Trump fuels demand for more ethical investing
The unexpected rise of Donald Trump has helped fuel the formation of the “ethical generation,” which is comprised of socially conscious consumers committed to ensuring their investments are sustainable and align with their own world view. In the US calls to boycott Ivanka Trump’s fashion brand saw it dumped from major department stores and after ridesharing service Uber switched on surge pricing to capitalise on the crowds at an anti-Trump protest in New York, a #deleteuber movement kicked off. Last week anti-Adani coal mine protesters prompted the temporary closure of 11 Commonwealth Bank of Australia branches in Newcastle and the boss of the corporate watchdog, Greg Medcraft is on record […]
Banks trial blockchain solution to speed up guarantee process
ANZ and Westpac have teamed up with IBM and Westfield shopping centre owner Scentre Group to bring the bank guarantee process up to speed using blockchain technology. The trial, powered by IBM’s Hyperledger Fabric platform, replaces the paper-based bank guarantee process used for commercial property leasing with a digital ledger that becomes the central source of information for all parties. Distributed ledger technology underpins blockchain, with ANZ’s general manager of digital banking, Nigel Dobson, saying the trial showcases how the technology can be used to develop business solutions. “Whether it’s crypto currencies or other public applications of blockchain, so far they have not been business grade,” Mr Dobson said. “This […]
SocietyOne breaks through $300 million of lending
SocietyOne, Australia’s pioneering and leading marketplace lender, has broken through $300 million of total originations since it started operating five years ago with 2017 on track to set further lending records. SocietyOne advanced over $100 million of new lending during the first half of 2017, underlining its position as the clear leader in the Australian consumer marketplace lending sector. Combined lending of $45 million in the first quarter of 2017 and $57 million in the second quarter resulted in year-on-year growth of almost 70% for the six months ending 30 June 2017. That compares to $61 million of new lending advanced in the first half of 2016. SocietyOne’s loan book […]
This Sydney anti-fraud fintech just landed $2 million in a Series A round
Secure payments fintech EFTsure has revealed it has closed a $2 million series A capital raising round, led by Sydney venture capital firm Our Innovation Fund. The startup has developed a platform that allows businesses to cross-check in real-time that the name of the payee matches the BSB and account numbers before the payment is made – a practice that Australian banks do not perform. “Payments fraud is a growing area of cybercrime in Australia, with fast payment methods significantly increasing the risk of fraudulent activity. It’s critical to ensure a focus on both fast and secure payments as the new NPP platform is introduced,” said EFTsure co-founder Ian Mirels, […]
AliPay is coming, ready or not
There is a financial technology tsunami headed this way from China and our government, business and regulation leaders need to get ready to adapt. So says Grame Barty an experienced international trade envoy and China hand who previously led the Austrade international operations group where he helped set up a landing pad in Shanghai, as well as leading an innovation-centric delegation to China. He also has experience as a tech entrepreneur in his own right. Mr Barty has watched the phenomenal growth of Chinese electronic sales platform Alibaba and its subsidiary payments vehicle Alipay. Both Alibaba and Alipay are gearing up in Australia and other Western countries as well as […]
Westpac joins Swift blockchain test
Second Aussie bank after ANZ to take part. Westpac has become the second Australian bank to join a proof-of-concept by payment messaging service Swift that aims to test blockchain for facilitating cross-border payments. It is one of 22 global banks to join the PoC today, adding to the six foundational banking participants, one of which is ANZ Bank. It was always envisaged that a number of other banks would join the project to further validate the concept. The project aims to prove whether or not banks can reconcile their international nostro accounts in real-time using blockchain technology. Nostro accounts are those held by banks in other countries in the local […]
Optimo introduces robo platform
Optimo Financial is releasing its online financial modelling solution for advisers as it aims to make the provision of goals-based advice more seamless. The Optimo Pathfinder personal finance modelling system is now available to dealer groups, financial advisers and paraplanners, using an algorithm developed with a goal orientated approach. In a statement, Optimo said the solution will optimise clients’ financial strategy to best achieve financial and life goals, accounting for tax and superannuation legislation, family tax benefits, the Age Pension and a host of other factors including the client financial status to develop its strategies. Optimo Financial chief executive Hugh Bannister said: “We believe there is a market niche for […]
AMP backed fintech startup Macrovue completes funding round
Macrovue, an investment service backed by AMP, today announced that it has concluded a funding round of approximately $1.25m and has appointed James Goodwin, previously the Joint Managing Director of Arena Investment Management to its Board. Macrovue is an online investment platform that uses in-house research to construct theme-based equity portfolios, giving Australians a unique and easy route to holding domestic and international investments. It’s best performing portfolios of the past year have been “Social Media” and “Luxury Goods”. The oversubscribed funding round included AMP, James Goodwin, Inception Asset Management and other high net-worth investors. Macrovue has experienced rapid growth since being launched in September 2016 with its […]
