A first for Australian fintech: SocietyOne becomes first Aussie P2P to hit $500M in lending
SocietyOne has today become Australia’s first and only marketplace lender to reach $500 million in loan originations across its personal loan, agri lending and marketplace business, and is now setting its sights on reaching $1 billion by the end of calendar year 2019. The milestone follows a record August and the recent appointment of ex-Westpac and Citibank exec, Mark Jones, to the top job of CEO. “We’re delighted to have reached this significant milestone as we deliver an even better deal for our borrowers and investor funders,” said Mr. Jones. “We’ve been growing steadily over the past 12 months while we continued to transform our business and build new capabilities […]
ASIC warns all fintech business lenders over contracts
The corporate regulator wants all online business lenders to remove unfair terms from their contracts just like Prospa has done, indicating start-ups that want to compete against banks will be held to similar regulatory standards as community expectations lift following the royal commission. In a letter sent last week to Brad Kitschke, CEO of industry lobby group FinTech Australia, the Australian Securities and Investments Commission declared “action [is] required”. ASIC said it “will consider regulatory action where appropriate” if fintechs don’t comply with the 2016 laws that prevent lenders using excessive contractual power over business borrowers. Banks have already been forced by ASIC to make the changes, although Hayne royal […]
ANZ bank launches phone wallet to withdraw cash from ATMs
The days of carrying a plastic bank card could be numbered, with ANZ customers now being offered the option of ditching their wallet for an all-digital profile. The bank’s latest innovation is technology allowing consumers to use a smartphone or watch to withdraw their cash from an ATM. The move means all ATM functions can now be completed without a card, and follows the widespread use of devices to process payments and purchases. “It is more secure than plastic cards because customers have to either use their face ID, or thumbprint or pin on their phone before they can even use cash, and take the cash out at the ATM,” […]
Financial Planners set to benefit from YTML and SuiteBox partnership
Financial advisers have been given another boost in the race to digitalise their businesses with the recent tie-up between SuiteBox, a virtual meeting platform designed for financial risk compliance, and YTML, creator of Seido, an integration hub that connects fintech applications that results in a more efficient way to deliver advice. The partnership between YTML and SuiteBox sees the Seido Integration Hub connect directly with SuiteBox’s virtual meeting software, allowing advisers and their clients to meet, discuss and close business by combining face-to-face video meetings, document sharing and digital signing – recorded, compliant and available for regulatory scrutiny. The direct integration into the Seido platform, an integration hub designed by YTML […]
Policies to build a data economy
Australia has a rare opportunity to capture a disproportionately large proportion of emerging data economy, according to Reinventure Group co-founder and managing director Danny Gilligan. But the effort is going to take a top-down, nationally coordinated policy effort to build competitive and exportable regulatory frameworks for data. Mr Gilligan holds deeply the belief that data is the single biggest lever for delivering microeconomic and social reform in the next two decades and should be made a material part of policy development and trade considerations at all levels of thinking across both government and the private sector. The potential size of the global data economy is difficult to quantify. There is […]
Commonwealth Bank adds Visa to digital wallets across Google Pay, Samsung Pay, Fitbit and more
After a long wait, Australia’s Commonwealth Bank has today announced they’ve added Visa support across their Digital Wallet solutions. The support for using Visa credit cards and business debit cards comes after Commonwealth Bank saw a large increase in the use of Tap & Pay. The bank saw an increase of 35 per cent to 16.8 million transactions from 5 million Commbank App users over the past six months. It’s not just the Commbank App which gains Tap & Pay support for Visa, with the bank also adding support in Visa to Samsung Pay and Google Pay as well as for customers using fitness watches from Fitbit and Garmin using […]
What’s the deal with equity crowdfunding, and should I do it?
What’s changed? The updated legislation passed on September 12, including an amendment from Labor which means it will come into effect in 28 days. Equity crowdfunding will now be available to private companies, but there are still some restrictions. Companies must have less than $25 million in turnover and gross assets, and funds raised will be restricted to $5 million each year. Startups using the method will also be subject to transaction rules and stringent reporting and disclosure obligations, with annual reports and directors’ reports required. Once companies raise $3 million or more, they will also be subject to auditing requirements. Matt Vitale, co-founder of equity crowdfunding platform Birchal, tells […]
Midwinter integrates with Class
Australian based financial advice technology provider Midwinter Financial Services has today announced its integration with Class, a leading provider of cloud software for administration and reporting of SMSF and non-super investment portfolios. This particular integration will allow users of both Midwinter’s AdviceOS and Class to sync and replicate portfolios from Class into Midwinter’s AdviceOS, and allows users to update portfolio balances in AdviceOS overnight. The integration also allows for Class funds to be prepopulated, updated and used throughout AdviceOS like a normal portfolio. The new integration marks another significant development in Class’ strategy to support advisers in the efficient delivery of advice, enabling effective collaboration across advisers, accountants and their […]
