Peppermint to access over 1m Filipinos in tech deal
ASX listed fintech, Peppermint Innovation, has signed a potentially transformational service provider agreement with the largest cooperative federation in the Philippines. The deal brings more than one million potential Filipino customers into play for the Perth based financial payments APP provider. In a recent market update, Peppermint said it will develop a mobile financial services app and web tool for “MASS-SPECC”, the oldest cooperative federation in the Philippines, encompassing more than 300 affiliated cooperatives and one million individual members. MASS-SPECC is shorthand for the Mindanao Alliance of Self-Help Societies -Southern Philippines Educational Cooperative Centre, Peppermint said the app, to be known as the ‘Peppermint Conditional Cash Transfer Management System’, will […]
Novatti Group (ASX:NOV) 1H18 results & outlook
Novatti Group Limited (ASX:NOV) CEO, Peter Cook talks about the company’s 1H18 results, the launch of its Australian remittance service, the integration of basis2 and progress towards its goal of becoming an ADI (authorised deposit-taking institution). Rachael Jones: Hello I’m Rachael Jones for the Finance News Network. Joining me from the Novatti Group (ASX:NOV) is CEO, Peter Cook. Peter, welcome to the Network. Peter Cook: Rachael good afternoon. Rachael Jones: Firstly could we just start with an introduction to your company? Peter Cook: Novatti listed two years ago, January 2016. Our market capitalisation is about $40 million at the moment and actually, our top 20 shareholders have about 80 per […]
1 in 4 are financially stressed, but Australia just got Wisr
Wisr (formerly DirectMoney) launches new brand with new financial wellness focus. ASX-listed Wisr today launched a major rebrand of the personal lending company, following its official name change from DirectMoney. Wisr is Australia’s only ASX listed marketplace/p2p lender and is one of the very first to emerge in Australia. Now entering its fifth year, the company is going through a phase of rapid growth and expansion, and the new brand reflects the company’s repositioning into a technology-led, customer-focused company with a vision to “bring financial wellness to the world”. Research has shown that 1 in 4 Australians are financially stressed, and the number one cause is high interest debt (typically […]
Smartpay secures fintech connection with Alipay
Dual-listed payments facilitator Smartpay (ASX: SMP) has signed a cornerstone agreement with Alipay, China’s largest payments provider with around 520 million active users and clearing around $1.7 trillion per year in transactions. The deal brings together the largest online payments provider in China and the largest independently-owned EFTPOS provider in Australia — a deal that could serve as a watershed moment, opening the door for other similar agreements amongst smaller players in the near future. The deal also means that Australian consumers will obtain a far wider range of payment and money transfer options than before. Smartpay said that “harnessing this reach will both boost the merchant’s revenues and benefit […]
ASX-listed US fintech Credible shrugs off recent share drop with US mortgage play
The founder and chief executive of ASX-listed US fintech start-up Credible has shrugged off a declining share price since its December initial public offering and pointed to a strong financial performance and new plans to target the US mortgage market as a sign that investors can expect significant growth in the long term. Credible, which was founded by Australian Stephen Dash, was the largest ASX tech IPO of 2017, raising $67 million, having built up a significant niche in the US market by creating an online marketplace for student loans. However, despite posting full-year results that beat the important metrics laid out in its IPO prospectus, the shares have slowly […]
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 […]
Blockchain powered efficiency on the horizon for 8common
Revolutionary software enabling unprecedented levels of functionality is on course to hit the ASX via fintech provider 8common (ASX: 8CO) after the company announced its membership in Hyperledger, a not-for-profit (NFP) organisation led by The Linux Foundation to improve upon outdated technology being used by modern businesses. One of Hyperledger’s main objectives is to establish a “cross-industry open standard for distributed ledgers” thereby focusing ongoing research and development in one direction as opposed to dislocated projects working with different standards thereby undermining future cross-compatibility. At the current time, 8common has three distinct products (Expense8, Perform8 and Realtors8) being marketed and sold to customers and generating around $1 million in the […]
Blockchain company DigitalX posts record $10m first-half profit
Blockchain advisory firm DigitalX (ASX: DCC) has reported a record net profit after tax of $10.3 million for the first six months of FY18, driven by an increased interest in Blockchain tech. DigitalX provides services such as consulting on Initial Coin Offerings (ICO) and the rapid rise of cryptocurrencies has driven increased demand. “For all involved at DigitalX, these results represent the outcome of significant effort over the past 12 months,” says MD Leigh Travers. “They reflect the company’s growing expertise in the Blockchain and digital currency ecosystems.”The company also reported revenues of $4.5 million for the half along with the net profit of $10.3 million which was a big […]
