Super funds well-positioned on robo-advice
Thirty-six per cent of people would prefer to get robo-advice and similar services from their superannuation funds, rather than the major banks, according to new research released today. The research, contained in the Investment Trends Direct Client Report has pointed to the high number of Australians choosing to make and activate financial decisions without the help of a financial adviser. However the report points to robo-advice as being a key tool in helping deliver necessary assistance to consumers, and to the positioning of superannuation funds in delivering the answers. In what represents a new area of research for Investment Trends, the company has looked at the appetite of Australian adults […]
Outcomes from the National Fintech Cybersecurity Summit
Last week an assembly of Australia’s who’s who of cyber security came together for a roundtable in Sydney. The event was organised by CSIRO’s Data61 and Stone & Chalk with partners KPMG and the Australia-Israel Chamber of Commerce (AICC). This roundtable, was chaired by Australia’s Chief Scientist Dr Alan Finkel, and the discussion well moderated by Tony Jones from the ABC. In an interview with Computerworld Australia, Alex Scandurra, CEO of Stone & Chalk, shared his reflections on the event and its outcomes. A key theme that emerged time and again in the inaugural National Fintech Cybersecurity Summit was the criticality of collaboration – a point echoed by both key […]
Fintech specialists say ‘NextGen banking’ may replace Big Four
Banks of the future will be technology companies with a banking licence, and traditional finance options may give way to more digitally advanced methods and platforms, say fintech specialists. According to panellists speaking at the Fintech CEOs on the Future of Finance seminar in Sydney on Wednesday night, financial technology firms will soon attract market share and talent away from current banking incumbents, while new digital roles set to replace traditional finance jobs. Speaking at the event Jost Stollmann, CEO of Tyro Payments, predicted that ‘next generation banking’ would eventually take over, with at least one of the big four banks to disappear completely in the next few decades. “Can […]
PrimaryMarkets – First US Listing – Blockchain / Bitcoin
MEDIA RELEASE: PrimaryMarkets today announces its first US listing by offering for sale unlisted shares in one of the largest available exposures to the global blockchain / digital currency trade. PrimaryMarkets’ Members now have the opportunity to purchase a significant existing equity stake in this USA Company with a portfolio of more than 70 investments in 20 plus countries across early stage digital currency and blockchain investments, a bitcoin dealing desk and a digital currency fund management business. Existing investors include MasterCard, New York Life and Western Union. A newly appointed director of the Company is also a director of AT&T, NASDAQ and the Federal Reserve Bank of New York. […]
SocietyOne shifts from edgy start-up to $100m lender
The nation’s biggest peer-to-peer lender, SocietyOne, is growing up fast, and not in the same way as its renegade US cousin Lending Club. An ASIC search has revealed the stranglehold of the so-called media consortium (News Corp, Kerry Stokes and James Packer’s media-free Consolidated Press Holdings) over SocOne after the recent $25 million Series C capital raising. The consortium, through its vehicle S. One Holding, holds a commanding 37 per cent stake, with the News and Stokes interests believed to be dominant in the S. One Holding structure. Not only that, but Westpac’s in-house venture capital fund, Reinventure, speaks for a further 17 per cent of SocOne. Put the two […]
Xero Passes Quarter Billion Annualised Revenue
Managing to cash flow break-even with cash on hand Trillion dollars of transactions recorded on Xero platform in last 12 months Performance highlights (All figures in NZ$) Strong global revenue and subscriber growth Paid subscribers hit 717,000 globally, with 242,000 subscribers added in the 12 months to 31 March 2016 Annualised committed monthly revenue of $257.9 million, a year-on-year increase of 62% Operating revenues of $207.1 million, an increase of 67% on FY15 Global year-on-year revenue growth of 95% in international markets, and 57% in Australia and New Zealand Improvement in operating metrics Gross margin increased by 6 points year-on-year to 76% Net loss of $82.5 million for the year, […]
Blockchain is useful for a lot more than just Bitcoin
Blockchains can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights. Blockchain technology is not just useful for creating digital currencies such as Bitcoin or developing new financial technologies. Blockchains can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights. Blockchain technology was popularised by the Bitcoin digital currency system. But, essentially, a blockchain is just a special kind of database. The Bitcoin blockchain stores cryptographically signed records of financial transfers, but blockchain systems can store any kind of data. […]
Next Bank Brisbane presents Brisbane’s first FinTech showcase
The Financial Services and Insurance Industry is Australia’s largest and fastest growing sector. It’s no surprise that the Prime Minister’s office is looking to foster the growth of Fintech to protect its greatest asset from the increasing threat from global disruptors. The Fintech industry is home to some of the best talent in Australia. Following the launch of multiple Fintech hubs in Sydney and emerging startup success stories from both Sydney and Melbourne you could be forgiven for thinking that Fintech in Brisbane doesn’t exist. Admittedly, the Next Bank Brisbane team felt the same way, until they started digging beneath the surface. “When we started searching from the Sunshine Coast […]
