Australian fintechs must set sights on Asia: MoneyMe
Consumer fintech, MoneyMe Financial Group, believes the next surge of global fintech growth will be led by Asian markets after a temporary global plateau, as a result of greater market demand and more underbanked citizens, increasing income levels, advanced tech capabilities, and superior tax structures for innovative businesses. Australian fintechs who don’t include Asia in their growth strategies, both in terms of target markets and location of operations, risk falling behind and missing the next wave of fintech as a result of our far higher corporate tax rates, and the comparatively higher quality of our financial services which drive down the urgency for local innovation. This comes off […]
Trading to National Stock Exchange available on IRESS
IRESS and the National Stock Exchange of Australia (NSX) today announced that clients of IRESS will be able to trade securities listed on the NSX through IRESS. The introduction of trading through IRESS builds on the existing market data feed of NSX securities available through IRESS. NSX Managing Director, Ann Bowering, said: “We are delighted to be working with IRESS to provide direct access to trading on the NSX market by leveraging the IRESS network and trading community. “It is essential that NSX provide companies listed on our exchange access to Australia’s broking network, and this has been easily facilitated through IRESS’ network. “In doing so we have given our […]
What is the impact of Blockchain on the Economy?
Blockchain, a type of ledger technology, has been under intense study for the last year by Australia’s Commonwealth Scientific and Industrial Research Organisation, or CSIRO, specifically by their Data61 group. Data 61 is a partnership group dedicated to finding, creating, and studying data innovation. Therefore, their recently released reports pronouncing blockchain a “highly promising” way to manage supply chains for the government, finance, and industries and to increase Australia’s productivity are an exciting breakthrough that could put Australia at the forefront of technology and enterprise. But the CSIRO reports come with a warning that Blockchain may have some vulnerabilities as well. After being commissioned by Australian Treasurer Scott Morrison, MP, […]
Tom Culver of Goodments wins inaugural EY WAMTech PitchFest
Tom Culver, CEO and Co-Founder of Goodments, has been named as winner of the inaugural EY WAMTech PitchFest for his innovative FinTech solution in response to the problem statement of how to simplify the process for financial advice within the wealth and asset management (WAM) industry. Culver took out the top award among stiff competition from the group of five short-listed finalists at a special event held in Sydney last night. Supported by the Financial Services Council (FSC), the PitchFest called on FinTechs to help revolutionise the Australian WAM industry by designing innovative technology-based solutions to some of its biggest challenges, as identified via a survey of senior executives […]
Australian FinTech Newsletter
As of this week, Australian FinTech will be producing a second newsletter that will commence today and going forward it will be sent out each Saturday morning. 12,000+ unique users visit the Australian FinTech website every month and if you haven’t already subscribed to the Australian FinTech newsletter you’re missing out! So if you’ve missed anything in FinTech in Australia during the week, you can read all about it while relaxing on a Saturday morning or while watching your kids playing sport. With so much happening in the burgeoning Australian FinTech industry, the bi-weekly newsletters – on Tuesday and now Saturday – will cover more of what you need to […]
Australian govt consults on digital currency taxation legislation
The Australian government is looking for the best way to address the so-called “double taxation” of digital currency which is now prescribed by the Goods and Services Tax (GST) law. The push comes amid a sharp growth in the use of this particular type of medium of exchange. The government has published exposure draft legislation and explanatory material for amendments to the GST law. The public consultation on these proposals will run for four weeks, closing on July 26, 2017. The draft legislation would have a retrospective start date of July 1, 2017. In summary, from July 1, 2017, digital currency will be treated just like money for GST purposes. […]
Aussie crowdfunding regulation gets an overdue watering down
Aussie financial services regulator ASIC has rejigged crowdfunding regulation, allowing poorer investors to participate. Aussie corporate watchdog ASIC has made it easier for start-ups to raise funds by issuing equity to investors, following up on legislation passed in March in which the Australian government watered down crowdfunding regulations. The new regulation will allow small and unlisted companies to crowdfund up to A$5 million a year, starting late September. It will also allow poorer investors to participate. Previous regulations allowed only those with more than $2.5 million in assets to buy securities through crowdfunding. But the regulator has warned that robust restrictions will be in place, including limitations on advertising and […]
Fintech lender branches into broker channel
Fintech lender MoneyMe is in the process of expanding its broker model to bring in greater loan volumes for its personal lending products. In an interview with Australian Broker, MoneyMe CEO Clayton Howes, said that brokers present a particularly strong channel proposition which he hoped could be leveraged to reach a mass audience. “We look to brokers to provide the sharpest rates in town. How we see it is brokers are able to navigate through the noise of what’s available with the different institutions and provide a feel for a competitive rate. Those are the guys we’d like to partner with to distribute our product.” Expansion into the broker channel […]
