Xero & CommBank unveil innovations to transform small business banking
Xero today announced the first of many new features to be released with Commonwealth Bank, Australia’s largest bank, designed to enable mutual small business customers to make smart, informed decisions. A world first is the ability to set up direct bank feeds from either platform. Mutual customers of Commonwealth Bank and Xero can choose to start their journey within Xero, or connect from the Xero accounting platform directly within NetBank. This feature also accelerates the processing time of setting up Commonwealth Bank bank feeds for a small business customer from ten days to having the feeds available overnight. It means Commonwealth Bank and Xero customers can reconcile more of their […]
Bitcoin drifts lower after technical milestone
The virtual currency bitcoin made it through a closely watched technical milestone with a 2 per cent decline. The price of the alternative currency, measured in dollars, dipped on Saturday in light trading by about 4 per cent, but then recovered some ground to trade only about 2 per cent lower than it did early in the day, according to bitcoin tracker Coindesk. In recent months, a run-up in the price of bitcoin was attributed in part to the “halving” that arrived Saturday. That effectively cuts by 50 per cent the rate of production of new bitcoins. In theory, that makes existing bitcoins more valuable. The pre-programmed “halving” that took […]
Row emerges over digital advice regulations
A row is developing in the financial planning sector with so-called robo-advisers claiming that regulatory measures proposed by the Financial Planning Association would make the provision of digital advice unworkable. In a submission to the Australian Securities and Investments Commission, which is in the midst of consulting industry on how digital advice should be regulated, the FPA proposed that robo-advisers be required to appoint independent actuaries to monitor the algorithms used in the provision of automated advice. “If ASIC is after visibility of these results, an obligation to provide independent review results should be included in the regulatory guidance,” the FPA said in the submission.Robo-advisers argued that a need for […]
SocietyOne, Australia’s leading marketplace lender, appoints new board director
SocietyOne, Australia’s leading marketplace lender, today announced the appointment of Brett Clegg to its board as a non-executive director. Mr Clegg is Managing Director of News Corp Australia’s Community Publishing division. Among his responsibilities are its community titles in Sydney, Melbourne, Brisbane, Perth, SMB digital marketing services provider newsXtend, and the company’s investments in a range of disruptive technology companies including hipages and Sports Technology Group. Prior to spells with News Corp’s The Australian newspaper where he was deputy chief executive and later Fairfax Media’s CEO and Publisher of the Financial Review Group, Mr Clegg was a journalist, columnist and senior editor on the Australian Financial Review. He […]
New online platform ESIC Hub to accelerate benefits for early-stage companies and investors
A new online platform – ESIC Hub – is the first in Australia for high net worth investors and early-stage companies seeking to secure hundreds of thousands of dollars in new tax relief and funding. From this month, high net worth and sophisticated investors, including SMSFs, are eligible for new tax incentives of up to $200,000 a year when they invest in an early-stage investment. However, under new legislation, the company seeking the funding must qualify as an “ESIC” or “Early Stage Innovation Company”, or the investor will miss out. ESIC Hub founder Stephen Crowe, who has advised multi-national and Australian firms for more than 30 years, […]
Entersoft takes top award as best innovation in cyber-security & antifraud
Application security startup, Entersoft emerged victorious as the best innovator in cyber security and antifraud at the 2016 Australian Fintech Awards for their cloud-based virtual hacker, which assesses various applications for security loopholes. Paul Kang, Director of Entersoft, cited cybersecurity as a growing concern, with no market more directly impacted by its rise than FinTech. “Financial data is a premium target for hackers, offering clear financial incentive for their malicious attacks. And, as hackers become increasingly sophisticated, FinTech organisations are more and more at risk.” “Our approach is a combination of offensive assessment, proactive monitoring and pragmatic managed security which provides highly cost effective and reliable solutions to […]
Forex fintech Airwallex secures US$3m from Alibaba’s VC firm
Fintech startup Airwallex has strengthened its Melbourne and Chinese development teams and accelerated R&D of its international payments platform following a US$3 million pre-Series A investment round led by Shanghai-based VC Gobi Partners. Gravity VC as well as angel investors Huashan Capital One and Billy Tam (CEO of Easylink Payments, the company behind Chinese payment powerhouse PAYECO) also participated in the fundraising. Currently in beta trial stage, the Airwallex platform is powered by a peer-to-peer algorithmic engine that enables businesses to issue and pay invoices in their preferred currency at the mid-market foreign exchange rate, avoiding inflated bank margins and minimising currency fluctuation risks. Airwallex Co-Founder and […]
H2 Ventures Fintech Expo 2016
H2 Ventures Fintech Expo 2016 H2 Ventures are hosting its third annual Fintech Expo, an opportunity to hear from some of the most talked about and exciting Fintech companies in Australia. Tuesday 19th of July 2016 Get your tickets here: http://h2vfintechexpo.eventbrite.com.au/ Save Save
