New era for equity crowdfunding
The Australian Government’s long-awaited equity crowdfunding reforms have finally been passed, almost a year after they were introduced to federal parliament. The Corporations Amendment (Crowd-sourced funding for Proprietary Companies) Bill 2017 is the government’s third attempt at legislating equity crowdfunding. Its first bill was left stranded by the July 2016 election, and its second bill – which took effect in October 2017 – was criticised by the industry for requiring companies to become unlisted public companies before they could have access to equity crowdfunding. That was the basis under which seven equity crowdfunding platforms were licensed by the Australian Securities and Investments Commission (ASIC) in January 2018. However, the public […]
OpenInvest platform gives SMSF trustees direct access to quality investment managers
An online marketplace and platform offering investors access to a diverse range of Australian and international investment managers launched last night in Sydney with self-managed super fund (SMSF) trustees the primary market. The OpenInvest platform will give SMSF trustees and other investors the means and ability to choose from a range of highly credible and experienced managers, with Schroders, Shaw and Partners, SG Hiscock, JBWere, InvestSense (in collaboration with Magellan and Pimco) and Clime Investment Management among the foundation partners. Other managers will follow in the New Year. These investment managers will provide content, information and regular updates explaining their thinking on key issues that influence their investment decisions. This […]
Finance industry growing to favour AI
More than half of financial executives expect to see increased efficiency in their organisations as a result of artificial intelligence, according to a study by Baker McKenzie. The proportion of finance leaders anticipating increased productivity from AI comes to 52 per cent, a significant shift from 39 per cent in 2016. The report titled Ghosts in the Machine: Revisted queried 355 senior executives working for financial institutions globally. It was a follow up to Baker McKenzie’s 2016 study. The number of finance leaders who expect customer experience to improve has more than doubled, going from 20 per cent to 42 per cent. “A seismic shift has occurred over the last two years […]
New deal connecting Australian businesses to Chinese visitors
Australian businesses are set to benefit from a collaboration between NAB and Alipay which will revolutionise how Chinese tourists pay for products and services. NAB Executive General Manger of Deposit and Transaction Services Shane Conway said more than 1 million Chinese tourists visit Australia each year spending more than $11 billion. “By making China’s number one payment method available to NAB business customers, we’re enabling greater customer service and providing our business customers with access to this large tourism sector which is a win-win for everyone,” Mr Conway said. “We’re beginning pilot testing with a small group of business merchant customers in November, before making the payment system available to […]
ASX-backed Digital Asset plans to power banking with new DAML programming language
For fintech entrepreneurs, it might pay to get on top of a new programming language soon to be released by Digital Asset. DAML (the Digital Asset Modelling Language) is a core part of Digital Asset’s plans to roll its private blockchain beyond equities settlement and clearing to other parts of the financial services industry such as insurance. It could also emerge in the health sector and supply chain management. When the ASX confirmed a year ago it would use Digital Asset, the New York-based start-up of which it owns about 8 per cent, to replace its ageing CHESS system, the blockchain world sat up and paid attention. ASX now wants […]
Why your kids want cryptos for Christmas
In 1975, the most popular children’s toy was ‘The Pet Rock’. There was no false advertising to speak of when it came to this toy. It was literally a smooth rock housed in a box with the label: ‘genuine pedigreed pet rock’. Its selling point was that it was the perfect pet — it required no maintenance, and best of all, there was no chance of accidentally killing it. It sounds ridiculous to us now. But nonetheless, in 1975, that rock was all the rage. And the genius behind the idea, Gary Dahl, died a multi-millionaire. Come 1980, the most popular toy was the Rubix Cube. In 1987, it was […]
Bendigo embraces fintech to offer instant home loans
In its bid to improve its services for potential mortgage clients, Bendigo Bank has partnered with fintech provider Tic:Toc to offer instant home loans starting early next year. The partnership enables Bendigo to utilize Tic:Toc’s platform in offering an automated assessment on home-loan applications. The bank was the first Australian lender to offer a digital home-loan application and assessment process under its own brand. Tic:Toc first launched the platform in July 2017, offering a streamlined digital fulfilment process. Tic:Toc founder and CEO Anthony Baum said the platform promises to cut expenses needed to process and deliver home-loan applications, resulting in cost efficiencies on the side of the lenders. “There’s actually […]
Vietnam banks fight fraud and keep compliant with GBG and FPT
GBG, global identity data intelligence specialist, has announced a new partnership with FPT, the leading IT services provider in Southeast Asia, to deliver fraud and compliance solutions to the Vietnam market. The partnership marks an important step in GBG’s expansion into Vietnam and is indicative of the organisation’s commitment to grow its portfolio in Asia Pacific. GBG supports some of the world’s largest financial services organisations with fraud prevention and compliance management solutions and services, many of which have a footprint in Vietnam. By working with FPT’s regional experts and robust technology team, GBG can deliver an enhanced experience for new and existing clients in Vietnam through swift, seamless solution […]
