Tech tool to support Chinese investment in Australia
A fintech has announced that its verification tool will be offered in China to support the purchasing of Australian property. Through IDSecure, legal technology provider GlobalX has expanded its Verification of Identity (VOI) technology into China to help facilitate the purchasing process for Chinese investors looking to purchase property in Australia. GlobalX has said that IDSecure’s bilingual verification agents, based in Beijing’s China World Trade Centre, will provide a complete VOI service to “increase the efficiency of land and property transactions in Australia”. GlobalX CEO Peter Maloney said that the announcement enables Australian legal practitioners to “quickly and easily” verify their China-based clients. “This service means IDSecure’s VOI professionals will […]
Wisr tech upgrades lower average interest rate, drive growth and creditworthiness
Wisr, Australia’s first neo-lender (ASX: WZR), saw continued strong loan growth and customer acquisition in the first quarter of the 2019 financial year. Between July and September 2019 the company saw loan origination value grow by 49% when compared to the previous quarter, as well as 22% increase in overall loan volume. The result is the third consecutive quarter that Wisr has recorded quarterly loan growth in excess of 45%. The company also announced it had surpassed $50 million in loan originations since beginning operations, almost half of which were written from the beginning of 2018. Anthony Nantes, Chief Executive Officer, Wisr said borrower shift away from traditional lenders, brand […]
GBST launches industry-first SaaS middle office on Amazon Web Services with voice control
Global fintech GBST (GBT.ASX) launched their Syn~TAC SaaS at Sibos 2018 in Sydney. The industry-first SaaS middle office has been developed in partnership with Amazon Web Services, Inc (AWS) and is supported by leading Electronic Trade Confirmations (ETC) providers SWIFT and DTCC. The cloud-based offering reduces deployment and running costs, and features advanced voice control, another industry-first which improves middle office efficiency with authenticated, secure and auditable Push-to-Talk (PTT) technology. By partnering with AWS, GBST has been able to integrate with Amazon LEX™, allowing operators to augment their use of the system through voice queries and commands. With the help of a virtual assistant called ‘Syndy’, system operators can analyse, […]
Bitcoin: Ten Years On
A mysterious, anonymous entity known as “Satoshi Nakamoto” posted a white paper on October 31 2008 entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. It was the first time that the concept of Bitcoin entered the world. But outside of the cypherpunk mailing lists – those promoting the use of privacy-enhancing technology – this event was hardly noticed. Ten years on, who hasn’t at least heard of the cryptocurrency? On just nine pages, the white paper explained how the Bitcoin system would work. Many attempts at electronic cash had already been made going right back to computer scientist David Chaum’s “Digicash” developed in the 1980s. Using an intricate dance of cryptography, […]
Fintechs: a partner, not a predator
The rise of financial technology – or “fintech” – firms is often characterised in terms of “disruption” and “displacement,” as though the fintechs are destroying incumbent business models and putting traditional businesses to the sword. Technology is one of the key drivers impacting large financial institutions today. The reality is that instead of being threatened by emerging fintechs, firms have an opportunity to leverage fintechs to increase their existing technology capabilities to ensure the service provided to their clients remains relevant. By partnering with the right technology service providers, opportunities for both new business and expanded client offerings, will prepare companies for the future of investing. Developing technology in-house has […]
Neobanks are about to explode onto the Australian market
A number of restricted banking licences are expected to be issued to aspiring neobank startups by Australian authorities in the next few months. A raft of fintech players, including Xinja and Up, have already completed detailed applications to the prudential regulator APRA. The first licence went to Volt in May this year, creating another bank in Australia for the first time in 28 years. Since then, key players have been working to complete the regulatory hurdles to be able to call themselves a bank. APRA hasn’t a timetable for an announcement of new restricted authorised deposit-taking institution (RADI) licences but several startups expect an announcement shortly. The new restricted licence […]
“Profitability can come later on”: Aussie fintech growing into a huge opportunity, despite ongoing talent pool challenges
Australian fintechs are on average a little older, a little more mature, and generating a lot more revenue than they were this time last year, but there are still challenges in the sector according to the EY FinTech Australia Census 2018, released this week. Following a survey of 151 fintechs across Australia, and a series of in-depth interviews, the report shows a maturing fintech market in Australia, with 43% of fintechs over three years old, compared to 31% in 2017 and 20% in 2016. While it’s clearly a good thing these companies are surviving — even thriving — this could also be indicative of a lack of early-stage fintechs following […]
How cryptocurrency is disrupting the global economy & the financial system
For the longest time now, cryptocurrency has been slowly rising and increasing its powers in the background. Though not a lot of people have been paying attention to it lately, it’s still going strong with no signs of stopping. Because of the technology behind it, cryptocurrency has the potential to be one of the biggest disruptors in the global business process. As for the financial sector, here are some of the ways cryptocurrency can change it. Fewer barriers to entry One of the best things about cryptocurrency is that just about everyone can get involved. There are little to no barriers to investing or trading cryptocurrency. And as more people […]
