AI RegTech deal boosts compliance speeds for Airwallex
Melbourne headquartered fintech startup Airwallex today announced a partnership with AI-driven RegTech ComplyAdvantage. The partnership will allow Airwallex to conduct real-time screening and monitoring of transactions for sanctions, anti-money laundering (AML) and counter-terrorism financing (CTF), following a US$13 million Series A funding round from Tencent, Sequoia and Mastercard that has spurred rapid growth into new regions. ComplyAdvantage helps firms make intelligent choices by using Artificial Intelligence, machine learning and big data analytics to manage their compliance and risk obligations, and to prevent the occurrence of financial crime. Regarded as one of the most trusted and innovative compliance solutions in the industry, ComplyAdvantage’s real-time insights will minimise risk on transactions conducted […]
Digital banking has way to go: neobank Xinja’s Eric Wilson
The way neobanks see it, digital banking has barely scratched the surface, with newfangled banking apps nothing more than digitised versions of analog capabilities. It’s a view strongly endorsed by former National Australia Bank executive Eric Wilson, who is the co-founder of Australia’s first neobank Xinja — a 100 per cent digital bank (presently under construction) that’s designed entirely for the mobile market. Xinja’s submission to the Productivity Commission’s consultation paper on competition in the financial system, lodged yesterday, encapsulates why it stands alone in this country, in contrast to the proliferation of neobanks in countries like Britain (Monzo, Starling, Atom Bank and Tandem), and Germany (N26 and Fidor). Thankfully, […]
‘Better than blockchain’ new asset trading system unveiled
The chief scientist of the Capital Markets Cooperative Research Centre, Michael Aitken, has demonstrated a new asset trading system – known as digi.cash – which he says will allow a broad range of financial assets to be traded at virtually no cost with immediate settlement, potentially disruptive to existing markets like the Australian Securities Exchange. Digi.cash works via a system of “tokenisation”, where a digital representation is made of a physical asset. When the “token” is sent from one person to another, settlement is instant. The receiver can then “withdraw” the real asset. In a presentation to the Financial Review Innovation Summit, Professor Aitken, who received the Prime Minister’s innovation […]
The future of FinTech
In case you haven’t noticed, FinTechs (short for financial technology) are moving in fast on the traditional financial services world – or at least they’re trying to. You’ve already been swept up in the FinTech revolution if you use a bank app or contactless credit card chip, pay in Bitcoin, transact with PayPal or take part in crowdfunding or peer-to-peer (P2P) lending. The FinTech movement The idea behind FinTechs is to cut out the middlemen, streamline the process, and give customers a better experience than what’s traditionally been on offer from the banks, which, among other shortcomings, can still take a few days to process a simple electronic deposit. The […]
CXi Software announces partnership with its third client PE Capital
New Australian fintech CXi Software Pty Limited announce that PE Capital Funds Management Limited is now live on its cloud-based unit registry platform CXi-Registry™. “We chose CXi as they were able to provide their cutting edge registry platform as well as advice in setting up our processes and fund structure in the system that we really needed” said Anthony Mann; Chief Operating Officer. PEC, a Melbourne based diversified property investment manager, had found its business had grown beyond managing via internally managed databases and sought a robust solution that will scale with their growth projections. “The CXi team were able to migrate us across from our legacy processes very quickly, […]
Now you can buy Ethereum and alt-coins with cash at your local newsagent
The cryptocurrency revolution is coming to your local newsagent. Since 2016, enthusiasts have been able to purchase bitcoin over the counter in a local store via the blueshyft platform. Through a new partnership with CoinSpot, that has now been expanded to include numerous other cryptocurrencies, including Ether, the biggest rival to the dominance of bitcoin in the digital currency world. blueshyft CEO Kain Warwick describes the new in-store offering as a significant improvement to the availability of Ether and other digital currencies for consumers. “More Australians are becoming interested in cryptocurrencies beyond bitcoin. This partnership with CoinSpot now provides a simple method for consumers to buy many different […]
You’re invited to the next FA-MIL: Fintech Australia – Meet the Industry Leaders
FinTech Australia in partnership with Grant Thornton, in the lead up to Intersekt Festival Australia’s first FinTech Festival, are hosting a series of evening events around Australia to help you understand how to make the most of Australia’s tax incentive programs, aimed at FinTech organisations. The Australian Fintech Community are welcome to register with the FA Member Ticket Type to attend for FREE (saving $48) At this seminar, experts will cover: Advantages of Research & Development (R&D) Tax incentives – you are eligible for more than you think! Alternative options to working capital Presenters: Sukvinder Heyer, Grant Thornton (Syd & Mel) Steve Andreazza, Grant Thornton (Adel, Per, Bris) David Wier, […]
Australian FinTech Jobs hits the ground running
Australia’s only fintech employment platform, Australian FinTech Jobs, had barely launched when it made news around the world. Within 48 hours of the website’s launch, the employment platform made the press in New York, London, throughout Australia and across various other international business websites. “It’s very, very early days, but the positive feedback we’ve receiving is overwhelming,” says CEO Cameron Dart, “we are a bit surprised by the amount of support but obviously a dedicated employment site like this was need for Fintech in Australia.” In just over 4 weeks, more than 75 Fintech companies and recruitment firms have registered to use Australian FinTech Jobs. To date, some of the […]
