Are you a FinTech Mover & Shaker?
Late last year, Australian FinTech launched Australia FinTech Jobs – the only dedicated employment platform for the growing FinTech industry in Australia. Since then over 200 roles have been posted on Australia FinTech Jobs by more than 75 FinTech companies and recruitment firms. Each month these jobs are viewed by over 10,000 unique users with more than 1,000 candidates registered on the site so far. As part of our expansion plans for Australian FinTech Jobs, we’ve launched a new ‘Fintech Movers & Shakers’ feature where we’ll be sharing all the hirings, promotions and appointments on social media. But we need your help! So if you’re a FinTech Mover & Shaker […]
SelfWealth growing in the face of finance industry’s woes
The banking royal commission is currently underway and it’s fair to say that the stories emerging are nothing short of shocking. There’s endless tales of woeful and deceitful financial advice — so bad in fact that that it has even led to families losing their homes. It’s also come to light that for years financial planning groups have been unlawfully deducting service fees from customer accounts, even falsifying documents. The disturbing findings coming out of the banking royal commission should encourage many Australian investors to take more control over their investments and financial wellbeing. Amidst this turmoil has emerged an innovative solution for people wanting to take control of their […]
ASIC, AUSTRAC and banks urged to engage with regtech start-ups amid controversy
A batch of start-ups will engage with banks and regulators about creating a “compliance-by-design” culture in financial services later this week at an inaugural RegTech Association event and are hoping conversation will soon turn to action. The expected release on Tuesday morning by the Australian Prudential Regulation Authority of a report into governance problems at Commonwealth Bank, and the interim profit results this week of the other major banks which are under pressure for failing to verify whether customers can repay loans, will illustrate the value of the nascent regtech sector. But while the big banks love to talk about innovation, they find it very difficult to achieve in practice. […]
Checkbox blazes award winning regtech trail
Evan Wong, 24, is one of a new breed of technology entrepreneurs who are seizing upon opportunities in the emerging “RegTech” sector. Mr Wong is the CEO and, together with colleagues Paul Wenck and James Han, is a co-founder of fintech startup Checkbox which is based at the Tank Stream Labs accelerator at the new Sydney Startup Hub. Checkbox has developed a technology platform that uses artificial intelligence and a ‘drag and drop’ interface allowing regulatory experts – like lawyers, accountants and analysts – to easily translate regulation into software without needing to write code. The ‘platform-as-a-service’ cloud solution also offers auditing, reporting and analytics features. In one case study, […]
‘Laggard’ lenders to be left behind: Moody’s
Banks that fail to digitally transform are at risk of losing their competitive edge to the rising number of online players entering the market, according to Moody’s. In its Fintech – Global: Bank of the Future report, Moody’s warned that banks that fail to adopt strategies that strengthen their digital platforms may struggle to maintain their current market position as customers increasingly explore finance alternatives from online lending platforms. The report cited data from an analysis of the US mortgage market which revealed that 53 per cent of borrowers used online platforms to obtain home loans in 2017. The figures also revealed that younger borrowers are most likely to obtain […]
RBA not suitable to regulate new payments technologies
The government is being urged to follow in the UK’s footsteps and create a new regulatory body for the payments industry that can regulate new forms of payments being made via blockchain and cryptocurrencies. A white paper commissioned by lobby group the Australian Taxpayers’ Alliance and conducted by researchers from RMIT University found that existing bodies such as the Reserve Bank were not suited to regulating the rapidly changing digital payments sector, because it wasn’t flexible enough. Co-author of the report RMIT senior research fellow Christopher Berg told The Australian Financial Review having payments policy and monetary policy in one institution would not be workable with the introduction of cryptocurrencies. […]
Angel investor group Investible raising $20m to back early stage start-ups
Member-based venture capital firm Investible is halfway through raising its first VC fund of $20 million, which will be used to back early stage start-ups, as it claimed its existing portfolio was delivering market-leading growth. Investible’s co-founder Creel Price told The Australian Financial Review the four-year-old operation had so far achieved an unrealised compound return of 66.2 per cent per annum, based on its investments in start-ups such as Canva, Ipsy and Car Next Door, which he said made it one of the best in the industry. This means the value of the companies it has backed has grown on paper, and he said it compared favourably to high-profile funds […]
ASIC looking to regulate overseas ICOs under Australian laws
Australian regulations may apply to ICOs, even when created and offered overseas, warns commissioner. ASIC will be eyeing initial coin offerings (ICOs) as it moves to update its guidelines for companies raising funds by issuing digital currencies or tokens. Specifically, it warns that Australian laws may apply to ICOs even when they’re created and offered from overseas. “We will highlight that Australian corporate and consumer law might apply – even if the ICO is created and offered from overseas,” said ASIC Commissioner John Price at a Sydney fintech event. “This is an important point given the international nature of this sector. I think you can expect a strong focus from […]
