Wealth management products make big leaps in digital sales readiness
Australians can now apply for 60% of all wealth management products offered by the country’s biggest banks from their mobile phones, according to a fintech which helps financial services companies acquire clients. Avoka measured digital sales readiness for the 50 largest banks across Australia, North America and Europe for products across three segments: personal banking, business banking and wealth management. Eleven of the 50 banks were Australian. Australia “leads them all” in digital readiness, the fintech said. “Banks have accepted that online account opening is a must have, not a ‘nice to have’. The focus now is on whether the largest banks can transform their entire customer engagement across all […]
HUB24 expands distribution with two appointments
HUB24 has announced Colonial First State’s (CFS’s) Shane Muscat and Paula Day have joined the platform provider to expand its distribution capability and support network. Muscat, former head of institutional sales at CFS, has been appointed as head of strategic sales at HUB24, and would lead new business initiatives with licensees, boutiques and new corporate partners. Prior to CFS, Muscat held senior roles at Macquarie Wrap and Avanteos. Day, former CFS head of strategic accounts has been appointed as head of key accounts and would manage and build strategic relationships with the platform provider’s large licensee clients. Day had previously worked for various firms including Westpac, ING Australia and BlackRock. […]
How cashless payment technology is helping local business thrive
The days when a trip to the ATM was compulsory before strolling to your local market are numbered. Instead small businesses now find themselves faced with the new breed of “cashless consumer”, and adapting to suit. According to a recent survey by the RFi Group, 32 per cent of Australians believe they can go cashless. Fortunately, the advent of low-cost and low-fuss technology allows local businesses, including sole traders, to sell their products and services quickly and easily, whether it’s a small item or a more expensive impulse purchase. A shift in mindset Michael McQueen, retail trend forecaster and bestselling author of How to Prepare Now for What’s Next, says […]
Crowd2Fund prepares to cross fintech bridge to Australia
Leading P2P lending platform Crowd2Fund are launching an Australian office by becoming one the first UK-based companies to utilise the new ‘FinTech Bridge’ between the UK and Australia. The Enhanced Cooperation Agreement, signed in March 2018 between the FCA and the Australian Securities and Investments Commission (ASIC), will make it easier for regulated FinTech companies in both Australia and the UK to start trading in either market. Key benefits of the Bridge include the speeding up of company licensing between the two territories, as well as more strategic collaboration between the FSA and ASIC in order to grow the respective markets of each country. Michael Ward, the Director General for […]
Australian millennials have taken to robo financial advice
Australian millennials are dominating when it comes to using robo-advice to get ahead with their money, according to the latest Robo-advice Report from Investment Trends. The study is based on a survey of 10,000 online investors and 1,425 financial advisers between February and December 2017 across Australia, the US, the UK, Spain, Germany, France, Singapore and Hong Kong. In Australia, robo-advice has gained significant recognition among the Australian online share investor population, with 22% saying they are familiar with these services. Only in the US, where the bulk of innovation in robo-advice is taking place, is familiarity with robo-advice significantly higher (39%). “The Australian financial services industry is ripe for […]
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 […]
