Banks and fintechs want robust data-sharing standards
Both big banks and fintech start-ups want robust governance standards created to ensure customers can move data from one financial services provider to another without exposing the sector to cyber attacks. Banks are preparing for new legislation that will give their customers the right to request transaction data be given to a potential competitor under a new data access regime the Productivity Commission said this week could “reinvigorate competition policy”. The Productivity Commission’s final report on data use and availability, published on Monday, set out aggressive timelines for the creation of a “comprehensive right” in a new law designed to empower individuals and businesses throughout the economy to make better […]
SocietyOne welcomes proposed changes to an open banking and data regime
SocietyOne, Australia’s pioneering and leading lending marketplace, has welcomed the Turnbull Government’s commitment to introduce an open banking regime which could transform customers’ control over their own data and stimulate competition in the country’s financial services sector. Coming after the release of the Productivity Commission’s report into data availability and use of public and private sector data, Jason Yetton, SocietyOne’s Managing Director and CEO, said the initiatives, announced in last night’s Federal Budget, would put consumers in a better position to negotiate more advantageous deals with their credit provider. The changes – likely to result from an independent commission which is due to report by the end of […]
Fintech platform Stake wants to make investing in US stocks as easy as online shopping
There are a few particularly popular niches within the Australian fintech space, with online small business lenders to platforms allowing consumers to find and negotiate the right home loan particularly hot areas. Another is investment, with offerings popping up to target a breadth of consumers. From the likes of Acorns, which is gathering up a user’s ‘loose change’ and investing it for them, through to Brickx allowing users to invest in property brick by brick, and Stockspot using AI to help better invest its customers’ money, the choice for the consumer is vast. Adding another option to the mix is Sydney startup Stake. Founded by Matthew Leibowitz, Jon Abitz, and Daniel […]
Australians are turning to alternative types of investments
Australians unable to buy in an overheated property market are turning to other investments to boost their wealth. As property prices in capital cities particularly Sydney and Melbourne continue to soar and returns on cash in the bank remain around two per cent, many savers have had to look at alternative ways to grow their money. KILL your debts quicker than ever before Ray Corcoran, 29, who runs his own marketing consultancy has put off buying property and instead is investing his money through a Robo-adviser — an automated investment service. After having his savings in an online account collecting interest at a rate of 1.6 per cent he decided […]
Financial advisers should consider bitcoin as an asset class
There is no better way to understand blockchain technology than to invest in bitcoins, a digital currency that has outperformed traditional currencies in recent years, according to an industry expert. This week the cryptocurrency broke record-highs when it started trading above USD$1680 against the US dollar. As at May this year, the total market cap of the bitcoin market has more than doubled to US$23 billion since it hit the US$10 billion mark just three years ago. Australia-born chief executive of Silicon Valley-based blockchain outfit Wyre, Michael Dunworth, said for financial advisers who are trying to figure out how the industry will affect their business, there is no better way […]
Sequoia and Gobi hunting Aussie start-ups following Airwallex round
Big name Chinese venture capital firms are hunting for Australian tech start-ups to invest in, targeting firms in the fintech, agricultural and medical technology sectors. Sequoia Capital partner Steven Ji and Gobi Partners principal Chibo Tang were in Australia last week meeting with local start-ups, venture capital firms and government ministers, with the aim of finding new businesses to back and both agreed that Chinese investors were keen to invest in asset classes outside of property in the country. “We think Australia is a good place for innovation technology and products, particularly in the fintech area,” Mr Ji told The Australian Financial Review. “There’s been a lot of technology innovations […]
Scott Morrison hints at open data green light to boost banking competition
Treasurer Scott Morrison has hinted strongly that the government will give banking customers power over their own data so they can shop around for a better deal from other financial institutions. The change could be announced as early as budget night on Tuesday, at the same time the Treasurer launches a Productivity Commission inquiry into the State of Competition in the Australian Financial System, a process which could lead to sweeping change. There has already been a Productivity Commission inquiry into so-called open data and the government has the final report. The interim report on “data use and availability” sent to the government on March 31 called for customers to […]
This fintech let Australians use Bitcoin to pay $5 million worth of everyday bills
A Brisbane startup has allowed Australians to pay off $5 million worth of common household bills with Bitcoin. The unusually named Living Room of Satoshi has created a service that allows any bill that you can pay through the common BPay platform to be paid with Bitcoin. These include payment for utilities like telecommunications, electricity, gas, school fees, water and credit cards. The startup’s chief executive Daniel Alexiuc said that he started the venture in 2014 because of a lack of practical use for the cryptocurrency. “As the first truly international, decentralised and peer to peer currency, Bitcoin is perfectly suited to bill payments in Australia,” he said. “It also […]
