Australians doing business in China
Trade Minister Steve Ciobo will lead one of the country’s largest business delegations ever assembled to Australia Week in China, this year held across several Chinese cities. The aim is to highlight commercial opportunities in various business sectors, ranging from agribusiness and finance to education and food. We asked four Australian executives doing business with and living in China five questions. They share the challenges and the opportunities of doing business in China, as well as the importance of “guanxi” — a concept largely credited to the Chinese and their approach to networking and relationships. What inspired you to do business in China? China is one of largest and most […]
ASIC talking to Singapore on fintech deal
The Australian Securities and Investments Commission is talking to the Monetary Authority of Singapore about an agreement to ensure that regulation does not hinder the progress of fintech start-ups looking to operate across the countries’ borders. Fintech regulation has been a key agenda item at recent meetings of peak financial regulators across the globe and although the discussions between ASIC and MAS are at an early stage, it is understood both regulators are enthusiastic about seeing a deal come to fruition. The agreement would be based on a similar co-operation agreement between ASIC and the UK Financial Conduct Authority, which was signed just before Easter and was the first of […]
Ignition Wealth launches “Teams” automated advice technology for Financial Businesses
Ignition Wealth today announced the launch of their new technology solution ‘Teams’, designed to support professional financial businesses as they adopt automated financial advice. Ignition Wealth will lead the presentations at the Melbourne Afiniation Fintech Showcase with the launch of their new Teams product. The Melbourne Afiniation Fintech Showcase will take place on April 14 at the Grand Hyatt Melbourne. CTO Mike Giles will demonstrate the new Ignition Wealth Teams technology to a crowd of over 200 fintech professionals and investors. “The wealth industry has traditionally been heavily paper based and the first opportunity is to bring those processes, including buying and selling of stocks and reporting, into an online […]
New finance platform Skippr to boost innovation and growth with fresh perspective on cash flow management
New finance platform, Skippr, signifies a new direction for the fintech space. Helping businesses understand cash flow better and providing them with simple and accessible tools to optimise that flow, the new start-up connects both invoice finance and cash flow forecasting through one platform. Pat Crivelli, Founder of Skippr said, “SMEs are the backbone of our economy, but nearly half will fail as a result of poor cash flow. Empowering SMEs to take control of their finances means more competition, innovation, productivity and growth for Australian businesses. “Skippr’s platform helps SMEs not just access finance, but understand how to better manage it. Our technology provides more transparency and, […]
Fintech changes the shape of banking
Jesse McWaters is the project lead for disruptive innovation in financial services at the World Economic Forum. So in January, 2014, it seemed logical to bring together about 50 senior global financial services and banking types attending Davos to consider the impact of fintech. The judgement of the experts was clear. “Banks versus fintechs? No contest,” McWaters says. The banks were considered to be protected by their scale, by their levels of consumer trust and by the regulatory complexity of the financial system. The barrier was considered simply too high for fintech start-ups to become a threat. A year later, there had been a sea change in the mood of […]
Fintech sector held back by fear factor, not a lack of capital
A dearth of ideas and entrepreneurs, rather than capital, is the main barrier to innovation in Australia, delegates at the Australian Financial Review Banking & Wealth Summit heard on Wednesday. Chris Brycki, chief executive of online investment adviser Stockspot, said that high salaries and the low number of job losses in the financial services sector after the global financial crisis meant that few people were prepared to leave their employers and take the risk of starting a business. Mr Brycki’s comments run counter to the perceived wisdom that the unwillingness of Australian investors, particularly superannuation funds, to invest in start-ups is inhibiting their development. “I think the lack of capital […]
Facebook wants to partner with Aussie banks on mobile strategy
Social media behemoth Facebook is looking to partner with Australian banks to explore opportunities in mobile banking, in a move that could radically change the face of retail banks. Paul McCrory, head of financial services Australia at Facebook, said the $428 billion tech giant has built “huge mobile platforms” that see 11 million Australians a day. Facebook sees opportunities in leveraging that scale to do business with Australian banks.”Banks are mobile businesses as well, except they also have legacy [systems] that sit behind them. How do we help partner with this vast scale we’ve got, to help a bank, for example, drive digital options?” Mr McCrory told The Australian Financial […]
DigitalX Ltd tests blockchain based app to send money overseas
DigitalX Ltd (ASX:DCC), a blockchain software solutions company is gaining positive feedback from the expanded phase 2 beta-test of its AirPocket money transfer app that was conducted in the U.S. and Dominican Republic. The Phase 2 trial allowed users to transfer money from nine selected states in the U.S. to the Dominican Republic. AirPocket utilises the Bitcoin blockchain technology to transfer money. The majority of the respondents in the beta-test voted that AirPocket was efficient in sending money, and it was easier to receive money using the app than through traditional money transfer channels. The respondents also found the money transfer fees associated with the AirPocket app to be competitive […]
