Australian FinTech partners with Kikka Capital
Australian FinTech is here to benefit FinTech companies in Australia and it’s the perfect platform to promote your company, brand awareness and your amazing products and services. To assist on the finance side of your business, Australian FinTech has partnered with Kikka Capital. Kikka Capital provide business loans as small as $1,000 up to $100,000 and there’s no accountants, tax returns or anything formal required to apply. They can fund any business as long as there’s cashflow. Kikka uses an advanced underwriting platform meaning not only will Kikka be able to assist any type of business the application takes just 7 minutes to complete! In addition, as a line of […]
zipMoney records $10million in the month of April
zipMoney Limited (ASX:ZML) announced on the ASX that it originated more than $10 million in transaction volume on its platform in the month of April alone. An outstanding result from the entire team driven by the continued activation of large merchant accounts, the rollout of zipPay and a number of strategic marketing initiatives. You can read more here On 29 April 2016 zipMoney released its Quarterly Activities Report for the period ending 31 March 2016. Noteworthy highlights included: Revenue growth of 104% on last quarter including merchant fee revenue growth of 128% Transaction volume growth of 67% on last quarter; more than $23 million originated on platform to date Loan book ended the period […]
Identifying customers in the digital era
Digital identity poses an array of challenges for the consumer and the merchant. The push to perform Know Your Customer (KYC) checks online (or 100 point check as it’s known in Australia) has dramatically increased, with AML/CTF obligated merchants seeking to acquire customers remotely, and in most cases seeking to release the tether to bricks and mortar entirely. Austrac defines KYC under the AML/CTF legislation as “documentation which sets out a business’s approach to ensure that it can effectively identify, verify and monitor its customers and the financial transactions in which they engage, relative to the risks of money laundering and terrorism financing”1. Austrac also allows electronic verification, where […]
Tackling longer payment terms
InvoiceX, a recently established Australian loan company, has unveiled a new invoicing scheme to help struggling mining companies overcome the new challenges created by long payment terms. This comes following this year’s likely liquidation of Queensland nickel and Arrium’s voluntary administration. As banks are more likely to offer loans for land and real estate rather than liquid assets often incurred by mining, director of InvoiceX Dermot Crean questioned their motives. “What is the intent here? To put them [workers] out of business?” he asked, pointing to Rio’s now redacted decision. The company, which distinguishes itself from other peer to peer lending groups and consider themselves a market planner, has implemented […]
WorldRemit chooses Australia to springboard growth in Asia-Pacific
Global leader in Mobile Money transfers appoints Michael Liu to drive growth in region. Mobile Money transfer service WorldRemit – the UK’s fastest-growing technology firm1 – has chosen Australia as its base in Asia-Pacific. One of Europe’s biggest FinTech services, the WorldRemit app, lets migrants send money instantly to their friends and family abroad in Latin America, Africa, Asia and the Pacific. WorldRemit is the leading sender of remittances globally to Mobile Money services, which have emerged as the payment system of choice in many developing countries where large numbers of people lack access to traditional banking services. With Mobile Money, people can instantly receive money transfers on their phones […]
Blockchain technology to impact financial services sector
Blockchain technology has the potential to improve client’s end-to-end experience but the legal profession must consider its regulation, according to Norton Rose Fulbright lawyers. Nick Abrahams, APAC head of technology and innovation, told those gathered at Norton Rose Fulbright’s Unlocking the Blockchain event last week that “Blockchain will radically impact the financial services sector”. Mr Abrahams – along with Norton Rose Fulbright consultant Tessa Hoser and senior representatives from ASIC, CBA and the ASX – were part of a panel discussion about blockchain technology and regulation at the event. The session focused on the potential applications of blockchain and distributed ledger technology, and the key legal and regulatory considerations for […]
DomaCom lauds Morrison’s Kidman decision
Crowd funder DomaCom has welcomed the announcement by the Treasurer, Scott Morrison, that the sale of the giant Kidman Station to a Chinese consortium is “not in the national interest”. DomaCom CEO Arthur Naoumidis said it was “very pleasing” that the Government had heeded the outpouring of public sentiment on the proposed $370 million sale and had reached a “preliminary finding” to reject the bid by Dakang Australia Holdings. The company has until 3 May to respond. Morrison had earlier rejected a bid by a related Chinese company, the Penxing Group. DomaCom launched a 11th hour book-build late last year to keep Kidman Station in Australian hands, and in about […]
The Australian fintech start-up streamlining access to US stocks
Australian investors could soon be able to buy international shares direct from their Facebook Messenger app, using the social network’s recently unveiled chatbots. That’s one of the possibilities under consideration by start-up online broker Third Party Trade, which opens to investors today and aims to make it easier and cheaper for Australians to buy US shares. Facebook this month highlighted plans for chatbots through its Messenger app, which would allow users to interact with businesses and make purchases through the app. Third Party Trade chief executive and New York-based Australian Michael Giles says investors could soon use Messenger to ask a chatbot for the latest price of Apple shares, and […]
