50 person Facebook team plans cryptocurrency payment tech, report says
The purported coin is geared for ordinary money transfers and not investment speculation, according to The New York Times. Ready to send some virtual money to your Facebook friends or WhatsApp contacts so you can split the restaurant bill? Maybe someday you’ll be using a cryptocurrency to do so. Many people in the tech world have soured on cryptocurrencies and their accounting underpinnings, called blockchain. But Facebook remains interested, with a 50 person project underway to build a technology that’ll let members send each other digital money, The New York Times reported Thursday. Cryptocurrencies initially excited fans who wanted a new digital-era payment mechanism, but as the hype increased, investors […]
Macquarie Group invests in market-changing technology firm Quantexa to accelerate the future of AI-enabled decisioning technology
Quantexa, the data analytics firm, has announced a strategic investment and partnership from Macquarie Group to provide actionable customer intelligence. The strategic partnership will help Quantexa accelerate the growth of its AI-enabled network analytics technology which provides enterprise-wide solutions serving multiple use cases including fraud detection, money laundering prevention, credit risk decisioning and customer insights. The investment follows a Series B funding raise in July in which Quantexa raised $20 million from HSBC, Albion Capital and Dawn Ventures. “We are delighted to have Macquarie become part of the Quantexa journey,” said Vishal Marria, Chief Executive Officer of Quantexa. “Macquarie’s expertise and appetite for innovation will help us to continue to […]
The Banking Royal Commission’s final report: How Basiq can help
With the release of the banking royal commission’s final report, it is clear that responsible lending remains a key concern within the financial services industry. Basiq’s Affordability API can ensure that lenders are carrying out efficient and responsible lending based on high-quality data. In response to lending concerns banks have adopted more stringent serviceability assessments in compliance with existing consumer credit laws. A significant factor in the tightening of loan assessments is the process of verification. According to the report, verification should take into account both income and expenditure and go beyond taking an applicant at their word. This is especially as according to the the Australian Financial Review: “more […]
Australian based financial advice technology provider Midwinter Financial Services appoints new CEO
Australian based financial advice technology provider Midwinter Financial Services has today announced the appointment of Jeffrey Hall as Chief Executive Officer off the back of consistent growth. Midwinter has continued to expand rapidly over the past several years, particularly within the enterprise market. As a consequence of this, Midwinter has been actively searching for additional executive presence to complement its existing management team. He joins Midwinter after spending almost 7 years at Ernst & Young as a Director within the wealth and asset management division, as well as spearheading the professional services division at COIN in the early 2000s. Jeffrey Hall is pleased to be joining the independent company, saying […]
Labor to boost ASIC’s fintech capability in Perth
Labor will provide fintechs based in Perth with more regulatory support, pledging an increase in funding for the corporate regulator so it can extend its “innovation hub” to the city and help start-ups connect with the Asian region. Shadow minister for the digital economy Ed Husic and Clare O’Neil, shadow minister for financial services, will announce on Thursday that Labor will fund a new Australian Securities and Investments Commission executive based in Perth to work on fintech licensing and start-up regulation. This will mean founders don’t need to trek to the east coast for meetings. “The commitment we are making to establish an ASIC rep on the ground in Perth […]
Wealth managers deliver $90m for Aussie fintech
Wealth management has been a key driver for an Australian financial services technology firm, which boosted group net profit after tax by 15 per cent over the six months to 31 December 2018. ASX-listed Bravura Solutions Limited increased group revenue by 24 per cent to $127.4 million over the half, while the company’s NPAT increased 15 per cent to $16.3 million. Wealth management was a significant revenue driver for Bravura, which also provides software solutions to the life insurance and funds administration industries. Revenue from wealth management increased 24 per cent to $90.4 million in 1H19, up from A$72.8 million in 1H18. EBITDA increased 36 per cent to $29.4 […]
Bitcoin crash gives way to steady growth
The price of bitcoin has crashed in early 2019 but some experts in the field argue that the news is not all bad, with the future for cryptocurrencies looking fairly strong. At the end of January 2019, the price of bitcoin was US$3525, having slumped from a peak of over US$19,000 in late 2017. This is not the first crash in a market known for its volatility, and in previous downswings the price has eventually settled at a point that shows a long-term upwards trend. For example, at the start of 2017 the price was about US$975. The general feeling in the market is that much of the massive movement […]
Australia’s digital disruptors are invited to enter the Finder Awards 2019
Entries have now opened for the 2019 Finder Awards which celebrate the cutting-edge innovations of Australian businesses. Now in their fourth year, the Finder Awards shine the spotlight on Australia’s disruptors across a range of industries including banking, insurance, property, technology, retail, travel and, for the first time, sustainability. There are 12 categories open for entry which are judged on criteria including innovation, range of features and impact. Fred Schebesta, Co-CEO and Co-founder of Finder, said the awards recognise the businesses and leaders defining Australia’s future. “We’ve expanded the innovation categories from 7 to 12 this year to reflect the fierce appetite for change and continuous improvement in this country,” […]
