AFL great says Hayne will help robo-advice make mark
The findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry could play into the hands of robo-advice, reckons Ted Richards, the former AFL great turned director at Australian robo-advice platform Six Park Asset Management. “The royal commission has been sad for certain parts of Australia, but a fantastic opportunity as well,” the former Essendon Bombers and Sydney Swans player says. “We’ve been able to receive a lot of attention off the back of the (Hayne) inquiry.” Richards expects Commissioner Kenneth Hayne’s report and its ramifications to upset the traditional advice delivery model. “Robo-advice really grew in the US on the back of the financial […]
Myprosperity, a ‘Xero for household finance’, examines royal commission opportunity
It styles itself as “Xero for household finance” and Melbourne start-up myprosperity now looks more like the Kiwi original, after an adviser to early Xero investor Craig Winkler and a former Xero chief executive joined its board as it hopes for a boost from the banking royal commission. Myprosperity’s subscription service allows financial advisers to get real-time information on their clients by aggregating data feeds from their bank, mortgage provider or landlord, vehicle financier, insurers and investment platforms. Currently used by 650 advisers, who pay $15 per month per client household, founder Peter McCarthy said the royal commission was leading to more enquiries. “The royal commission has emphasised that financial planning has been all about product instead of outcomes,” […]
What is Ethereum and who is Vitalik Buterin?
Beginnings of the Ethereum Universe Launched on 30th July 2015, Ethereum is a cryptocurrency based on the blockchain. Founded by Vitalik Buterin and Joseph Lubin, it is sometimes considered a second version of Bitcoin. Though Bitcoin and Ethereum are both decentralised currencies based blockchain, there are significant differences between the two. What’s the difference? A good way to understand the differences between the two is to recognise that each have their own goals and purpose. While Bitcoin was and still intends to be a digital currency based on the blockchain, Ethereum has sought to create an entire network within itself. In fact, each Ether can be designed to represent a […]
No more updating card details: Visa rolls out tokens online
New digital payments technology from Visa is set to significantly reduce ecommerce fraud, while removing a major consumer pain point – updating your details online every time you get a new card. The technology, called credential-on-file (COF) tokenisation, means that card details such as the 16-digit account numbers and expiry dates will no longer be stored online when consumers make a purchase. Instead, COF removes sensitive information from merchants’ systems and replaces it with a token, which is meaningless if stolen by fraudsters. Visa’s head of digital product and partnerships for Australia, New Zealand and the South Pacific, Matt Wood, told The Australian Financial Review the tokens would be linked […]
The peril and promise of open banking
By Trade Ledger’s Martin McCann It seems an age since then-Treasurer Scott Morrison called on the open banking sector to not “stuff it up” at the annual FinTech Awards shortly before he became Prime Minister. Now the music has stopped and we have a PM who has proven he is not a luddite. But what concerns me, and I suspect the sector as a whole, is that the federal government could be in the process of doing just that – stuffing it up – by not following world’s best practice in the implementation of open banking. Open banking has the potential to revolutionise the Australian financial landscape – which is […]
Superannuation ripe for blockchain
Australia’s $2.7 trillion superannuation system has a lot to gain from adopting distributed ledger technologies (DLT), but the industry will want more clarity around blockchain applications before it jumps in. Bravura Solutions global head of wealth management product Michelle Lusty says blockchain and DLT will find success in wealth management once they begin to offer a compelling business case while improving inefficient links in the value chain. “In core superannuation admin the margins are not excessive, so you have to look across the value chain for opportunity within the margins. “Where DLT could potentially make a positive difference is in superannuation investments. Within super, there’s a fund structure that invests […]
“One of the strongest blockchain communities in Australia”: NEM Foundation opens blockchain hub in Melbourne
NEM Foundation is opening a new blockchain hub in Melbourne, to help startups understand how the technology could help their business, and to engage and educate the general public. The foundation, designed to promote the NEM blockchain platform and its cryptocurrency XEM, already has a hub in Brisbane, as well as in Westport, New Zealand, both of which opened within the past year. Speaking to StartupSmart, NEM Australia lead Jian Chan says Melbourne has established itself as “one of the strongest blockchain communities in Australia”. Jason Lee, NEM’s expansion director for Australia and New Zealand adds the hub is focused on encouraging uptake and development of blockchain technology. There is […]
Mint believes the future of payments is more rewarding, unveiling a bold new brand and vision.
Australian-based Mint Payments (ASX: MNW) has unveiled a new brand, new hires, and a bold promise to make payments more rewarding for merchants in the increasingly commoditised category. Following Mint’s announcement in April 2018 that it would increase focus on its Direct-to-Customer offering, the company commissioned a strategic deep-dive into the unmet needs and drivers of customers across its key verticals, including Hospitality, Travel, Retail and On-The-Go businesses. The work resulted in a new vision to create a different kind of payment experience — one that rewards customers, not just their business. Mint Payments’ Co-founder & Group CEO, Alex Teoh, said: “To help us design a richer Direct-to-Customer offering, we […]
