The shape of superannuation to come
The superannuation system has undergone sweeping changes in recent years and the dust has yet to settle. According to a finance software provider, tomorrow’s super system will look markedly different to the one we know today. In a recently released white paper, software company Bravura said Australia’s super system is likely to undergo a number of changes to meet the new regulatory environment and the advancement of modern technology. The role technology is slated to play in the delivery of superannuation services in coming years is likely to increase drastically, the company said. Super funds will be able to collect “unprecedented” amounts of data from their members and use this […]
Australians quick to embrace fintech financial solutions
One third of Australians believe they’ll use a tech company for the majority of their financial needs within five years. While many people around the world feel they need to stick with their bank, out of a sense of loyalty, or simply because they’re unaware of their options, this isn’t the case in Australia. Australians are among the most likely to seek alternatives to the mainstream banks, according to TransferWise’s Future of Finance Report, out today, which surveyed 20,000 people around the world. The report also revealed Australians are early adopters of fintech solutions; that is, anything from PayPass and Tap and Go contactless payments to digital wallets such as […]
RegTech focus a huge opportunity
Legendary FinTech pioneer and Tyro Payments executive director Jost Stollmann will headline InnovationAus.com’s RegTech Australia 2017, the first deep dive look at the opportunities and challenges for the nation of disruptive new regulatory compliance technologies. The senior speaking roster at the inaugural RegTech Australia includes Westpac Group’s chief compliance officer and group general counsel Rebecca Lim, and the Australian Securities and Investments Commission’s Digital Finance Advisory Committee chairwoman, Deborah Ralston from Monash University. Austrac’s national manager for compliance Angela Jamieson will speak on the nexus between law, policy and financial transaction monitoring. The forum includes the machine learning and artificial intelligence-based RegTech pioneer RedMarker’s founders Mandy Symons and Matt Symons, […]
How a spreadsheet born in a Sydney living room became a fintech with 300,000 users
It was only in 2012 that Pocketbook founders Bosco Tan and Alvin Singh had enough of not knowing where their money was going, and decided they could only fix the problem themselves. “Pocketbook started out as a spreadsheet,” Singh told Business Insider. “I was trying to make my money go further — and not knowing where I actually stood financially in terms of money coming in and money going out meant that that was extremely difficult even to start out.” Singh said that he had a main bank, an everyday credit card and an occasional credit card for online purchases, which made it that much harder to form a high […]
Xinja emerges from budget shadows as potential new start-up bank
Less than a fortnight since the federal budget introduced reforms to facilitate the entry of startup banks in Australia, Xinja has emerged as the first to attempt to build a new bank for digital natives from the mobile phone up. Xinja (the name was made up by a creative type) has just completed a seed raising of almost $3 million and is talking to regulators about gaining a restricted banking licence. The application will use streamlined licensing procedures announced by the government in the budget and the prudential regulator the following day. “We are building full-service retail banking in your mobile phone,” says Eric Wilson, Xinja’s founder and chief executive […]
Fundraising rules need fixing to keep crowdfund dollars rolling
It’s the unbridled good news story of the week: children’s newspaper Crinkling News has been saved from closure by a massive last-minute fundraising effort. The paper, aimed at seven to 14-year-olds, had run out of seed funding and urgently needed $200,000 to develop the business and stay afloat. So editor Saffron Howden launched a “Save Crinkling News” campaign on crowdfunding site, indiegogo, warning “without your help we will publish our last issue this week”. Within two weeks, more than $211,000 was raised. “We are very grateful to get so many people behind us,” says a relieved Howden, who set up Crinkling with her own funds a year ago. Crowdfunding online […]
Bitcoin taps fresh record highs amid rising demand from Japan, China
Bitcoin climbed above USD$2,000 for the first time Saturday on increased demand from Japanese and Chinese investors. The digital currency rose more than 4.5 percent to hit an all-time high of USD$2,061.88, according to CoinDesk.com. Bitcoin was last trading near USD$2,047. Japan accounted for nearly 55 percent of trade volume, up from near 40 percent Thursday, according to CryptoCompare.com. Prices for bitcoin on the Hong Kong-based Bitfinex exchange rose, narrowing a recent gap with the global rate in anticipation that bitcoin traded on Bitfinex can soon be easily converted to U.S. dollars. Chris Burniske, a blockchain products lead analyst at fund manager ARK Invest, pointed out in a tweet Saturday […]
Ignition Wealth announces digital advice solution for users of BT Panorama
Ignition Wealth has announced that its digital advice solution will be available to investors, advisers and accountants using BT Panorama. “We are delighted to be working with BT to deliver a truly customer-first solution to their accountants, advisers and investors. For accountants the move provides a post-FOFA solution that allows them to source advice for their clients in an efficient and, most importantly, compliant manner.” – Mark Fordree, CEO, Ignition Wealth. Ignition Wealth operates a unique ‘robo-assisted’ model which allows customers to access a hybrid of the best of digital and traditional advice. Customers have the option of self-serve, some support or full advice from their own adviser […]
