager, was the driving force behind the not for profit industry body, establishing the annual the Finnie awards, arguing successfully for equity crowdfunding and getting the federal government to make fintech a priority. During her tenure, membership at FinTech Australia, whose aim is to make Australia one of the […]
Scale Investors and VentureCrowd introduce new female board members
Female-focused angel investor network, Scale Investors today announced a strategic partnership with alternative assets crowdfunding platform VentureCrowd, as well as the appointment of three new members to the Scale Investors board – Catherine Robson, Judith Smith and Lynda Coker who have joined the board, effective from 1 March. The Scale Investors and VentureCrowd collaboration has two main components. VentureCrowd will ease syndication of an investment for Scale Investors by handling the administration, such as collecting investment funds, setting up a unit trust and all required documentation. It also includes facilitating on long-term relationships between startups and a syndicate by managing investor updates and communications. Secondly, companies that Scale Investors invest […]
NYC Immersion Program – 5 Things Australian Scaleup’s Learned
The US market might seem like a distant goal for many Australian businesses. The reality is, however, that more local startups are making the leap to grow their business every year – and learning a lot along the way. We know that Founders are always looking for the most efficient way to grow and scale and what better way than to learn from those who are making it happen? That’s why we asked some of the participants from our 2017 FinTech NYC Immersion Program about some of the most important lessons they learned during their time in the US. Here are their tips for startups looking to follow in their footsteps: […]
Paypal files patent for expedited cryptocurrency transaction system
A recent patent filing reveals that Paypal might be considering expanding its exposure to the cryptocurrency ecosystem with a new system for speedy transactions. We shouldn’t however expect a Paypal Lightning Network or anything close to that any time soon. There is currently a global race to file patents for everything crypto or “blockchain” related and the company might just be strengthening its portfolio for future patent battles. Expedited Cryptocurrency Transaction System Online payments provider Paypal has filed a new patent application for an “expedited virtual currency transaction system” with the US Patent and Trademark Office. The last time it was reported that the company filed a patent application related […]
Private wealth platform appoints ASX-listed corporate adviser
A blockchain-based private wealth platform that created China’s first robo-advice solution appointed an ASX-listed corporate advisory firm for its initial coin offering (ICO). Bankorus, which now advises more than 200,000 high-net-worth investors representing an aggregate US$30 billion in assets, will partner with DigitalX (ASX:DCC) to launch its ICO. DigitalX is based in Perth and New York and provides blockchain consulting, software solutions and ICO support. Bankorus allows HNW investors with multiple ways to access cryptocurrency using traditional assets. Investors can, for example, “tokenise” illiquid assets such as real estate holdings, and borrow cryptocurrencies against the value of any existing traditional asset. DigitalX noted that the global cryptocurrency market represents about […]
Chatbots just the beginning for AI in banking
Over the two years since professional Go player Lee Sedol was defeated by AlphaGo, a computer program created by Google’s DeepMind, artificial intelligence (AI) has continued its rapid march. Technology systems using machine learning are controlling distribution centres, monitoring energy systems and diagnosing serious medical conditions. Voice-activated digital assistants being rolled out by tech giants are powered by natural language processing, an area of AI. The banking sector is also accelerating its adoption of AI. Over the past year, many experiments have moved into production. The technology is being used to deliver personalised banking experiences to customers and helping bank staff make better decisions. An initial AI deployment in banking […]
Broker raises money through crowdfunding
Mortgage startup Hero Broker has begun a crowd-sourced funding campaign following the recent fundraising success of digital lender Xinja. It is the only mortgage company so far that has tried to raise funds through crowd-sourced funding since ASIC licensed seven companies in January to provide CSF services. Founder Clint Howen told Australian Broker that the company will use the funds to strengthen its business and accelerate growth. “We have hit a chord with particular demographic segments that are not being served by current broker groups, and we believe there’s a huge opportunity there.” The platform launched last year promising borrowers access to the complete home loan application process. Howen said […]
Micro-investing apps creating electronic piggybanks for the tap-and-go age
Small change used to go into people’s piggybanks, building cents into dollars. But in the tap-and-go age, micro-investing may be the answer. “They’ve been able to match smart technology within regulatory innovation to allow people to invest literally small change,” financial planner Catherine Robson said. With no paper bankbook and no plastic card, apps controlled entirely on smartphones like Acorns and First Step are lowering the bar for investing in the stock market. While First Step has recently launched, Acorns has $160 million under investment for 140,000 clients. With an average holding of just over $1,100, its client base is much younger than the major banks. “Millennials are definitely more […]
