Netwealth profit up in 2017-18 financial year
Platform provider Netwealth saw its net profit after tax grow 72.7 per cent in the past financial year, the company has reported. The company, which listed on the ASX on 20 November 2017, reported a statutory net profit after tax (NPAT) of $20.8 million, which included IPO transaction costs of $8.7 million. Additionally, Netwealth reported its pro forma NPAT to be $29 million, 6.3 per cent above the company’s prospectus forecast. Commenting on the results, Netwealth joint managing director Michael Heine said the company was “pleased” with its performance. “We are experiencing significant structural changes in the wealth management industry in Australia,” he said. “Many of these changes are benefiting […]
Debtor finance group profits grow
A business finance group has reported its financial results with a profit increase of 14.1% from last year. Scottish Pacific had a profit before interest and tax of $47.6m. Its net profit after tax grew 17.4% to $29.7m, which it puts down to growing customers, operating efficiencies and solid cost controls. According to the group, strong growth from its core Debtor Finance facility was supported by growing customers expanding their facilities with Scottish Pacific. Average exposure over the year is up 15% to $998m and turnover is up 13.2% to $17.5b. Commenting on the results, CEO, Peter Langham said, “We are pleased to have delivered a strong result for FY18, […]
Samsung Pay’s Australian success also now available in six continents
ITWire recently spoke to Mark Hodgson, head of Samsung Pay in Australia, who shared his thoughts on the convenience of mobile wallets; in the meantime, Samsung has announced 1.3 billion Samsung Pay transactions. Billed as being “simple, secure and almost anywhere”, Samsung Pay has reached that milestone globally in 24 markets – which has included Australia since June 2015, and which secured Australia’s four major banks by March 2018, for a total of 45 financial institutions in Australia at that time. Now comes Samsung Pay’s third anniversary, having originally launched in South Korea on 20 August 2015. Since then, Samsung reports its payment service having “experienced significant global growth and […]
Business-only bank Tyro in deal with China’s Alipay
Australian business-only bank Tyro has entered into an agreement with the world’s largest online payment platform, Alipay, to become the first Australian bank to offer an all-in-one Eftpos solution with the Chinese outfit. The partnership, which will be live from the second quarter of 2019, is designed to improve Australian business access to the Chinese visitor market. “Based on requests from several of our merchants to accept Alipay, Tyro and Alipay entered discussions to explore the best way we could work together,” Tyro CEO Robbie Cooke told The Australian. “With Tyro’s in-house engineering team, we were able to deliver Alipay in an agile way which allows for rapid market delivery.” […]
Australian start-up to take world-first small business insurance technology global
Dynamic Australian insurtech, Evari Insure, has announced the establishment of a London office as it prepares to take its game-changing small business insurance product global. The international expansion into the world centre of insurance was announced on Monday by the Hon Julie Bishop MP as she officially opened Evari Insure’s national headquarters in Perth. It’s another significant milestone for the company that in under two years has gone from the three founders working around a kitchen table to a 20 plus workforce, premises in the heart of the Perth CBD, a partnership with RAC Insurance and acknowledgement as one of MYOB’s fastest growing partners for 2018. There’s also strong international […]
Is the future of banking Fintech or Techfin?
The banking industry is experiencing disruption at an increasing pace. Over the past few years, traditional financial institutions and non-traditional fintech firms have begun to understand that collaboration may be the best path to long-term growth. At the same time, big tech firms are offering financial services, creating techfin solutions. The rationale for collaboration is the ability to bring strengths of both banks and fintech firms together to create an stronger entity than either unit could bring on their own. For most fintech organizations, the primary advantages are an innovation mindset, agility (speed to adjust), consumer-centric perspective, and an infrastructure built for digital. These are advantages that most legacy financial […]
RMIT Online moves to meet high demand for blockchain skills with two new Australian university first courses
New courses provide a deep dive into blockchain infrastructure, design and build teaching industry-relevant skills to give professionals and students future work opportunities. Designing Blockchain Solutions will help students further their understanding of the technology solutions through various blockchain platforms and Developing Blockchain Applications will teach students how to design blockchain infrastructure for their own business needs. RMIT’s first short course on blockchain, Developing Blockchain Strategy, launched 19 March and sold out globally within 48 hours. Created in partnership with Accenture, Stone & Chalk and Flex Dapps the courses are the only Australian university-backed courses and are part of RMIT Online’s short course portfolio. After the successful launch of Australia’s […]
Xinja first to use innovative IRESS home loans platform in Australian market
Xinja has moved a step closer to delivering speedy, paperless home loans with the confirmation of its ongoing engagement with IRESS to process Xinja home loans. IRESS specialises in building technology for the financial services industry and the partnership provides Xinja with a home loan workflow platform that delivers fast decisions for consumers supported by IRESS technology. IRESS is a market leader in the UK, where one in every four home loans are processed using IRESS technology. Xinja is not yet a bank, but is building an independent, 100% digital bank – or ‘neobank’ – for Australians, designed entirely for mobile. It will offer a radically new banking experience built […]
