OmniPay launches ‘collaborative’ supply chain finance platform
A Sydney-based fintech has launched a new invoice finance platform aimed at helping suppliers better manage their cash flow. OmniPay’s web-based and mobile application allows the supplier to request an early payment of an invoice, which is financed by the fintech company upon receiving approval from the business. After setting up an account, suppliers have to import invoices manually or upload them by using drag-and-drop functionality, after which the OmniPay platform automatically extracts all the relevant information presented in an invoice and summarises it in a pop-up window. Once the supplier clicks a button to request payment, the platform sends the invoice off to the business for digitally signed approval. […]
AUSTRAC registers two more cryptocurrency exchanges
Two more Australian cryptocurrency exchanges have been registered by AUSTRAC under rules that came into effect earlier this month. NCX and ACX.io join Independent Reserve and CoinSpot in complying with the same anti money laundering and counter-terrorism financing (AML-CTF) rules that apply to other finance sector participants such as banks. Perth-based National Currency eXchange (NCX) said in a statement that it “confirms its compliance program will keep it in alignment with its AML-CTF obligations”. “The completion of this registration allows NCX to continue to provide trading services in popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash, with further cryptocurrencies and upcoming ICOs to be added to the exchange […]
Fintech launches active trading platform with no monthly fees
Saxo Capital Markets Australia has launched its new active trading platform that will let users trade over 35,000 financial instruments at no monthly fees and without expensive legacy hardware. The product is aimed at professional traders and smaller institutional investors, according to Saxo Capital Markets Australia chief executive Ben Smoker. “With SaxoTraderPRO, we are aiming to provide professional traders and institutional investors at the small and medium-sized funds segment with a higher level of platform tools and functionality, which allows them to operate with similar capabilities to what large institutions have,” Smoker said. SaxoTraderPRO allows trading of stocks, bonds, ETFs CFDs, futures, options, forex and other asset classes on compatible […]
Global 2018 digital banking sales report finds Australia again leads the way
Avoka, the global leader in digital customer acquisition for financial services, today released its third annual Digital Sales Report which found that Australian banks continue to excel compared with their peers in North America and Europe. The report analysed the digital account opening capabilities of the 50 largest banks in these regions (32 in 2017) and found that as banks capitalise on opportunities in the face of increasingly stiff competition, Australian banks once again lead in digital readiness. Avoka’s study focused on breadth of offer and ease of use, with the capability of 11 Australian banks assessed in the report. Commenting on the global findings, Avoka Chief Executive Phil Copeland […]
BGL releases the first SMSF Artificial Intelligence in Simple Fund 360
BGL Corporate Solutions, Australia’s leading supplier of SMSF administration and ASIC corporate compliance solutions, is proud to announce the release of Stage 1 of its Artificial Intelligence (AI) Assistant for Simple Fund 360. This is a first in the SMSF admin software industry. “This is a huge achievement by our Simple Fund 360 Team” says “BGL Managing Director, Ron Lesh. “BGL has been working on AI for over 12 months. We needed to teach the AI Engine about SMSF transactions through a process known as Deep Learning. This results in Simple Fund 360 providing a level of confidence on where transactions have been allocated in the ledger based on the […]
Venture capital investment in FinTech reaches record US$27.4 billion high
Global investment in FinTechs by venture capital grew to a record $27.4 billion in 2017, spurred on by high deal value in the US, UK and India. Digital payments and lending services attracted the most investment capital. FinTech (financial technology) startups continue to draw the interest of venture capital around the world. Venture capital firms and funds continue to see great potential in the disruptive FinTech firms which are providing user-friendly financial services and products through modern and innovative technology: digital payments services and online lending platforms the foremost among them. Confidence in FinTech has accelerated venture capital financing in the industry to a record level of $27.4 billion in […]
Commonwealth Super signs technology partner
The Commonwealth Superannuation Corporation inked a deal with an ASX-listed wealth management technology provider for greater efficiency in administering insurance claims. The CSC has signed a long-term contract with Bravura to implement its Sonata platform as a managed cloud service. The partnership intends to enable greater efficiency in the administration of claims for death and disability benefits within the CSC’s defined benefit schemes.It will also enable greater servicing of Australian Defence Force personnel entitled to benefits under ADF Cover legislation. Sonata’s defined benefit capability was added just last month, with LGIAsuper signing on as the first client. “The Sonata defined benefit solution, which supports different styles of defined benefit business […]
“Have we actually delivered?” FinTech Australia chair calls out fintechs, banks
Stuart Stoyan stressed the crossroads the industry will face in 2018. It’s been a good year for Australian fintech. The 2017 Startup Muster survey turned out a glowing report card of a maturing industry; monthly revenue growth for post-revenue fintechs was up 208% over a 12-month period and 24% of fintechs surveyed reported revenue growth of 700%. The EY FinTech Adoption Index ranked Australia fifth out of 20 global markets with an adoption rate of 37% – more than double that of our result in 2015 (13%). FinTech Australia chair Stuart Stoyan discussed these figures in a keynote at this week’s AltFi Australasia Summit, but rather than using them as […]
