OzForex underlying profit up 12 per cent
Remittance company OzForex has reported a rise of 12 per cent in half-year underlying profit to $12.3 million and a 30 per cent rise in revenue to $58 million. But its statutory earnings fell 6 per cent to $11.2 million due to one off costs. These included the cost of rebranding to a new name, OFX, restructuring its executive team and new pay schemes for employees. Importantly, OzForex’s active clients increased 16 per cent to 151,100, transactions numbers rose 17 per cent to 392,200, and average transaction value rose 15 per cent to $25,600. Source: OzForex underlying profit up 12 per cent
Cryptocurrencies: what to study until there’s a ‘bachelor of bitcoin’
Joel Emery’s passion is cryptocurrencies, IT and tax law. It’s dense stuff, but despite a recent senate inquiry, legal treatment of new financial technologies is in its infancy so Emery’s Bachelor of Laws honours thesis at ANU is in some ways ahead of the regulators. Bitcoin emerged in 2008 as the first decentralised cryptocurrency, a form of cash that uses encrypted records to validate transactions and generate more bitcoin and, although crypto-currencies get a bad rap at times, the industry is estimated to already be worth more than $14 billion. Every day, ordinary people walk out of the house without a cent, yet buy coffee, lunch and dinner using a […]
ASIC’s Greg Medcraft says ‘robo advice’ can reduce fees and conflicts
Australian Securities and Investments Commission chairman Greg Medcraft says computer-generated financial advice, or “robo advice” could slash investment costs and eliminate conflicts of interest in the maligned financial planning industry. ASIC has established a “robo-advice taskforce”, which is investigating the suitability of potential entrants, who use computer algorithms to match investors with suitable assets at a lower cost than human advisers. ASIC wants to know how they intend to comply with best interest duties, how algorithms are developed and tested, and how the people running the start-ups are trained and compensated. In a speech to a Finsia lunch in Sydney on Thursday, Mr Medcraft said ASIC believed digital financial advice […]
Qantas, GetCapital in deal to reward borrowers
Qantas has joined a growing number of global companies opening their arms to partnerships with new financial technology companies, linking up with small business online lender GetCapital. Unveiling the agreement with Qantas’s Aquire business rewards program, GetCapital chief Jamie Osborn said the deal was another example of the growing interest from big companies in “fintech” that is pushing the industry from “adolescence to adulthood”. Source: Qantas, GetCapital in deal to reward borrowers | The Australian
MoneyPlace second Aussie P2P lender for mums and dads
Melbourne start-up MoneyPlace became the second Australian peer-to-peer lender to open its virtual doors to mum and dad investors on Monday. The company, led by former NAB banker Stuart Stoyan and backed by Westpac’s former head of retail banking Rob Coombe, provides a platform for investors to make personal loans. Borrowers can get loans of between $5000 and $35,000 for terms of three to five years directly from individual lenders via MoneyPlace at rates starting at 8.99 per cent. It claims investors can earn returns from 7.8 per cent. After two years building MoneyPlace, including a 13-month approval process with the corporate regulator, it “matched” its first loan last week. […]
Invoice2go gets $15M to compete more directly with Square and PayPal
Since 2002, Invoice2go has provided small businesses with one tool—a simple way to create an invoice and send it to clients. Now, with $15 million in new funding, the company is preparing to expand more deeply into the small business product territory. Today, Invoice2go is partnering with Stripe to allow invoice recipients to pay their bills through its platform. With this integration, Invoice2go joins the growing number of companies dedicated to building out services for small businesses. It also puts Invoice2go more closely in competition with Square, PayPal, QuickBooks, and FreshBooks — all of which offer invoicing as a feature in their overall back office ecosystem. Invoice2go got its start […]
Fishburners will host a fintech hackathon in November
Startup Space Fishburners will play host to a fintech hackathon sponsored by the National Australia Bank. Teams will have the weekend starting November the 27th to find a solution to two challenges: What will the management of money look like in 2020? Using the data, digital channels, platforms and partnerships which power NAB’s existing financial services business what other adjacent opportunities could NAB support or enable?” The winning team will receive $10,000 in cash, with the runner up getting $5,000. Entries are on an individual basis, and teams will be formed during the event. Source: Fishburners will host a fintech hackathon in November | Business Insider
Listed fintech business to acquire Chant West
Independent Xplan customising provider Enzumo is set to acquire research house Chant West. Today’s News Acorns Grow Australia readies for soft launch ClearView enhances WealthSolutions wrap LIF to ‘devastate’ IFA numbers, O’Dwyer told Father and son duo join Fortnum RBA leaves cash rate on holdIn an announcement to the ASX yesterday, the listed fintech and e-learning service provider said it has entered into a conditional share purchase deed to buy Chant West for $9.5 million, including $6.98 million in cash and $2.52 million in shares at $0.28 per share. The deal is still subject to Enzumo shareholders’ approval. “Chant West’s research-driven services in the superannuation and pension markets, combined with […]
