Dubai and Australia sign fintech agreement
The Dubai Financial Services Authority (DFSA) and the Australian Securities and Investments Commission (ASIC) entered into an agreement that sets out a framework for cooperation on financial technology (FinTech) innovation. The agreement demonstrates a commitment by both Authorities to provide a regulatory framework that promotes innovation in financial services and regulatory compliance in their respective markets. The signing took place between Mr Ian Johnston, Chief Executive of the DFSA, and Mr John Price, Commissioner of ASIC, in Melbourne. Under the terms of the agreement, the Authorities will share information on developments in innovation in each market. The agreement also introduces a referral mechanism that enables the Authorities to refer innovative […]
ANZ tech chief heralds its Apple advantage in bank tech revolution
Australia and New Zealand Banking Group’s top technology executive has claimed its decision to move ahead of its big four rivals with Apple Pay has led to big advantages in both customer and skilled staff acquisition as it seeks to position itself as a bank that operates like a tech giant. Speaking with The Australian Financial Review after addressing a Trans Tasman Business Circle lunch event in Sydney on Friday, ANZ’s group technology executive Gerard Florian said he was surprised that no other of the big four banks had sacrificed a slice of payment revenue to sign on with Apple Pay, and that ANZ was delighted it took the plunge […]
Bitcoin surges past $US9,000 to new record
Bitcoin surged past $US9,000 for the first time, just six days after topping $US8,000 and taking its year-to-date rise to more than 850 per cent. The price of the largest cryptocurrency by market value is soaring as it gains greater mainstream attention despite warnings of an asset bubble. Everyone from Wall Street executives to venture capitalists has been weighing in with their thoughts on the digital currency, with some more skeptical than others. Bitcoin climbed as high as a record $US9,518 before paring gains, according to composite pricing available on Bloomberg. In another move towards mainstream investing, CME Group Inc. has said it plans to start offering futures contracts for […]
Tic:Toc to undercut broker distribution in white label play
Mortgage brokers are facing a double threat from online lender Tic:Toc, which is seeing a surge in demand from consumers and interest from banks and non-bank lenders looking for cheaper distribution. Tic:Toc promotes its quick turnaround times and convenience. The group only offers its own branded mortgages, which it says can be approved within 22 minutes through a completely online process. The fintech started lending four months ago and has received approximately $330 million of applications in that time, with conversions hovering around 17 per cent this month. “The new competitive battleground in mortgages is speed, and that is best delivered through an end-to-end digital fulfillment process like ours,” Tic:Toc […]
Fintechs are the fastest growing startup in Australia
Financial tech-innovators, or fintechs as they’ve become known, are dominating the Australian startup sector with Sydney their hub of choice, a new report shows. And true to the nature of the startup industry, it is disruption in the traditional banking sector that is fuelling the growth of fintechs – as finance-savvy professionals exit the established institutions and put their skills to use in new ventures. The 2017 Startup Muster Report, released on Wednesday, shows fintech startups were the fastest-growing type of business in the startup sector. Fintech Australia chief executive officer Danielle Szetho says she isn’t surprised by result following recent moves by the federal government to open up the […]
Fintech is not a threat: FPA
Financial planners overlooking fintech are missing out on benefits that can ultimately lead to higher client engagement and satisfaction levels, latest research from the Financial Planning Association of Australia shows. Released at the 2017 FPA Professionals Congress in Hobart this morning, the whitepaper maps fintech to the financial planning process and highlights that increased revenue, operational efficiencies and reduced client costs as some of the advantages advisers and planners can gain if they embrace fintech solutions. It maps out the financial planning process in six key steps and pinpoints where new technology can best add value in the process, particularly in the areas of compliance and regulatory requirements. According to […]
A ‘no commission’ share-trading app from Melbourne just raised $7.3 million and listed on the ASX
Melbourne fintech SelfWealth has floated on the Australian Securities Exchange, raising $7.34 million through an initial public offering. Based on the $0.20 IPO price, the company has a market capitalisation of $26 million. SelfWealth operates a share-trading platform that allows users to buy and sell any volume of shares for a flat fee of $9.50 per transaction. No monthly fees are charged, although an optional $20 “premium” tier is available for deeper market analysis and access to a “social investment network”. The company did not disclose current customer numbers, but founder and managing director Andrew Ward in last year revealed the platform had 3,000 self-managed superannuation fund clients plus 2,500 […]
Moneysoft expands team with eight new appointments
Moneysoft has appointed eight new staff in response to growing demand for its suite of personal financial management solutions. This expansion boosts Moneysoft’s frontline account management and client service teams including increased support capability. It follows strong uptake of the company’s core cashflow as a service software and the recent launch of its Round-ups solution. The new appointments are in account management, product development and support, as well as new hires in the sales team. Moneysoft’s Australian team now numbers 18 full time staff. In addition, Moneysoft has increased its offshore capability with nine additional staff in Europe dedicated to mobile application design, development and testing. “Moneysoft has grown rapidly […]
