ASIC signs fintech agreement with Indonesia
The Australian corporate regulator has signed a co-operation agreement with Indonesia’s financial services authority, Otoritas Jasa Keuangan (OJK), to “promote innovation in financial services in their respective markets”. The agreement, signed on Friday, provides a framework for the two regulators to share information on market trends and regulatory issues that develop from innovation within their respective markets. “Many fintechs are not constrained by national borders and it is fundamental that we leverage this to share views, exchange information and to discuss some of the challenges that this can create for fintech businesses and the community,” said ASIC commissioner John Price. The regulator said increased co-operation between the two regulators will […]
Why your financial adviser loves ETFs
The next time you chat to a financial adviser about portfolio construction strategies, depending on your investment focus of course, the conversation could very well turn to the use of exchange-traded funds. Advisers have become one of the core drivers behind Australia’s rapidly growing ETFs sector, which at the start of this month edged past $26.6 billion in total assets under management. So far this calendar year about $1.2bn in new investor funds have been channelled into ASX-listed ETFs. Research just released by research firm Investment Trends and ETFs issuer BetaShares shows seven out of 10 advisers are either currently recommending the use of ETFs to their clients or intend […]
IRESS readies industry for Fair and Sustainable Superannuation reforms
Financial technology provider IRESS says that just two months out from the introduction of new superannuation laws, administrators and financial advisers should now be in the final stages of preparation. The superannuation laws, known as the Fair & Sustainable Superannuation reforms, introduce new tax concessions, a $1.6 million transfer balance cap, the removal of the tax exemptions for Transition to Retirement pensions and a new system of ‘catch-up’ concessional contributions to assist those with broken work patterns. IRESS’ superannuation administration platform, Acurity, and its financial advice technology, XPLAN, have now provided a range of updates to clients in response to the complex changes, with new versions being provided under existing […]
Fintech startup Assembly Payments sets up Melbourne headquarters as it takes on “$26 trillion” global opportunity
The co-founder of fast-growing fintech startup Assembly Payments says Melbourne could become one of the most influential fintech hubs in the world. It’s one of the reasons why Assembly Payments has decided to set up its global headquarters in Melbourne, along with support from the Victorian government. “We’ve been growing quite significantly over the last couple of years and we’ve got customers in the US, Asia Pacific and Europe,” Assembly Payments co-founder Simon Jones tells StartupSmart. “We’ve been looking around in different areas to actually put our headquarters. [Assembly Payments has] grown out of Melbourne but you want to be close to your customers.” Assembly Payments is used by more […]
Aussie fintechs forge closer ties with London
Australian and British fintech start-ups, regulators and government bodies will look to deepen ties this week as ASIC chairman Greg Medcraft, Minister Assisting the Prime Minister for Cyber Security, Dan Tehan, and ASX deputy CEO Peter Hiom lead a fintech trade delegation to London. The trip, arranged by the Australian British Chamber of Commerce with support from the Australian Trade and Investments Commission and UK Department for International Trade, will involve Australian-based startups including AgriDigital, Timelio, Neu.Capital, PayDock, Sharesight, Tradle, Splend and Edstart. The group will visit the London Stock Exchange, Amazon and Level 39 in Canary Wharf, which houses more than 200 fintech companies. It will receive briefings from […]
Robo adviser Six Park says lower balance SMSFs are viable
A robo adviser backed by four founding members of the Future Fund says that pre-retirees with starting balances of under $150,000 can run their own super funds, despite the corporate watchdog cracking down on providers that offer low-balance SMSF set-ups. The chief executive of Six Park Patrick Garrett said that the robo adviser, which counts the former federal finance minister Lindsay Tanner as both a financial backer and an advisory board member, is launching a lower-cost establishment service to make self-managed superannuation funds more “accessible” and easier to run, particularly for those with small balances. “I wouldn’t recommend a $10,000 SMSF account. But we have one of our first clients, […]
Personal loan applications surge as credit cards wane
Australians are shunning high interest credit cards and turning to personal loans for large purchases. Driving the switch are tech-savvy consumers taking up loans from peer-to-peer (P2P) lenders, a new breed of online competitors to banks. Credit card applications fell by almost 4 per cent in the March 2017 quarter compared with the same quarter last year, the latest report on consumer credit by credit bureau Equifax shows. That’s the biggest fall since September 2012 quarter. Personal loan applications rose by 13.5 per cent over the same period, the biggest increase since the March 2005 quarter. The latest period of sustained growth in personal loan applications started in the second […]
Sydney, Melbourne climb in financial, fintech league rankings
There was good news overnight for status-conscious Australia’s bid for relevance in global financial services. Both Sydney and Melbourne continue to climb in the rankings of the world’s leading financial centres, with Sydney nestled in the top 10 at number eight after improving three notches, and Melbourne now ensconced at number 21, also up three places. In another round of the endless rankings of global fintech hubs, Sydney also edged up from 9th to 8th position. Perennial favourites London and Singapore shared top billing, with New York and Silicon Valley at 3rd and 4th, and Chicago the highest new entrant at 5th. The methodology behind country league tables is notoriously […]
