Labor to boost ASIC’s fintech capability in Perth
Labor will provide fintechs based in Perth with more regulatory support, pledging an increase in funding for the corporate regulator so it can extend its “innovation hub” to the city and help start-ups connect with the Asian region. Shadow minister for the digital economy Ed Husic and Clare O’Neil, shadow minister for financial services, will announce on Thursday that Labor will fund a new Australian Securities and Investments Commission executive based in Perth to work on fintech licensing and start-up regulation. This will mean founders don’t need to trek to the east coast for meetings. “The commitment we are making to establish an ASIC rep on the ground in Perth […]
Wealth managers deliver $90m for Aussie fintech
Wealth management has been a key driver for an Australian financial services technology firm, which boosted group net profit after tax by 15 per cent over the six months to 31 December 2018. ASX-listed Bravura Solutions Limited increased group revenue by 24 per cent to $127.4 million over the half, while the company’s NPAT increased 15 per cent to $16.3 million. Wealth management was a significant revenue driver for Bravura, which also provides software solutions to the life insurance and funds administration industries. Revenue from wealth management increased 24 per cent to $90.4 million in 1H19, up from A$72.8 million in 1H18. EBITDA increased 36 per cent to $29.4 […]
Bitcoin crash gives way to steady growth
The price of bitcoin has crashed in early 2019 but some experts in the field argue that the news is not all bad, with the future for cryptocurrencies looking fairly strong. At the end of January 2019, the price of bitcoin was US$3525, having slumped from a peak of over US$19,000 in late 2017. This is not the first crash in a market known for its volatility, and in previous downswings the price has eventually settled at a point that shows a long-term upwards trend. For example, at the start of 2017 the price was about US$975. The general feeling in the market is that much of the massive movement […]
Australia’s digital disruptors are invited to enter the Finder Awards 2019
Entries have now opened for the 2019 Finder Awards which celebrate the cutting-edge innovations of Australian businesses. Now in their fourth year, the Finder Awards shine the spotlight on Australia’s disruptors across a range of industries including banking, insurance, property, technology, retail, travel and, for the first time, sustainability. There are 12 categories open for entry which are judged on criteria including innovation, range of features and impact. Fred Schebesta, Co-CEO and Co-founder of Finder, said the awards recognise the businesses and leaders defining Australia’s future. “We’ve expanded the innovation categories from 7 to 12 this year to reflect the fierce appetite for change and continuous improvement in this country,” […]
Home loan wrecker Athena proves demand for a new lending alternative
Homeowners don’t realise how much they’re being ripped off with rates. A new alternative has launched today on a mission to save Australians a lot of money by helping them pay off their home loan faster. A game-changing shake-up of the mortgage market has arrived with the launch of Athena – a home loan company on a mission to help Australians pay off their home loan faster. Launching with a highly competitive variable rate from 3.49% p.a for owner occupier principal and interest loans, and one of the best in market rates for investors starting at 3.89% p.a, Athena offers a genuine alternative to homeowners looking for change with their […]
St.George customers can now use Google Pay to withdraw cash
St.George, BankSA and Bank of Melbourne customers can select cheque or savings when using Google Pay to withdraw cash at the checkout. EFTPOS has today announced it’s expanding its service to Google Pay with St.George, BankSA and Bank of Melbourne. The partnership means that customers of these participating banks can use Google Pay on their Android smartphone to withdraw cash at the checkout of participating stores, all without their physical debit card. The partnership enables customers to select savings or cheque when making contactless purchases with Google pay, meaning the transaction will be processed as an EFTPOS transaction rather than going through as credit. Just like when you use your […]
Identitii joins BIAN to help banks digitise information exchange using Blockchain
Australian Fintech enabling the secure overlay of transaction-level detail on top of financial messages using a private blockchain, has joined BIAN.
Australian regulator trials Blockchain to Automate Transaction Reporting
An Australian financial regulator is trialing blockchain technology to automate reporting of cross-border transactions by institutions. ZDNet reported Sunday that the Australian Transaction Reports and Analysis Centre (AUSTRAC) has partnered with the Swinburne University of Technology in Melbourne to build a prototype for the trial. The two partners will specifically examine how blockchain and smart contracts, as well as other technologies, can help entities such as banks to automate reporting of international funds transfer instructions (IFTIs) to the regulator. Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act mandates that institutions or specific categories of individuals involved in a cross-border transfer of funds – including payer, sender and beneficiary institution – must report […]
