Open banking rules fuel financial planning shake-up
The financial planning industry is poised for a shake-up as the government’s plan to make it easier for customers to access banking data drives new technology that will allow advisers to respond in real-time to the changing financial circumstances of their clients. Open banking will also change the financial advice industry by allowing advisers to tailor their offering to individuals. Grow Super, part owned by IOOF, and Basiq, part owned by Westpac Banking Corp and National Australia Bank, have worked together to build the software that provides alerts to advisers about when to call their clients. The product will be white-labelled for advisory groups to enhance the quality of customer […]
AFL’s Ted Richards and the human side of robo-investing
There is a lot of talk about the entry of ‘robo advisers’ into the financial advice market. Revelations by the banking royal commission have accelerated calls for technology to provide the answer to the broadening trust deficit and intractable problem of advice being too expensive for the average investor. However, despite these tailwinds, the take up of digital advice in Australia has been relatively modest. This compares to the United States where a significant proportion of investors are embracing technology-enabled advice solutions, such as Betterment and Wealthfront. Home-grown Australian providers, such as Clover and Stockspot, have made inroads with their low cost, automated investment offerings. The challenge remains for consumers […]
Australia’s plans to embrace cryptocurrencies through progressive laws
When cryptocurrencies were designed, the idea of the government or its financial institutions meddling into the affairs of the digital currency were not envisioned. Indeed, cryptocurrencies like Bitcoin were designed to give users the freedom to transact without central regulation. It was probably not anticipated that these currencies would gain so much interest around the world. But since that has happened, the regulatory authorities have found it hard to stay away from the cryptos. Recent news has indicated that governments around the world are keen on easing the tension between the traditional perception institutions have had on cryptocurrencies. Some of the issues that are at the fore currently are how […]
More jobs for Australians as Silicon Valley Fintech opens APAC headquarters in Victoria
An announcement made by the Victoria Government focused on Melbourne being the new Asia-Pacific Headquarters of a Silicon Valley fintech innovator. Victoria’s growing fintech sector will be boosted as Nomis Solutions, a Silicon Valley fintech innovator, has announced that Melbourne will be the location of their Asia-Pacific Headquarters. This move will be creating 50 jobs in over five years. Nomis Solutions’ cutting-edge approach to big data as well as its personalised customer solutions and market analysis are being used by more than 10,000 bankers worldwide. The support of the Andrews Labor Government has secured Nomis Solutions’ base of operations in Melbourne. The Victoria Government is growing the state’s reputation as […]
What Every Investor Should Know Before Buying Cryptocurrency
by Mary Ann Callahan If you are here, then you have probably grown curious enough to find out more about the next big investment opportunity everyone has been screaming about. Techies call cryptocurrency the money of the future or digital gold, and skeptics refer to it as a bubble that will burst anytime soon or the biggest digital scam ever. Needless to say, beyond the initial noise that surrounded the global rise of cryptocurrencies, there seems to be a growing interest and increasing curiosity about the potentials of these digital coins. New investors are attracted by the fact that cryptocurrency has managed to turn many who have been bold enough […]
How to invest in Artificial Intelligence
What is Artificial Intelligence? Artificial Intelligence or “AI” generally refers to the ability of machines to exhibit human-like intelligence using computer systems that can learn, reason, discover meaning, perceive their environment, learn from experience, and interact – ultimately solving problems without the use of hand-coded software containing detailed instructions Impact of Artificial Intelligence AI promises to have an enormous impact on the global economy. PwC estimates that artificial intelligence could add some US$15.7 trillion to global GDP by 2030. Revenues generated by AI is estimated to have a compound annual growth rate (CAGR) of 54.4% over the next 5 years, which is more than twice the growth rate of other […]
EML Payments acquires Irish fintech to corner EU market
EML Payments has acquired 74.9 per cent of Irish fintech Perfectcard DAC (Perfectcard) for AUD$9.5 million. Perfectcard is an authorised eMoney institution providing incentive and corporate expense solutions regulated by the Irish Central Bank. Australian listed payments solutions provider EML expects Perfectcard to generate earnings of $400,000-600,000 in FY19 after integration costs. The Irish regulator first needs to approve EML as a majority shareholder before the acquisition can go through, but EML expects the approval to be granted in the coming months. Notwithstanding the approval process, EML says it will consolidate Perfectcard into its financial results from 4 July 2018. EML says the acquisition of Perfectcard will allow the listed […]
Neo-lender Wisr announces record loan growth
Neo-lender Wisr more than doubled personal loan originations in the second-half of the financial year after a strong Q4, the company announced today. Loan origination value in H2FY18 rose by 136% on the previous six months, whilst the number of new Wisr customers climbed 118% during the same period. The result follows the company’s largest single quarter in loan growth – with a 66% increase in loan origination value and 40% in loan origination volume during Q4 compared to Q3FY18. It is the second successive quarter that Wisr has achieved record loan origination growth. According to the 2017 Asia Pacific Alternative Finance Industry Report by Cambridge University and Monash University, […]
