ASIC wants stake in global regtech sandbox
Australia’s financial regulator has joined 11 other watchdogs from around the world in proposing a new Global Financial Innovation Network (GIFN) to help regulators cope with the rapid rate of technological change in the sector. The Australian Securities and Investments Commission (ASIC) says the new collaborative body would create a “global sandbox” for regtech, fintech and suptech solutions to be tested across international markets so that regulators and firms can stay on the pace emerging trends. The bold push comes as regulators around the world struggle to stay on top of the increasing speed of developments ranging from coin offerings to real time payments and settlement. Of particular concern is […]
What is the future of the digital currency in the money market?
Cryptocurrency or digital currency is the currency in which the encryption technique is used to form the currency unit. Physical Calls Having the same properties as a digital call is physically unavailable. Digital currency trading is done with the same encryption technology. The first decentralized decryption is known as bitcoin. Some other characteristics are physical presence, decentralization, reduced transaction costs, and global acceptance. Key factors driving growth in the global digital currency market are decentralized and free of government interference. With the power of immediate trading and borderless movement of ownership, digital currencies are gaining acceptance in the real estate sector, which is expected to be a major driving force […]
Keeping up with the customer in the digital age
Demanding customers, increasing regulation and clunky IT systems are proving serious speed bumps for Australian companies who want to grow in the digital age. Lending is facing a particularly sensitive atmosphere because of the banking royal commission, with many disruptors investing heavily in “regtech” – technology that simplifies compliance. These were some of the views aired by participants at a recent business roundtable event hosted by Fairfax Media and KPMG Enterprise which discussed Australia’s digital transformation. Anthony Baum, the CEO of Tic:Toc, which provides home loans that can be fully approved within 22 minutes, says technology is “way better” than traditional manual loan approval methods. “40 per cent of people […]
Zip targeting $1b of sales and 1m customers
More than half a billion dollars of sales went through credit card disrupter Zip Co’s payment system over the latest financial year, more than twice the volume of the previous year but only a quarter of that spent on competitor Afterpay. But as the popularity of “buy now, pay later” offerings continues to surge among Millennial shoppers, Zip – of which Westpac Banking Corp owns 17 per cent – is targeting $1 billion of sales over the coming year. “We are only just beginning and are well positioned for a bumper 2019 financial year,” said CEO Larry Diamond. Zip announced a $1.2 million loss at the cash earnings level for […]
Fintech start-up QPay gets $1M in funding from Angels and Sharks
Student marketplace and payments app, QPay, has secured a $1 million cash injection after funding from the Sydney Angels Sidecar Fund 2 was supplemented by a $380,000 combined investment by Steve Baxter and Naomi Simson in exchange for 8.4 per cent of the firm’s equity during last night’s episode of Shark Tank. Funds were also received from American Express, and from the Chairman of the Australian British FinTech Cyber Catalyst, Andrew Chick, to make up the total $1 million. The funds will primarily be used to extend the reach of QPay’s recently launched student-targeted MasterCard to the 4,000-plus students on its waiting list, as well as to build a sales […]
Stake drops minimum funding to $50, giving every Australian direct access to $31 trillion US share market
Australia’s fastest growing stock broker Stake has today made it even easier for Aussies to invest directly in the $31 trillion US share market, lowering its minimum investment amount from $500 to $50. The lower entry point gives even more Aussies direct access to more than 3,000 game-changing companies and shares listed in the US, including Apple, Tesla, Google, Disney, and Amazon. The move to lower its minimum investment to AU$50 is part of Stake’s dedication to remove barriers to global trading, adding to the work it’s already done offering $0 brokerage, fractional investments, and same day money transfers. The announcement follows the launch of Stake’s iOS app on 4 July, which […]
IRESS opens software design to users through IRESS Labs
Financial technology business IRESS today announced a new initiative, IRESS Labs, that means more users of its software will be able to input directly into the design and development process and use future functionality in advance of general release. IRESS Labs is now available to users through the latest version of XPLAN and will be used in additional IRESS products over time. Through IRESS Labs, more users are actively sharing their opinions, experience and insight on what matters to them and their clients. This feedback is being directly used to create functionality for all users. Financial advisers test and provide feedback on prototypes during a development phase, before co-designed features […]
Finder co-founder Fred Schebesta plans to create Australia’s first crypto-bank
He became one of the country’s youngest self-made millionaires at the age of 26 — and now he’s revealed his next “multibillion-dollar” idea. The co-founder of one of Australia’s biggest tech success stories has revealed his next “multibillion-dollar” idea — to create the “first crypto bank of Australia”. Fred Schebesta, who became one of country’s youngest self-made millionaires at the age of 26 with the sale of his first business before founding comparison website finder.com.au, describes himself as a “time traveller” who looks into the future in order to make it a reality. His bet on the online comparison space paid off. From a simple credit card blog called Creditcardfinder.com.au, […]
