Advice industry must think bigger: Netwealth
Netwealth joint managing director Matt Heine said the advice industry is not thinking big enough, putting itself at risk of being left behind.
Commonwealth Bank to deliver ‘world-first’ issuance of a bond on the blockchain
The bank’s head of blockchain has revealed the Commonwealth Bank is currently implementing with a large world issuer in what will be a ‘world-first’ issuance of a bond on the blockchain that it hopes to bring to market in 2018. The Commonwealth Bank of Australia (CBA) is expecting to be the first to implement the issuance of a bond on the blockchain, and hopes to launch it into the market early next year with help from a “very large” world issuer. Although the details are limited, the bank’s head of blockchain Sophie Gilder told the GMIC Sydney conference on Tuesday that the launch will be the culmination of CBA investing […]
Aura Venture Fund backs fintech Integrated Portfolio Solutions as it targets SMSF and investors
Integrated Portfolio Solutions, a start-up that has built a platform to help investors keep control of self-managed super and investments, has raised $3 million to fuel ambitious growth plans, which it says will lead to it having $5 billion in funds under administration within the next five years. Aura Group’s $30 million venture fund led a syndicate of investors in the $3 million raise, which will support IPS’ development of an integrated customer resource management, self-managed superannuation fund reporting and investment platform. IPS deals directly with all third parties (banks, fund managers and stockbrokers) on a client’s behalf and enables advisers and investors to minimise the cost of portfolio administration, […]
Australian fintech launches alternative fund
Australian fintech and fully licensed marketplace lender, Zagga has launched its Alternative Growth Fund aimed at wholesale investors, including self-managed super funds (SMSFs), which will target net returns of 6.5 per cent per annum. The fund, which would have the minimum investment for wholesale investors of $50,000, was designed to add scale to the Zagga business model which uses a bespoke algorithm to match wholesale investors with borrowers, the firm said. The fund would aim to offer wholesale investors an exposure to a range of loans secured by registered mortgages over real property located across Australia. Also, the fund would be entirely invested in the firm’s approved marketplace lending deals. […]
Bitcoin now bigger than Buffett, Boeing and New Zealand economy
Bitcoin’s extraordinary price surge means its market capitalisation now exceeds the annual output of whole economies, and the estimated worth of some of the world’s top billionaires. With the debate over its bubble status still raging, the flagship cryptocurrency continued its march higher on Monday, solidifying above $US11,000 and bringing its climb this year to more than 1,000 per cent. With market tracker Coinmarketcap.com putting the total value of all bitcoins in circulation at $US190 billion ($250 billion), it’s come a long way from August, when one coin could buy you a hefty supply of avocados. Here are five things that have been eclipsed by bitcoin in terms of market […]
Banking gap widens as tech-savvy consumers look to new products
They’re called peer-to-peer lenders or fintech companies and they’re shaking up the world of consumer loans and bank deposits. Here’s why. The gap between what people pay for consumer loans and what they get from bank deposits is widening, prompting them to look to new financial technologies for better interest rates. Peer-to-peer lender RateSetter has examined big bank profit margins and found that while they are paying record low rates on deposits their lending rates for personal loans and credit cards continue to climb. “You can drive a bus through the spread between bank deposits and consumer lending rates,” said RateSetter CEO Dan Foggo. “Publicity stunts such as dropping fees […]
Do you know how your Bitcoin will be taxed?
Bitcoin has enjoyed a meteoric rise and could be in for a similarly spectacular fall.Either way, trading in Bitcoin has tax consequences. And staying out of trouble with the Australian Tax Office means knowing whether you are a hobbyist or serious investor, advisers say. As far as the ATO is concerned, there are broadly two reasons for purchasing Bitcoin: personal consumption and speculative gain. How you are taxed will depend on which category you fall into and, most importantly, how the ATO will view your activity. Above all, every single transaction needs to be fully documented, including not only “what”‘ is purchased, but “why” it was purchased, Hall & Wilcox […]
How ZipMoney has scaled
ZipMoney, an ASX-listed fintech that offers point-of-sale credit and digital payment services, is growing: In the company’s first half results it reported revenue of $6.7 million — up 722 per cent on the prior comparable period — and 120,000 customers — up 1100 per cent on 1H16. The business has been able to meet the challenge of growth by keeping its team focused on Zip’s key differentiators in the market while integrating with a variety of scalable cloud services, according to its chief technology officer, Mike Greer. ZipMoney allows an individual to make a purchase and pay for it later (its key service offers a three-month interest-free period and charges […]
