Pocket money should be electronic to match kids’ spending
PARENTS are being urged to pay pocket money in a digital form as traditional cash nears extinction. While some advisers still recommend teaching children money skills using dollars and cents, there’s a strong chance that today’s primary school students will rarely — if ever — transact with cash. Many of their most common purchases — such as snacks at school, music and video games — are already bought online, and the trend has sprouted a new breed of digital pocket money options. Claire Morris, co-founder of online gift card marketplace Prezzee, said digital pocket money made it easier for parents to monitor spending and saving. “Cash is harder to keep […]
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 joins with FinTech Australia to support the Intersekt Festival
Australian FinTech is excited to announce that we have joined with FinTech Australia to support the Intersekt Festival as a Strategic Partner. As part of our support, we are able to offer you, our member, a 10% discount on your ticket to the Collab/Collide 2017 Summit, which includes access to all events during Intersekt Festival. Early Bird ends tomorrow! Get your 10% discount on the already discounted Early Bird special! You must buy your ticket before midnight September 29th to get this fantastic deal! The Intersekt FinTech Festival, is a week long program of events, including; Visa Pitchfest, NAB Hackathon, Startup Vic Reverse Pitch, Women in FinTech meetup, […]
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 […]
Change Financial anticipates to dual trade in USA
ASX-listed Change Financial Limited, Australia’s only listed digital banking platform, is pleased to announce the upcoming anticipated dual trading of the Company’s shares on the OTCQX Best Market in the U.S. On 2nd October 2017 (US EDT), the Company’s shares are expected to commence trading on the OTCQX Best Market under the stock code “CNGFF”. Trading on OTCQX and ASX supports Change Financial’s strategy to broaden its global investor base, particularly in the U.S. where there is growing interest in the Company’s digital banking platform. Change Financial’s digital banking value proposition (via its ChimpChange Mobile Banking brand) is well understood by US investors, and the Company has […]
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 […]
