What directors need to know about fintech
Since all organisations rely on financial services in some way, directors will need to be cognisant of the changes fintech is bringing as it enters the mainstream. Until relatively recently fintech had been perceived as the esoteric domain of cryptocurrency enthusiasts, but two stories in Australian markets this week highlighted the increasing prominence and mainstreaming of the industry. Big four bank Westpac invested $40m in ASX-listed zipMoney, according to a stock exchange announcement on Monday (7 August). As part of the investment in the Fintech small cap, the bank committed to exploring the rollout of zipMoney’s ‘buy now, pay later’ services across its payments network. On the same day The […]
Wealth begins its blockchain reaction
Ambitious financial services firms are driving Australia’s global leadership in the development of blockchain technology, which is already delivering productivity and innovation benefits to the nation’s trillion-dollar wealth industry. BNP Paribas Securities Services has progressively stepped up its blockchain expertise in the Australian market because it sees a nation filled with opportunities. BNP Paribas global head of securities services, Patrick Colle, says Australia has been a business investment stronghold because in many areas it is “the most advanced in the world.” Colle says an important attribute making Australia one of the most sophisticated global markets on blockchain is the initiative of the ASX to replace its dated CHESS clearing and […]
zipMoney secures $40M strategic investment and relationship with Westpac
zipMoney Limited (ASX: ZML) is pleased to announce that it has secured a $40 million strategic investment in the Company from Westpac Banking Corporation (ASX: WBC) by way of a private share placement. Westpac and Zip have also entered a strategic relationship which allows the parties to explore the integration of Zip’s products and services across Westpac’s network throughout Australia. As part of the strategic relationship, the parties will explore other initiatives including the provision of currently in-development business-to-business products and services to Westpac. The WBC strategic investment will be by way of a $40 million ordinary equity investment comprising the subscription of 49,382,716 fully paid ordinary zipMoney shares at […]
Netwealth fronts fundies on path to listing
Investment services and superannuation advice company Netwealth has booked fund managers for meetings in Sydney, Melbourne, Hong Kong and Auckland this week, as it ramps up plans for an initial public offering. It’s understood Netwealth management will present to fundies starting on Monday, in meetings arranged by sponsor brokers Credit Suisse and UBS. The company is expected to pitch the high growth it has seen in its investment platform, with $14.3 billion in funds under advice and more than 2000 advisers on board. The non-deal roadshow comes as Netwealth’s shareholders push for an ASX-listing later this year. It’s understood to be eyeing about a $150 million to $200 million raising as part […]
What Monopoly? Blockchain startup Setl sets sights beyond Australia
Setl founder Peter Randall isn’t waiting for permission to build the first competing platform in an Australian post-trade system long dominated by a monopoly. While the Australian Securities Exchange (ASX) enjoys exclusive rights to clear and settle transactions for the nation’s financial institutions, Randall’s startup has already built a service he believes can process the load more quickly and at lower cost than ASX’s proprietary CHESS platform. Ironically, ASX’s exploration of distributed ledger tech with partner Digital Asset Holdings has boosted the blockchain industry in Australia, yet its monopoly means less competition in bringing solutions to market. Nevertheless, Randall isn’t waiting for the nation’s regulators to begin loosening older, monopolistic […]
Re-listed fintech hopeful comes back to the market after merger
ASX investors reacted positively when the newly minted post-merger Afterpay Touch Group hit the ASX boards last Thursday, pushing the stock 8 per cent higher on its first trading day. The listing is a result of the combination of two digital payment companies: Afterpay and Touchcorp. Australia has a long way to go to catch up to its global counterparts when it comes to technology and innovation. According to a 2015 study on global innovation Australia ranked 17th in the world, well behind the US, Germany or the UK. More importantly, “the lucky country” also lagged regional counterparts Singapore, South Korea and our neighbour New Zealand. Despite its impact, information […]
DigitalX secures new funding
DigitalX Ltd (Company or DCC) is pleased to announce that it has entered into a conditional subscription agreement and converting loan agreement with Blockchain Global Limited, an Australian incorporated company operating in the Bitcoin and Blockchain space internationally, to invest approximately $4.35m at 2.7 cents per share to acquire an interest in approximately 40% of DigitalX on a fully diluted basis. The price of the investment represents a 28.5% premium to the VWAP of DigitalX’s shares over the last 5 days in which shares were traded prior to the date of this announcement. The investment is conditional upon the satisfaction of specific conditions precedent, which are outlined below. Under […]
Winners at The Finnies!
Congratulations to those Australian Fintech companies and their fearless leaders who won awards last night at the inaugural Finnies Fintech Awards: Female Fintech Leader of the Year: Emma Weston, AgriDigital Co-Founder & CEO Joint Male Fintech Leaders of the Year: Greg Moshal & Beau Bertoli, Prospa Co-Founders Fintech Organisation of the Year: Afterpay Emerging Fintech Leader of the Year: Emma Weston, AgriDigital Co-Founder & CEO Emerging Fintech Organisation of the Year: Spaceship Best Fintech place to work: Prospa Best workplace diversity: Timelio Marketing Campaign or Brand Initiative of the Year: Equitise – Equitise Bubble Excellence in establishing Market Presence (Australia): BrickX […]
