Proptech meets fintech: Construction software platform Aconex eyes payments
Aconex is planning to expand into financial services by using operational data about subcontractors and their projects to help lenders price credit to them. The business that sells construction software to let companies exchange project information and track progress was looking to develop a payments function on the back of its newly launched Connected Cost product, executive director and head of product and engineering Rob Phillpot said. Aconex saw an opportunity to ease the cashflow pain felt by subcontractors, who often had to wait for payments from higher-level contractors even though they had already paid their own costs, Mr Phillpot said. While some subcontractors, particularly larger ones, factor their invoices […]
DigitalX partners with Lateral
Perth-based software companies DigitalX and Lateral have teamed up to leverage each other’s strengths in the creation of blockchain and ledger-based products. DigitalX said today its development partnership with Lateral, which is led by 2016 40under40 winner Tommy Shin, would provide a well-resourced team to design products and services for the blockchain industry. Blockchain, a distributed database that maintains a continuously growing list of ordered records, is considered a core component of the digital currency known as bitcoin, as it serves as the public ledger for all transactions. The partnership will work to introduce blockchain-based solutions to existing customers as well as new clients within Australia and abroad, with DigitalX […]
Top 25 Australian Fintech Influencers
The Australian fintech industry is booming, and according to Finder.com.au these are the people (in no particular order) that are helping to shape it: Alex Scandurra – CEO of Stone & Chalk Alistair Lamond – Commercial director of Skippr Andrea Myles – CEO of the China Australia Millennial Project Asher Tan – Co-founder and CEO of CoinJar Ben Heap – Founding partner at H2 Ventures Caitlyn Iles – Founder of XChange Cameron Dart – Founder and CEO of Australian FinTech Charlotte Petris – Founder and CEO of Timelio, vice-president of Fintech Australia Danielle Szetho – CEO of Fintech Australia Danny Gilligan – Co-founder of Reinventure and co-founder of Data Republic […]
Australian cashless future finding favour
Powering the payments process will be fintechs such as Australian start-up Assembly Payments, which provides a single payment platform that is compatible with various disbursement channels, with clients so far including Gumtree, Airtasker and carsales.com.au. Online innovations such as Amazon’s digital assistant Alexa are already enabling customers to shop via voice-activated transactions, while messenger apps and social media heavyweights such as Facebook are making forays into the banking and payments space. World of opportunity Fintech digital payments are forecast to be worth $1.8 billion by 2020 in Australia alone, and are proving to be a major disruptor of the banking sector. With increased convenience, flexibility and low-to-zero fees, could traditional […]
Advisers urged to dump simplistic advice to drive growth
Financial planners need to be prepared to shed some clients and rebuild their value proposition if they are to achieve sustainable growth, according to a new white paper released by Matrix Planning Solutions and ClearView Financial Advice. The whitepaper, which has drawn on the experiences of Matrix advisers, argues that for financial planners to deal with the competitive pressures being driven by robo-advice and industry superannuation funds, they need to deliver a better value proposition. “In order for advisers to remain compliant and secure in their position as trusted adviser, they must continuously add value,” it said. “The way to continuously add value is to delve deeper into their clients’ […]
UK’s open banking revolution has lessons for Australia
There’s a revolution going on in British banking. The UK’s Competition and Markets Authority (CMA) issued its final order on “open banking” in February. The new regime – on track to come into force next year– is set to have a profound impact on the sector in the coming decades and beyond. Banks have been told that information such as transaction and loan repayment data does not belong to them, but their customers. Those who want to use that data to access better financial products or services will be able to do so in a safe and secure manner. Delivery will be via application programming interfaces (APIs), software that allows […]
What is blockchain and how can it help business?
Blockchain sounds like a way to keep boats anchored, which isn’t a bad analogy, considering what the technology purports to do. While some IT experts herald it as a groundbreaking way of creating a distributed, unchangeable record of transactions, others question the nascent technology’s usefulness in the enterprise, which has traditionally relied on centrally-administered databases to secure digital records. Even so, companies are moving fast to try and figure out how they can use it to save time and money. And IT vendors are responding to customers calls for info, with some already looking to include it as part of their services. What is blockchain? First and foremost, Blockchain is […]
Digital wallet progress in Australia is slow but on the rise
The technology is ready. Banks know how to use it. Consumers want it now. So just when will we get the digital wallets we’ve been promised? What seems like a straightforward question with an equally straightforward solution has become mired in politics, as tech companies and banks disagree on the right way to deliver convenient mobile payment experiences and Australia’s competition watchdog and courts are forced to step in to mediate. But there have been small breakthroughs lately in what experts say is a sign that digital services will replace dog-eared wallets and overstuffed purses within years rather than decades. While Google Android phones were first to add secure Near […]
