Fintech to have ‘big impact’ on brokers
The rise of fintech is set to see brokers transforming themselves to match changing customer expectations, an expert has said. As fintech and insurtech continue their rise in the industry, Bill Sullivan, head of global financial services market intelligence at Capgemini, said that the rise of technology will impact brokers and their relevance to customers. “The growth of fintech firms and their rising acceptance by customers will definitely have a big impact on the intermediaries associated with the insurance industry,” Sullivan told Insurance Business. “Now, intermediaries have to transform themselves by leveraging technology and catering to customers’ changing needs and preferences to stay relevant in the business.” Brokers don’t only […]
Afterpay and Tyro announce SME payments partnership
Payments fintechs Afterpay and Tyro have struck a deal that will see Afterpay’s deferred payment product rolled out to thousands of small businesses using Tyro’s EFTPOS terminals, which compete against those offered by the big banks. The commercial partnership will allow Tyro, which gained a banking licence last year, to deepen its relationships by integrating Afterpay’s service with point of sale software systems to help customers increase sales. For Afterpay, the deal will extend its reach into small business, lifting merchant fee revenue, and potentially open up new markets such as medical practices, where Tyro’s terminals are popular. Afterpay’s investors have said one of the big challenges for the young […]
New Fintech startup Nifty going head on with the big players
From time to time, most people experience a short-term cash flow problem. Often, time is of the essence. Online short-term lender Nifty Personal Loans launched in late 2016. Consumers are tired of long wait times, endless paperwork, exorbitant interest rates, untrustworthy pawn broking shops and sub par customer service. Nifty have developed a custom built bespoke lending platform that delivers a fast and stress free consumer finance product whilst at the same time adhering to their customers needs and responsible lending obligations. To apply for a short-term loan, applicants need to meet some basic criteria. They must be over the age of 18. They must receive a regular and consistent […]
Carney cuts through the fintech hype with clear-eyed take on risk
Financial Stability Board chair Mark Carney’s status as one of the world’s great fintech boosters makes his occasional musings on the associated risk to the financial system all the more striking. The Basel-based FSB, which makes recommendations to G20 nations, is thinking deeply about the appropriate regulatory response to fintech’s risks and rewards and will report its conclusions to the G20 in July. Carney revealed some preliminary thoughts at the same G20 conference in Germany attended by Scott Morrison, where the Federal Treasurer told global economic leaders that Australia was strongly pursuing blockchain technology and wanted to unlock the “enormous” potential of the nation’s data. Fintech, he said, was about […]
Co-working boom, but no room
Nearly three-quarters of start-ups are now based in co-working spaces, up from half a year ago, according to a major survey of founders, and the sites are running out of room. The 2016 Startup Muster survey released on Wednesday shows the NSW government’s plan for a 15,000 square metre start-up hub in or near the Sydney CBD is desperately needed. Co-working spaces were home for 72.3 per cent of the 685 verified start-ups that responded to the survey, up from 49 per cent in the 2015 Startup Muster. The arrival of international co-working brands such as Rocketspace and WeWork have helped popularise the concept, according to Brad Delamare, general manager […]
DomaCom clears regulatory hurdle for Mortgage Crowdfunding
A recent squeeze on investment loans for new customers by banks have led listed crowdfunder DomaCom to offer investors the opportunity to invest in residential mortgages after clearing a regulatory hurdle. The news broke this week that the fractional property investment firm was given ASIC approval to extend its crowdfunding model to securities, which means it can now offer fractional investment in corporate bonds as well as peer-to-peer mortgage bond sub-funds. According to the Australian Financial Review, the DomaCom platform allows investment in fractions of real property through collective investment schemes and crowdfunding. Its offerings target self-managed super funds and are on the approved product list of 41 financial adviser […]
Midwinter : Reputational risk still a determining factor for advisers when it comes to Social Media
It appears that the Australian advice industry is split when it comes to whether reputational risk prevents them from participating on social media channels, according to research carried out by Midwinter Financial Services in conjunction with Jenesis Consulting. In 2016, Midwinter surveyed 153 advisers of varying backgrounds and specialisations on Digital and social media, with the results revealing mixed feelings on many aspects in regards to how the industry engages with these tools. The responses were compiled and put together in Midwinter’s Digital and Social Media Survey Report. Of particular interest was that 87.3% of planners surveyed believed there to be some degree of reputational risk involved in engaging on […]
UK fintech delegation heads to Australasia
A trade delegation of eleven UK fintech companies will visit Australia and New Zealand in March. The UK’s Department for International Trade (DIT) will bring a trade delegation of eleven successful UK fintech companies to Australia and New Zealand in March. The trade mission will build on the success achieved by several UK companies in Australia, such as Ratesetter, ThinCats, TruRating and OTCX by promoting opportunities in Australian and New Zealand fintech, including in the emerging regtech, insurtech and blockchain sectors. It will provide a platform for UK and Australian counterparts to exchange ideas, best practice and discover potential areas for collaboration. The selected UK companies will participate in a […]
