N2N Connect buys a stake in Australian peer-to-peer lender
N2N Connect Bhd has agreed to acquire a 28% stake in an Australian peer-to-peer lending company for AU$2.8mil (RM8.33mil) cash. The company told the stock exchange today that the acquisition of OurMoneyMarket Holdings Pty Ltd is not expected to have any “material effect” on its earnings and net asset for the financial year ending Dec 31, 2018. OurMoneyMarket operates a platform that provides borrowers with a 100% online application process. “OurMoneyMarket intends to redefine the role that marketplace lending plays in Australian financial services with a focus on collaborating with, rather than competing against, traditional lenders,” N2N Connect said. Its advanced investor platform applies securitisation “best practice” methods to provide […]
NAB launches Google Pay across its debit and credit cards
This adds to NAB’s existing contactless payment options of NAB Pay and NAB PayTag, Samsung Pay, and Fitbit and Garmin smartwatches. NAB has today announced the launch of Google Pay across both its debit and credit cards, enabling customers to securely make contactless payments with their smartphone or compatible device. Google Pay allows customers to make tap and go payments with their smartphone in store and online, instead of using their physical credit or debit card. Just like when using your debit card to tap and go, when using Google Pay customers won’t need to enter a PIN for their transaction unless it’s more than $100. Google Pay is Google’s […]
Solving the problem of accessing money overseas
With big plans to disrupt the international payments industry, Australian fintech start-up Pelikin is looking to cash in on our dissatisfaction with the banks. Sam Brown’s own difficulties in accessing his funds while travelling in Europe and Asia inspired him to found Pelikin in 2015 with the goal of first becoming a multi-currency debit travel card provider. Pelikin is preparing to launch its beta service, with plans to open registration to the public around the middle of the year. Having relied on seed funding to date, the Australian start-up plans to take advantage of equity crowdfunding to support its next growth spurt. The Pelikin debit card will be accompanied by […]
AUSTRAC begins oversight of cryptocurrency
AUSTRAC has implemented new laws that will see it regulate digital currency exchanges operating in Australia. The new laws came into effect on Wednesday and will require Australian cryptocurrency service providers to register with AUSTRAC as well as meet the government’s anti-money laundering and counter-terrorism financing (AML/CTF) compliance and reporting obligations. AUSTRAC released a draft consultation paper in January regarding amendments to AML/CTF regulation to extend it to digital currency providers. In a statement, AUSTRAC chief executive Nicole Rose said the new laws strengthen AUSTRAC’s ability to help cryptocurrency exchanges defend against cyber crime. “It’s recognised that this reform will help protect their business operations from money laundering and terrorism […]
Fintech heads list of growth companies across Asia-Pacific
When Prospa launched in Australia in 2011, the online lender to small companies had an intimidating task before it: taking business from the country’s biggest banks. Small companies in search of working capital had long relied on traditional lenders, before the global financial crisis curtailed banks’ appetite for risk. Seven years on, Prospa has topped this inaugural list of high-growth companies, in revenue terms, from the Asia-Pacific region. The expansion of digital services combined with a desire for flexible financing fuelled Prospa’s growth. It is hardly a lone disrupter. Hot on its heels at the top of the list are New Zealand-based fintech firms Pushpay, a mobile payments service, and […]
Blockchain is ready for prime time despite its critics
By John Heaton – Moneycatcha CTO Over the last few years the hype around Blockchain has been brought to the forefront via mass entry into cryptocurrencies. This is not too dissimilar to when online trading systems became publicly available in the late 1990s early 2000s. The pattern of behaviour is similar with an opportunity being presented and individuals trying to make a return on investment. As with the online trading systems, there will be individuals who manage to make significant returns on investment but the vast majority made marginal or no returns. Before technology is fully commercialised it endures certain growing pains such as awareness, decision to adopt, initial use […]
Afterpay sales up 400 per cent in the third quarter
Buy-now pay-later tech solution Afterpay Touch Group (ASX: APT) has recorded another strong result with sales up 400 per cent in the latest quarter. In a business update released on Wednesday, Afterpay says more than $1.45 billion of total underlying sales were processed through the Afterpay platform in the first three quarters of FY18. The value of total sales is up significantly from the same time last year when the company recorded $290 million during the first three quarters of FY17. Afterpay’s in-store option has also seen considerable growth this year, as more than 7000 individual shopfronts, including all stores operated by Super Retail Group (ASX: SUL), now offer the […]
CashDeck releases software to help brokers and borrowers prepare for tougher lending measures
There’s no doubting that the Hayne Royal Commission will bring about changes to the way borrowers, brokers and bankers behave. As lenders are required to more carefully scrutinise loan applications and living expenses, it is expected that home buyers borrowing power will be greatly reduced. A recent UBS report suggests that credit availability could be cut by 21 to 41%, depending on income. While nobody can tell exactly what measures will come about, change is certain, and smart brokers will already be making changes to their business processes. Compliance will be top of the list, and for brokers this will mean more accurately assessing living expenses—an onerous task. Technology must […]
