FinTech

Nov
09

FinTech will change more in the next 5 years than the last 30, says PayPal CEO

PayPal’s CEO has said that the financial technology (fintech) sector is going to change more in the next five years than it has done in the last 30. Speaking with CNBC’s Mad Money host Jim Cramer, Dan Schulman, CEO of PayPal, said that millennials are changing the shape of many industries, in particular the finance sector. He said: You have to, to serve these markets, re-imagine how money can be managed and moved because there’s going to be more change in the next five years in financial services than happened in the past 30. According to Schulman, the millennial generation, those under the age of 30, think about everyday processes […]

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Nov
09

Bitcoin surges to record high as controversial software ‘fork’ upgrade cancelled

Bitcoin jumped as much as 11 per cent to $US7,882 after the main architects behind an upgrade to its underlying technology known as Segwit2x, which would have caused the chain to split in what’s known as a hard fork, cancelled their controversial plans. Bitcoin experts cited a statement on the Linux Foundation website, signed by several high-profile bitcoin entrepreneurs and developers who had backed the plan, that said the “Segwit2x” upgrade would be scrapped for now as it could “divide the community”. The upgrade would have changed bitcoin’s rules in a so-called “fork”, effectively cloning the existing bitcoin to create another cryptocurrency. “Our goal has always been a smooth upgrade […]

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Nov
08

Australia, China to co-operate on fintech

Regulatory body ASIC has entered into an agreement with the China Securities Regulatory Commission to “promote innovation” and share information on market trends and regulatory development in the financial services sector. According to a statement from ASIC, the agreement will provide a “framework for information sharing between the two regulators” and will allow them to stay updated on “fintech activity” in either jurisdiction. The agreement has a specific focus on sharing information on regulatory technology, or ‘regtech’, “in recognition of the importance of regulators keeping pace with the fintech industry”. ASIC chairman Greg Medcraft said he looked forward to the two regulators sharing insight on regtech.“Understanding new developments and their […]

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Nov
08

Micro-investing app Acorns launches ‘Little Acorns’ feature

Acorns users can use the new feature to start saving and investing for their children. Popular micro-investing app Acorns has announced the launch of its Little Acorns feature, allowing users to start saving and investing for children under the age of 18. The new feature is a solution for Acorns users who want to start a savings fund for their child or grandchild, but don’t want to create a separate account to do this. Acorns has become increasingly popular since launching in 2016, particularly among Australian millennials who have embraced the app’s iconic round-up feature. The app allows you to round up your everyday purchases with the spare change invested […]

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Nov
07

Jacaranda Incubator Program – Backing Australian Fintech

Jacaranda Finance is on the hunt for Australia’s most exciting, high growth potential Fintech startup, establishing the Jacaranda Incubator Program.   Background Jacaranda Finance is one of the fastest growing financial technology start-ups in Australia. With the recent launch of the new and improved Jacaranda decisioning engine, the young startup analyses vast quantities of data from numerous data sources within seconds. This allows the company to make smarter credit decisions and expand the availability of fair, affordable, responsible and more transparent credit solutions for consumers. “It’s no longer hard, expensive or impossible to acquire and process large volumes of data relating to our applicants”, says Daniel Wessels, CEO of Jacaranda. […]

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Nov
07

Australian FinTech SelfWealth IPO offering self directed investors alternative to traditional broker trading

SelfWealth Limited, an Australian FinTech business offering a flat fee brokerage service and social portfolio construction network for Australian investors, is pleased to announce the opening of its Initial Public Offering (IPO) to raise up to A$7.5 million (with a minimum subscription of A$5.0 million). SelfWealth is offering for issue 37.5 million shares priced at A$0.20 per new share; the indicative market captialisation of SelfWealth will be approximately A$26.1 million. The Company’s ASX ticker code will be SWF. SelfWealth was established in 2012, with a $A2.3 million capitalisation, by founder and Managing Director, Andrew Ward. Since launching, the Company has introduced two platform offerings: SelfWealth TRADING, a $9.50 commission free, […]

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Debt payment start-up Credit Clear poaches OpenPay’s CEO Simon Scalzo ahead of raise

Fintech payments technology start-up Credit Clear has poached the CEO of one of its start-up rivals as it prepares to embark on a $10 million capital raising push. The company, which automates the debt collection process and facilitates customer communication over Facebook Messenger, SMS or email, has lured Simon Scalzo from “buy now pay later” platform OpenPay to lead the company. Credit Clear launched in July and has been predominantly funded to date by its chairman and co-founder Mark Casey, a property developer who made $14 million from the sale of a sheep farm near Geelong. Mr Casey started the business alongside SpotJobs co-founder Lewis Romano, saying it would make it easier for people to pay […]

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Nov
07

Sharequity wants to lead equity crowdfunding in new direction

Australia’s newest equity crowdfunding platform, Sharequity, is planning to work with the corporate fundraising sector rather than compete with it as the first companies get ready to raise capital through the crowd in Australia.   Founded by former GMP Securities Chief Operating Officer, Asia Pacific, Geoff Reilly and backed by leading crowdfunding figure Jack Quigley, Sharequity already has several  companies ready to raise capital by traditional routes, and then through equity crowdfunding when it’s license is approved.   Sharequity, which will also feature other complimentary products, has also already signed a partnership with share registry business Automic and expects to do deals with more corporate advisors, brokers and other traditional […]

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