Australian regulator vows to tackle ‘cosy oligopoly’ of big banks
Australia’s competition regulator plans to wrest open the “cosy oligopoly” of the country’s four largest banks and punish misconduct via the courts, saying competition is the best way to fix the troubled sector. In an interview before the publication of a public inquiry report into the finance sector on Monday, Rod Sims, chief executive of the Australian Competition and Consumer Commission, said more competition was needed to protect consumers. Australia’s four biggest banks — ANZ Bank, Westpac, Commonwealth Bank of Australia and National Australia Bank — control more than 75 per cent of the domestic market. They enjoy lower funding costs than smaller competitors, due in part to an implicit government guarantee to save […]
First Growth Funds to emerge as force in crypto and digital assets investment
Diversified investment company, First Growth Funds (ASX:FGF), generated $160,584 in new income in the December quarter, with over half of new revenue generated from fees. The make up of new revenue breaks down as $86,000 in fees, $26,000 in dividends and interest and the balance in trading revenue. The numbers are indicative of First Growth Funds’ steady growth, along with its strict fiscal policy and its cryptocurrency and digital asset investment strategy. FGF invests across a broad range of asset classes and industry verticals, and is the only ASX-listed company that invests in the crypto and digital assets sector. The company leads the field in Australia with regard to crypto […]
BGL releases new fund transfer feature for Simple Fund 360
BGL Corporate Solutions, Australia’s leading supplier of SMSF administration and ASIC corporate compliance solutions, has released an automated fund transfer feature in Simple Fund 360. This feature allows funds to be transferred between Simple Fund 360 clients. “This was the No 1 feature requested by clients” said BGL’s Managing Director, Ron Lesh. “In the past, BGL had to handle this process much of which involved manual loading of files and data input”. Now, Simple Fund 360 can transfer funds from one subscription to another with a few mouse clicks. All fund details, data feeds and full transaction history are moved across and a copy of the fund remains with the […]
Crowd Property Capital’s Non Bank Development Funding Guide 2019 – rates and jargon explained
There are now numerous non-bank funding options available to developers and no shortage of lenders ready to deploy capital into quality projects with sounds fundamentals. The sector has matured over the last 2-3 years but there are many pitfalls (and a lot of jargon which we explain in the guide) to navigate. This guide looks to inform and assist developers considering non bank options for their projects. To download the guide, please click here.
Revolut partners with ClauseMatch prior to the expansion in Australia, Singapore and Japan
Revolut, a digital-only bank and UK’s fastest growing FinTech, announced today that it has signed an agreement with ClauseMatch. Following a successful trial period, Revolut is adopting the innovative regulatory technology from a London-based RegTech to streamline management of internal policies, controls and regulatory compliance. Revolut has experienced significant growth since it was founded three years ago, developing within an extremely regulated environment. Europe’s fastest-growing FinTech player has over 3.7 million users across 28 markets in Europe, and is preparing to launch in the US, Canada, Australia, New Zealand, Singapore and Japan in the coming months. Revolut is currently working in multiple jurisdictions with different rules applied to financial services […]
Heinemann Sydney Airport stores now offering Alipay through Tyro
Australia’s business-only bank Tyro, announced its next Alipay integration with Sydney Airport tax and duty-free retailer Heinemann Australia, where the payment system is now live. Tyro is the first Australian bank to offer Alipay to its merchants with Heinemann Gold Coast International Airport going live last month, following the deal signed with Alipay in August 2018. With 900 million users choosing to pay for goods and services globally via Alipay and its strategic partners, it has evolved from a digital wallet to a lifestyle enabler and is the number one payment method in China. Through its partnership with Alipay, Tyro is now helping Australian businesses access the ever-expanding Chinese visitor […]
Westpac fast payments rollout a ‘tipping point’
A $1 billion overhaul of Australia’s payment system has passed a key milestone, with all big four banks now offering near real-time payments to most of their customers. After banks were last year criticised for taking too long to roll out a fast payment service, Westpac has switched on the new payments platform (NPP) for 3.6 million accounts, it said. It plans to roll out access for customers of St George and other brands it owns over 2019. Westpac had previously only been offering fast payments to customers in some smaller states, not its home base of NSW, but the bank now believes it is contributing about a third of […]
Sydney fintech firm MoneyMe to invest $10m in Newcastle operations
SYDNEY-based fin-tech firm MoneyMe plans to invest up to $10 million in Newcastle and create about 100 jobs over the next three years. Co-founder Clayton Howes says the move to set up a Hunter office by MoneyMe, which specialises in offering fast credit up to $15,000 via mobile, has been a year in the making. The company will soon temporarily move 10 staff in the DASH co-working space in Charlestown and has earmarked permanent offices in the East End. Mr Howes said the company was impressed by Newcastle’s smart city credentials and innovation culture and saw its proximity to Sydney as an advantage. “It’s a bit like how San Francisco […]
