Australians wasting millions on international money transfers, as entrants offer big savings
Australians are wasting millions of dollars by sending money overseas via the big four banks instead of the booming number of nimble specialist players, experts warn. At present, a customer transferring $1000 from Australia to the United States could save $63 by avoiding the big four banks, which impose poor exchange rates and fees, and choosing a specialist such as the latest entrant World First. With the vast bulk of the average $9.7 billion transferred overseas each year conducted through CBA, NAB, Westpac and ANZ, experts are urging consumers to shop around. Source: Australians wasting millions on international money transfers, as entrants offer big savings
Broker platform inks lead deal with listed property group
Brokers stand to receive an onslaught of leads following the announcement of a strategic partnership between an ASX-listed real estate group and a broker platform. Onthehouse Holdings Limited, an ASX-listed online real estate content and services platform, has entered into a strategic partnership with HashChing to provide its visitors access to home loan deals from local mortgage brokers. Through the partnership, brokers who use the HashChing platform will have their profiles appear whenever a prospective home buyer visits Onthehouse.com.au and searches a particular suburb. Unlike mortgage comparison websites that channel prospective borrowers to lenders, HashChing sends customers to a mortgage broker in their local area for further credit advice. Brokers […]
What can we learn from fintech disruptors?
On Tuesday Prime Minister Malcolm Turnbull, declared: “there has never been a more exciting time to be in fintech,” – but in truth, there has never been a more exciting time to be in any kind of innovation. We can’t deny that technological innovation came late to financial services but it’s here now and it’s booming. Fintech has become a multi-billion dollar consumer driven industry globally and we’re on the cusp of something great here. As we grow as an industry, we’re making mistakes and learning from them – after all, that’s what innovation is all about! Thankfully, there is much to be gained from this learning process, not just […]
Big four banks disrupt Apple’s mobile payments expansion
Apple is struggling to persuade the big four banks to sign up for its Apple Pay mobile payment system, people familiar with the matter say, as the technology giant works from an unfamiliar negotiating position: weakness, not strength. Apple rolled out the service in Australia last month with support for payment cards issued directly by American Express. The move is part of the iPhone supplier’s global drive to extend its mobile consumer electronics prowess into financial services, with a China launch expected soon. But the firm has yet to strike a deal with any of the big four – ANZ, National Australia Bank, Commonwealth Bank and Westpac. That sets it […]
First State Super commits $250m to fintech
Speaking at Sydney fintech hub Stone & Chalk yesterday, Prime Minister Turnbull said the $250 million partnership between First State Super and H2 Ventures “recognises there has been an insufficient appetite to date for this type of risk in Australia”. “But that is changing. There is $2 trillion in superannuation assets. As we start to see more investors in innovative ventures we will see the fruits of that,” Mr Turnbull said. “We’ve seen this year an explosion in venture capital funding, with more than $400 million raised so far. “That’s expected to rise to $600 million by the end of this financial year. That’s the highest amount raised in seven […]
Announcing a new partnership: Republic Wealth Management
Sharesight are pleased to announce a new partner, Republic Wealth Management. Republic is a robo-adviser catering to financial planning companies. They take care of the portfolio construction, execution, and on-going management of portfolios on behalf of financial planning companies. The portfolios consist mainly of ETFs. Republic and the advisers they serve will be utilising a branded edition of Sharesight and API to administer and report on client portfolios. This B-to-B approach makes sense. One of the challenges for any asset manager is convincing people to hand over money. This is especially true in the online advice space, which by nature lacks face-to-face meetings and a track record. Portfolios constructed of […]
Hopes high innovation statement can lift fintech
The financial technology community is eager to see if financial services will be called out in the innovation statement, reflecting the current surge in investment and activity in fintech start-ups and their potential to enhance customer service and reduce costs. The government has set itself a high bar to hurdle as it releases its innovation statement on Monday: the package will be “a complete game-changer for our country”, Assistant Innovation Minister Wyatt Roy has said, while Prime Minister Malcolm Turnbull has promised it will contain “a very large number of substantial measures”. Tax reform for start-up investors seems likely to receive bipartisan support, after Labor pledged on Friday to give […]
Fintech’s advantages: financial technology revolution is a boon for investors
There are definitely a lot of exciting new opportunities for investors to get involved in FinTech. Whether its investing capital in the products that are offered by new FinTech companies or direct investment in these companies now is the time. We are starting to see more and more articles about the opportunities in main stream media and we must surely be about to reach the tipping point. In my own experience the mention of FinTech is drawing fewer and fewer blank stares today than it was even a few months ago. A ‘Financial Revolution’ is a great way to describe our current position. We would love to hear your thoughts […]
