Sibos 2018 – The Rise of FinTech
FinTech comes of age in Australia at Sibos 2018. As Sibos 2018 comes to a close and the worlds biggest players in banking head home the event can be considered a huge success, especially for FinTech. Sibos is the worlds premiere financial services event and what an event it is. 7000 banking and financial services professionals from across the globe gathered. With Money 20;20 taking place in Vegas at the same time the turn out was incredible. Australian FinTech partnered with Tier One People to cover the four day event. A dedicated Fintech exhibition, The Discovery Zone drew huge crowds. Innotribe, presented the worlds foremost experts on Blockchain, AI, Quanrum Computing and […]
IRESS releases automated personal advice solution and announces implementation with WA Super
IRESS has today announced a new automated personal advice solution allowing super funds to service members wanting superannuation advice digitally. The multi-advice, multi-channel solution, drawing on information within the fund registry, allows members to set their retirement objectives, review projections and then make choices to optimise their retirement outcomes. Members are provided with a statement of personal advice and can choose to action the recommendations using the solution and monitor progress. Members can also receive automated personal advice for wealth protection, savings and debt management. WA Super has become the first superannuation fund to implement the solution to deliver a personal advice service for retirement planning through its online member […]
JP Morgan’s Quorum blockchain opens new world of trading opportunities
A blockchain platform built by global investment bank JP Morgan is being used to “tokenise” gold bars to allow sustainable miners to earn a premium on global markets, an indication of new trading opportunities the disruptive technology will create over the coming decade. Blockchain technology, initially deployed to create bitcoin, is moving into production in major investment banks – but it’s not being used to move money. Rather, banks are using it to manage global liquidity, improve information inefficiencies and create “crypto” assets (other than currencies). JP Morgan has created an enterprise version of the Ethereum blockchain – known as Quorum – which allows for the operation of “smart contracts”, […]
Why Bitcoin is here to stay
The real game changer of Bitcoin is the underlying network of highly secure computers that support it. These computers run a new form of database called “blockchain.” Blockchain technology enables money and data to move without having to rely on a trusted middleman. It’s truly revolutionary. Already more than $3 billion a day is transacted across the Bitcoin network without the need for a central clearing authority. That has never happened before and it makes Bitcoin a unique asset. Software developers across the world are building applications designed to piggyback off this network. Over the next few years we’ll begin to see a host of new applications emerge for Bitcoin and the network […]
Fintech revenue growth surges: EY census
Local fintech start-ups are confident revenue growth will continue on the back of the banking royal commission and a majority are planning to expand overseas as more funding is pumped into the sector, although a mostly optimistic outlook is tempered by fears of a skills shortage. Access to developer talent is a concern to almost half of the nation’s fintechs, who also want better access to the government’s research and development (R&D) tax incentives to drive growth. The results are in the annual EY Fintech Australia Census 2018, generated from an online survey of 151 start-ups, which was released on Monday at FinTech Australia’s Intersekt festival attended by 500 people in […]
How one financial planner’s cultural change is helping tackle Australia’s debt problem
Financial planners are helping to tackle Australia’s escalating debt problem as the industry shifts from selling products to providing holistic advice with money management at its core. Australia’s household debt-to-income ratio has risen sharply in recent years and now ranks as one of the highest in the world at about 190 per cent, according to the Reserve Bank of Australia. Meanwhile, more than one in six (18.5 per cent) consumers are struggling under a mountain of credit card debt, according to a report by the corporate regulator, ASIC. Yet only a minority of financial planners offer money management or budgeting advice, citing concerns about the time it takes to offer […]
Bitcoin seems indestructible but another cryptocurrency might be about to take its place
Bitcoin was born out of the global financial crisis of 2018, but on the eve of its 10th anniversary the world’s first cryptocurrency may be facing a crisis of its own. Uncertain regulation, technological failings and infighting within its developer community mean another cryptocurrency could be on the verge of taking its place as the world’s leading digital currency. With a market cap of over $100 billion, bitcoin has established itself over the last decade as the world’s leading cryptocurrency, yet since its inception more than 3,000 other cryptocurrencies have since come into existence – each attempting to offer something that bitcoin can’t. After a decade of dominance, experts tell […]
Women shun financial advisers in favour of money advice from robots
Robo-advisers are reporting a substantial spike in the number of female investors, citing a “perfect storm” of the fallout from the banking royal commission and the empowerment of the #Metoo movement. Six Park reveals that accounts held solely by women have more than doubled in recent months to sit at 40 per cent, up from 20 per cent in January. The firm delivers financial advice online using algorithms and technology in place of a human financial adviser. The greatest number of Six Park accounts are held by 26-35-year-olds and 35-50-year-olds. Average account sizes are $31,761 and $43,342 respectively. Across all ages, the average amount invested by females is almost $55,000. […]
