Picturewealth app that lets you take a ‘welfie’ pic of your finances raises $1.2m
A Perth start-up that claims to offer a snapshot of your finances – dubbed a “welfie” – has raised $1.2 million, led by the financial planning group that will distribute its app first. The funding for PictureWealth shows the excitement around personal budgeting fintechs created by the likes of Acorns and Pocketbook – both of which have raised millions in Australia – continues to spread. PictureWealth claims to allow users to aggregate information on all their assets, debts, expenses and insurance policies, viewable on one PC or smartphone screen at one time. “Until now, there hasn’t been a single space where people can view a picture of their personal wealth. […]
Chinese online retail giant JD.com seeks Australian AI experts
China’s second-biggest online retailer, JD.com, is planning to recruit at least 100 Australian data scientists to supercharge its rollout of artificial intelligence technologies across its multi-billion-dollar empire. Paul Yan, who oversees JD’s digital advertising and marketing business, said JD.com was in talks with a number of Australian universities to develop a range of AI technologies. “My goal with my team is to try to recruit AI talent to JD. We have lots of AI projects happening at JD and we really need a lot of talent. We are trying to hire as much talent as possible,’’ Mr Yan told The Australian during a brief visit to Australia. “JD really likes […]
ASIC’s Greg Medcraft says traditional bank accounts may be obsolete in a decade
Bank accounts could become unnecessary within the next decade because central banks will create digital currencies and allow customers to hold deposits directly with them, predicts Greg Medcraft, chairman of the Australian Securities and Investments Commission. The issuance by central banks of digital versions of their fiat currencies onto distributed ledgers would lead to widespread disaggregation for commercial banks, which would be forced to fight much harder to attract funding alongside market-based funds in a radical upheaval of financial markets. Banks and policy makers should be studying the ramifications for the Australian economy given central bank-issued digital currencies could start to appear globally in the next five to 10 years, […]
P2P lender reaches 2,000 brokers
Peer-to-peer lender RateSetter has accredited 2,000 brokers on its lending platform, amidst a rise in P2P popularity within the general public. Lending volumes through the broker channel, especially in auto and home improvement loans, are doubling every six months, according to the lender’s most recent settlement figures. Across the direct and broker channels, RateSetter has also passed $150m in lending facilitated since 2014. In the last five months alone, lending grew 50% across both channels, passing the $100m milestone in March. “Our brokers tell us that having access to RateSetter’s low-rate personal and business loans gives them a great way to help their clients achieve their goals, whether that is […]
Ignition Wealth launches Ignition Priority One Assist to support XPLAN solutions
Ignition Wealth’s XPLAN consultancy team offer Australian advice practices a full range of consultancy and customisation options, either under a bespoke arrangement or through our Managed Services packages, Core, Pro and Ignition Next. From September 1, the XPLAN Consultancy Team will also offer the Ignition Priority One Assist Service. “If your practice is using XPLAN (and most are), any breakdown can impact your business efficiency. We know practices need a fast, efficient and expert response. Our on call team of XPLAN technicians are highly trained and will work rapidly to have your XPLAN running and delivering your advice vision.” – Richard Liverpool, Head of Sales and Marketing, Ignition Wealth. […]
PowerLedger’s Bitcoin IPO powers towards $30m
Perth energy trading platform PowerLedger has raised $17 million in the first two stages of its Australia-first virtual currency IPO and looks set to raise more than $30 million by the time its public offer closes. Demand has exceeded Powerledger’s initial expectations and the success of the “initial coin offering” or “ICO” shows there can be a strong appetite for fundraising offers from Australian firms using this novel form of fundraising and virtual currencies like Bitcoin and Ethereum. Chair Jemma Green said the $17 million came from a discounted private presale of 90 million Powerledger tokens or POWRs to members of the company’s community, and a public presale of 100 […]
Cryptocurrencies are new barbarians at the gate of central banks
When the cryptocurrency Exio Coin starts a round of fundraising on September 7, its founders say the unit will come with a unique distinction: the first to be endorsed by a sovereign nation. The identity of the government backer won’t be revealed until October, and Bloomberg News has no way of verifying the claim of support. According to co-founder Sunny Johnson though, the supporter is one of “the world’s richest countries” on a per capita basis. The claim of official approval highlights how the boom in cryptocurrencies and their underlying technology is becoming too big for central banks, long the guardian of official money, to ignore. From speculative betting to […]
A beginner’s guide to behavioural fintech for super funds
Advancements in technology, notably artificial intelligence and big data, and an increasingly sophisticated appreciation of how behavioural strategies affect funds’ understanding of, and influence on, their members are two mega-trends set to reshape the superannuation industry over the next decade. In short, there will be a synergistic collision of behavioural finance and technology to create ‘behavioural fintech’. Technology may be part of the solution, but it is also part of the problem. It is enabling a flood of information to permeate our daily lives, much more than our brains were designed to handle. Our cognitive capacity reaches its limits quickly and throws up defense mechanisms to filter information and avoid […]
