Credit card debt targeted by Douugh, financial ‘personal assistant’
Bank customers will soon be able to sign up for computer-generated tips on how to get on top of their credit card debt, manage their budget, and eventually, save money on their electricity bill. That is the ambition of start-up Douugh, a financial technology firm this month launching a pilot in Australia of a financial “personal assistant,” based on artificial intelligence. It is the latest example of a fintech start-up seeking a piece of the banks’ lucrative financial relationships with consumers, as the public’s trust in traditional banks wanes. The platform, which has already launched in the United States, will work by allowing customers to essentially download their financial history, […]
Alternative Finance: Australia becoming regional leader
Australia’s alternative finance market has grown by 53% over 12 months according to a report released by KPMG, becoming the second largest in the Asia-Pacific region. The report revealed Australia’s alternative finance market increased from US$27 million in 2015 to US$610 million in 2016 as Aussies turn to peer-to-peer lending (P2P), balance sheet business lending and crowdfunding. In the US$245.28 billion Asia-Pacific alternative finance market, China was found to be the leader, accounting for 99.2% and representing 85% of the total global market. P2P consumer lending was Australia’s second most popular alternative finance model behind balance sheet business lending, increasing from US$43 million in 2015 to over US$158 million in […]
Australian fintech starts exporting to the world
When Australia starts exporting more than just iron ore and coal to the world, it’s hard not to get excited. While these two exports alone carry the Aussie economy a long way – in 2015/2016 they made up 26.4 per cent of all exports at $82.3B – they certainly have a finite life. Once it’s all dug up, the party’s over. With this inevitability looming on the horizon, it’s evident Australia needs to start harnessing its brains a little more, instead exporting its ideas to the world, rather than just its dirt. So imagine how exciting it was to hear that two Australian fintech companies in the lending space are […]
Goldman Sachs could set up online retail bank in Australia
Australian banks have been put on notice after global investment bank Goldman Sachs announced that it is intending to enter the UK market with a high-interest online savings account in 2018. In an interview with the Financial Times, Stephen Scherr of Goldman Sachs said the investment bank plans to increase its retail profile by offering online personal banking in the UK in the same way it has already done in the US. The bank intends to provide consumers with easy-to-use savings accounts that offer high rates of interest. Not just for the super-rich Goldman Sachs is usually associated with the super-rich, however the investment bank began offering savings accounts with […]
Stricter regulations are coming for new digital currencies in Australia
The Australian Securities & Investment Commission (ASIC) has released a guidance paper on the regulatory framework for initial coin offerings (ICOs) in Australia. “ICOs generally operate by allowing investors to use cryptocurrency (such as bitcoin) to purchase coins via the internet for a set period of time,” ASIC said. “The ICOs are often global offerings which can be created anonymously and/or accepted anonymously.” The paper clarifies what type of ICOs would be regarded as a Managed Investment Scheme (MIS), and therefore subject to the Corporations Act. Here’s ASIC on what constitutes an MIS: A managed investment scheme (MIS) is defined within the Corporations Act. Basic indicators of whether an arrangement […]
Bitcoin ‘more than just a fad,’ Morgan Stanley CEO says
Not every Wall Street bank chief is bearish on bitcoin. Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs. Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “The concept of anonymous currency is a very interesting concept — interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.” The digital currency has […]
Fitbit Pay launches with ANZ, CBA and NAB
Forget having to carry your card in your sports bra whenever you go for a run or figuring out where to stash your wallet the next time you go for a swim. Fitbit is the latest company to jump on the contactless payments bandwagon with the recent launch of Fitbit Pay. And today, it has announced a massive partnership with Aussie banking giants ANZ, CBA and NAB that will kick off next Monday. Fitbit has also confirmed that it’s in talks with Westpac, Bendigo Bank, St.George and some other regional banks for future partnerships. Available with the new Fitbit Ionic smartwatch, customers of the three big banks can link their […]
‘Robo-adviser’ makes it onto Oxford Dictionaries website
Automated and artificial intelligence-based propositions across the sector will be delighted to see the term ‘robo-adviser’ has made it onto the Oxford Dictionary’s website. A ‘robo-adviser’ (noun) has been defined by Oxford Dictionaries as “an online application that provides automated financial guidance and services”, while the example sentence reads: “a robo-adviser programmed to build wealth over a decade”. The website focuses on current language and practical usage and frequently updates the latest popular words. Please click on the link below to read more…. Source: ‘Robo-adviser’ makes it onto Oxford Dictionaries website – Professional Adviser
