ACCC knocks back the banks on Apple Pay
The competition regulator has rejected an application by the banks to collectively negotiate with technology giant Apple over access to the iPhone’s “near field communication (NFC) controller. Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank and Bendigo and Adelaide Bank had asked the Australian Competition and Consumer Commission for permission to negotiate as a block in order to give them more negotiating power to have Apple open the NFC to their own digital wallets. But ACCC chairman Rod Sims said on Friday: “We are concerned that the proposed conduct is likely to reduce or distort competition in a number of markets. “The banks said they are “disappointed” with […]
A view to the future of investment operations
Blockchain, artificial intelligence, robotics, automated data entry and data mining are some of the big technological trends set to radically disrupt the way the back-office teams of superannuation funds and their service providers do their jobs in the not-too-distant future. The onslaught of change confronting investment operations teams is not limited to technology, though. The shift in assets to the deaccumulation phase, mergers, growth in funds under management and unrelenting regulatory changes are forcing industry players to make serious decisions about what to prioritise. Investment operations refers to all the cogs of the financial services machinery, and covers areas such as the implementation of investment transactions, performance reporting, analytics, fund […]
Stake lifts the bar for trading US stocks and ETFs
It was during a three-year stint in Chicago, working for market maker Optiver, that Matt Leibowitz realised Australians were getting gouged buying international equities through the brokerages owned by the big banks and the customer experience was woeful. “During my years in the US I was amazed at the breadth of product offered to US investors at a compelling price,” said Mr Leibowitz, who was a lawyer at Allens before joining Optiver in 2007. “I was shocked at the breadth and costs in Australia: we paid more and got less.” Returning to Australia four years ago, Mr Leibowitz started to sense an opportunity to start a fintech that would provide […]
Anxious and confused: Why many older Australians are afraid of a cashless society
by David Taylor, ABC.net.au Before I became a journo, I worked for a credit ratings agency. It was my duty to work out if our clients (companies) were likely to sink or swim in the future (financially). It was my first full-time job, so I couldn’t wait for pay day. The management team were old-fashioned, so after my first fortnight of work, I actually received a pay cheque. That’s right, literally, a cheque. I suspect quite a few Australians would remember their first “pay cheque”. It’s quite a satisfying moment. You get to hold a piece of paper — effectively a note, saying, ‘thanks for all your hard work this […]
Jost: Pace of reform is too slow
Australia must disrupt its banking regulations or face waking up one day to find a FinTech innovator such as Chinese giant Alibaba becoming the bedrock of our financial system, rather than the Big Four banks. So says Jost Stollmann, a German expat with decades of experience in technology entrepreneurship, government and FinTech innovation. “One day we might not be talking about the Big Four but AT&T Financial Services and Alibaba owning banking services in Australia,” says Mr Stollmann. Mr Stollmann sees Australia at a tipping point, not only with FinTech regulation but also with its overall innovation thrust. In a strengths, weaknesses, opportunity and threat analysis, Australia has great lifestyle […]
Complii FinTech Solutions targets 2017 IPO
Complii FinTech Solutions, a supplier of compliance and corporate system for stockbrokers, is seeking to join the local bourse in the latter months of 2017. Street Talk understands the company wants to list on the ASX in the third or fourth quarter. Complii is said to have already received inbound inquiries from broking houses and a float manager will be appointed in the next three-to-six weeks. The company which can be classified as fintech or regtech was founded by Tony Cunningham, managing director of broking firm CPS Capital and co-founder of stock forum HotCopper. The Complii website says the software is customisable and automates, records and reports on a licensee’s […]
Crowdfunding law a boon for fintech sector
Incoming legislative changes to equity crowdfunding will help further “democratise investing” by allowing retail investors to participate in funding rounds for local fintech start-ups, according to Equitise. The Corporations Amendment (Crowd-Sourced Funding) Bill 2016 was passed in the Senate last week in a move that will open up early-stage capital markets for retail investors, as well as helping Australia’s regulatory environment become more internationally competitive. The bill when enacted means fintech start-ups can raise funds by issuing securities to a large pool of investors in return for financial contributions through an online platform. Speaking to financialobserver, Equitise co-founder Jonny Wilkinson said the announcement was “quite game-changing” because traditional retail investors […]
Never be caught short after this brainwave
Making a payment is now as easy as tapping your sunglasses thanks to a plucky Australian start-up, Sydney-based Inamo, which is starting to take the world by storm, appearing at South by Southwest in Texas and now embarking on a $6 million Series A funding round. The start-up is the brainchild of Peter Colbert, a former agent for international surfing stars and still a keen surfer. He told The Australian the idea for the sunnies came after a regular surf in Manly with mates. It was his turn to buy coffees, but he had forgotten his wallet. “It was one of those light bulb moments where I wondered what if […]
