Why Australian fintech Tyro aims to become a bank | Business Insider
Congratulations Tyro. Taking on the big banks with an agile model that allows the best new FinTech solutions should see you quickly become a front runner in banking. I know we will be doing as much of our business as possible with you and we look forward to seeing your success. The company boasts 14,000 small businesses as customers, and processes more than $8 billion a year through its payment terminals. In August it received permission to become an “Authorised Deposit-taking Institution”, or ADI. Tyro can’t call itself a bank, but is allowed to take deposits from customers.With $50 million in its coffers from the capital raising – the rest […]
Fintech start-ups thrive in Australia as the nation enjoys effortless banking services
With the banks now showing their support of Australian FinTech hopefully the regulators will start to implement the changes to policy that has seen such growth in the London FinTech Market. As referenced here there is a growing number of companies looking to support the industry with Silver Flacon one such leader. Australia is shaping up to be a destination for financial technology or fintech start-ups. As local banks are gradually opening up to the fintech industry, Australia is in a position to be the fintech hub of the Asia Pacific region. While Australia has relative strength in financial services enough to lead the fintech industry in Asia, right policy environment and […]
OzForex co-founder’s big winner from Western Union bid
OzForex co-founder Matthew Gilmour expects other bidders to emerge for the company after global payments giant Western Union made a stunning $888 million takeover offer bid for the company. As revealed by Street Talk Online on Wednesday, Western Union has offered to buy the online foreign exchange company for as much as $3.70 a share, which is up to $1.10 above its Wednesday closing share price of $2.60 and its average over the past six months of $2.47. Mr Gilmour stands to reap more than $34 million if Western Union buys it at the top of its offer range of $3.70 a share, which values the company at $888 million.OzForex […]
Western Union bids up to $888m for OzForex
Global payments giant Western Union has offered to buy online foreign exchange company OzForex Group for as much as $3.70 a share, implying a value of about $888 million, as revealed by Street Talk on Wednesday. The New York Stock Exchange-listed company is taking its counsel from Gresham Partners. The offer is up to $1.10 above its Wednesday closing share price of $2.60 and its average over the past six months of $2.47. OzForex’s shares have climbed 28 per cent since touching a 52-week low of $2.03 on July 16. The proposed takeover price compares with the $480 million the company was valued two years ago when its shares first […]
Why fintech is high on the radar for this London Stock Exchange-listed company
Financial technology, or fintech, is finally getting the recognition it deserves as funding pours in and investors begin to warm up to its risky nature. Solving the technological shortcomings of banking institutions and easing payment processes while increasing consumer protection, companies under the segment have been quite instrumental in improving the quality of financial services for both customers and entrepreneurs. Following the success of Lending Club, WePay and Kabbage, dozens of fintech start-ups have entered the fray, and it didn’t take venture capitalists long to flirt with the idea of betting on them. According to the Economic Times, the industry is now worth US$4.7 trillion (AU$6.6 trillion), and have raked […]
The rise of robo advisers
The notion of robots delivering financial advice is one of the hottest topics in financial planning circles. Even Australian Securities and Investments Commission chairman Greg Medcraft has weighed in, saying “robo advice” could slash investment costs and eliminate conflicts of interest. Judging by the number of new offerings coming on the market, this will be a growth sector, but how easily will people accept advice delivered by rules-based algorithms? The most common answer is that “millenials” will lead the way on “robo-advice” take-up, as they trust technology in a way their forbears do not. The cost of delivering advice is generally estimated at one-fifth to one-tenth of fee-based financial advice, […]
ASIC calls for ‘two-tier’ regulation of fintech sector
ASIC chairman Greg Medcraft has advocated a two-tier regulatory system that encourages innovation via ‘light-touch’ oversight of fintech start-ups. Speaking at a Finsia ‘Regulators Panel’ event in Sydney, Mr Medcraft pointed out that innovative business models often do not “fit” into existing regulatory frameworks. “It’s really important we rethink the way we regulate [financial services companies] in a digital economy,” he said. Mr Medcraft said Australia should adopt a more flexible or ‘agile’ approach to regulation, as is seen in other parts of the world. Source: ASIC calls for ‘two-tier’ regulation of fintech sector – Mortgage Business
Macquarie targets robo-advice at mass market
Macquarie Group is targeting retail investors and self-managed super funds with a new robo-advice program that will provide detailed recommendations matched to customers’ investment priorities. The bank will next month launch an online tool allowing customers to buy investment advice covering asset classes including shares, exchange traded funds, and managed funds from around the world. Macquarie Wealth Management chief investment officer John O’Connell said the advice would draw on a database of 30,000 investment options globally. OwnersAdvisory is aimed at selling lower-cost investment advice. After gauging customers’ risk profile through an online questionnaire, Mr O’Connell said the program would produce “a written outline of exactly what we would do if […]
