Teens are putting ‘Fortnite’ virtual money ‘V-Bucks’ at the top of their holiday wish lists
If you’re unsure what to get the young teen in your life for the holidays, you may want to put away the gift cards and cash in favour of spending money for the ever-popular video game “Fortnite.” A survey of thousands of teens found that, for the first time, one of their most-requested gifts for this holiday season are “V-Bucks,” the virtual in-game currency used in “Fortnite: Battle Royale.” The annual report on teens’ holiday wish lists, from analyst firm Piper Jaffray, also saw another newcomer – cryptocurrency, the “money of the future.” “Fortnite,” a multiplayer-last-man-standing type game, has exponentially grown in popularity since its Battle Royale mode launched in […]
Raiz gets licence to distribute Mutual Funds in Indonesia
Raiz Invest Limited’s (ASX code: RZI) expansion into Southeast Asia has taken a major step forward after securing a licence to distribute Mutual Funds. Raiz Invest, via its subsidiary PT Raiz Invest Indonesia, has secured the Mutual Fund Selling Agent (“APERD”) licence from the Indonesian Financial Services Authority (OJK) to act as a Securities Brokerage specifically established to market Mutual Funds. Further reviews by the OJK of the Raiz mobile first saving and investing technology are required before Raiz Invest can become fully operational in Indonesia. Raiz has established an office in Jakarta with three staff and is well progressed in modifying its platform for the 270-million Indonesian market. Raiz […]
Australia’s banking regulator grants Xinja a restricted banking licence
Xinja said today it is ready to revolutionize the way Australians think about banking after receiving a restricted banking licence from the Australian Prudential Regulation Authority (APRA). Xinja said it has now become a bank, a digital ‘neobank’ designed entirely for mobile, which is already challenging Australia’s entrenched major banks by showing people how innovation can make banking work in their interests. APRA earlier confirmed it has granted Xinja a restricted authorised deposit-taking institution licence (RADI), allowing Xinja to conduct restricted banking business. “We are super excited and this announcement confirms our belief that Xinja represents the new way of banking in Australia. It brings us one step closer to […]
Wealth scandals open door for new entrants
A global data provider believes neobanks and robo-advisers stand a good chance of gaining traction in an industry where incumbents are plagued with scandals. Following the news that troubled wealth giant IOOF could face several class action lawsuits, GlobalData believes the damage to public trust in the financial services industry will have significant long-term implications for how Australians invest. Andrew Haslip, head of banking content for Asia Pacific at GlobalData, said superannuation has a prized place in the heart of many Aussies and allegations of misuse of client money in this area are particularly damaging on top of a string of other banking and wealth-related scandals. It has given the […]
Lender seeks to debunk non-bank ‘myths’
The chief lending officer of a credit provider has sought to refute the “myths” associated with non-bank lending amid concerns raised by financial regulators. Speaking to Mortgage Business’ sister publication, The Adviser for its livestream webcast, chief lending officer of La Trobe Financial Cory Bannister sought to “debunk” what he has perceived as “myths” regarding the rise of non-bank lending. Over the past few months, financial regulators have raised concerns over the rise of non-bank market share, with the Reserve Bank of Australia (RBA) warning that continued growth in loans issued by non-banks could pose “financial stability risks”. The Council of Financial Regulators (CFR) has also noted the rise of […]
Microsoft joins regtech group to promote AI as a royal commission response
Microsoft will push its artificial intelligence technology deeper inside banks and use its membership of the RegTech Association to show regulators how AI could improve bank compliance to respond to problems exposed by the banking royal commission. Microsoft has just joined the RegTech Association, an industry group driving collaboration between banks, government and start-ups, as the technology giant increases the focus on regulatory compliance applications available on its Azure cloud services. Duncan Taylor, director of financial services at Microsoft, said its artificial intelligence technology could allow banks to identify transactions or advice in breach of ever more complex and onerous laws and regulation. It wants to become a bridge between […]
The rise of non-banks
Non-bank lending reached an 11-year high in September 2018, and the share of broker originated loans with non-majors and their affiliates increased by almost 3% in the January to March quarter. Capitalising on the trend private equity firms from across the world are now looking for a foot in the door, with a number of major acquisition deals confirmed since 2017: KKR took over Pepper Money; Blackstone became a majority stakeholder in La Trobe Financial; and Cerberus Capital Management acquired Bluestone. Royden D’Vaz, head of sales and marketing at Bluestone APAC, says, “This acquisition enabled us to pursue aggressive growth targets via mass rate cuts and strategic growth across all […]
Lender looks to triple growth through broker channel
A marketplace lender has surpassed its target for loan origination through the broker channel, and is aiming to triple growth through the third-party channel in the next year. Speaking to The Adviser, the CEO of personal loan provider SocietyOne, Mark Jones, reflected on the success of the brand over the 2018 calendar year, particularly referencing its renewed relationship with brokers. In June of this year, the company established its first broker partnership and set itself a target of seeing up to $4 million of loans from the channel by the end of 2018. However, Mr Jones outlined the strength of the third-party, noting that this channel’s originations had already surpassed […]
