Credit law delay angers FinTechs
The FinTech industry body has criticised the government and consumer groups over delays to new comprehensive credit reporting laws, with the legislation now remaining in the lower house for three months. It comes as a senate committee gave a tick of approval to the bill, despite a number of concerns surrounding its potential impact on vulnerable and disadvantaged Australians. Treasurer Scott Morrison announced in November last year that the government would be legislating a mandatory comprehensive credit reporting regime, requiring all banks to provide credit information and active consumer credit accounts to eligible reporting bodies. Under the scheme, banks would have to provide “positive” credit data, including how many accounts […]
The best, and worst, performing Australian ETFs for 2018
Exchange-traded funds (ETF) under management in Australia grew 33% over the past year to $36.2 billion, according to the annual ETF Report by robo-advice fintech Stockspot. The best performer was UBS IQ MSCI Asia APEX 50 Ethical ETF, which generated a return of 30.1%. The biggest loser was BetaShares Australian Dividend Harvester Fund which lost 16.2%. This fund invests in large ASX shares that are about to pay dividends while also selling futures contracts as a form of hedging to reduce risk. Chris Brycki, CEO and founder of Stockspot, says this year’s findings signal the ongoing disruption to the asset management industry by ETFs and indexing. “The investment industry is […]
YBF Ventures just scored $1.1 million in a new partnership deal
Melbourne-based innovation hub YBF Ventures has secured $1.1 million from Silicon Valley-based Partners for Growth (PFG) through a tailored debt funding facility. YBF CEO Farley Blackman says the funding will allow the hub to focus on growth, which includes significant expansion of its footprint throughout Australia.“As we grow, so will the number of startups, scaleups and companies that we support,” he said. The US investor, which provides specialised lending, has a strong track record in Australia, including funding facilities for 38 of Australia’s fastest growing companies such as Prospa, Koala Sleep and CashRewards. The investment is part of a new strategic partnership deal between the two organisation, to advance entrepreneurship […]
Online lender Prospa delays float 30 minutes to listing
The sharemarket float of online lender Prospa has been postponed about half an hour before the planned listing, after the corporate watchdog wanted further details of its small business loan contracts. Prospa and its joint lead managers – investment banks UBS and Macquarie – said the 48-hour delay was because it was “seeking to clarify queries raised by ASIC yesterday in relation to Prospa’s small business loan terms,” as part of a wider review. “Prospa was first contacted yesterday by ASIC in relation to its industry-wide review of small business lending – bank and non-bank. The review covers a range of topics,” a Prospa spokeswoman said. “We take our legal […]
Wisr launches employee financial wellness solution: Wisr @ Work
Neo lender Wisr has launched a financial wellness program aimed at helping businesses combat one of the biggest causes of workplace stress, personal financial difficulties. Called Wisr @ Work, this program allows businesses to provide staff with online tools, education materials and debt reduction applications to help employees take control of their money and improve financial wellness. According to a Wisr survey of 250 Australians, it was found 48% of employees had experienced stress in the workplace because of their personal financial situation. Almost 65% said they had experienced feelings of anxiety or panic at work because of monetary issues, whilst 43% said it impacted their productivity and 35% had […]
Mortgage group’s “mortgage hell” billboard above CBA
Online mortgage startup HashChing is advertising with a billboard above a Commonwealth Bank of Australia (CBA) branch. The home loan marketplace has launched a campaign against the big banks, which includes this billboard in the Melbourne CBD. The slogan reads, “Our brokers will go to mortgage hell, so you don’t have to”. Mandeep Sodhi, CEO of HashChing, said the new billboard made light of the fact that applying for a mortgage or refinancing an existing one can be quite an onerous experience. He added, “By positioning this billboard above a CBA branch, we’re encouraging the 80% of borrowers who are currently with a big four bank to find a better […]
ASIC Chair James Shipton wants Australia to lead the world in Regtech
In a speech delivered to an Australian Senate Committee meeting last week, James Shipton, Chair of the Australian Securities and Investments Commission (ASIC), told the members Australia can lead the way when it comes to Regtech adoption. Australia has a vibrant Fintech ecosystem that has benefited from a fairly supportive government and an active Fintech community. In the future, Regtech will play a very important role in the acceleration of broader Fintech adoption. Shipton says ASIC is encouraging the adoption of regulatory technology (Regtech) solutions in the financial sector. “ASIC believes Australia can position itself as a world leader in the development, and adoption, of Regtech solutions, and we will […]
Virtual currency sales jump in 2018
But results skewed by two big token sales. Virtual currency sales ballooned to US$9.1 billion ($11.9 billion) so far this year, exceeding the US$6.6 billion total for all of 2017, new numbers show. But the monthly trend actually showed a slowdown if the two biggest offerings are excluded. Digital technology startups around the world have raised funds by selling cryptocurrencies, or tokens, that sidestep banks or venture capital firms as intermediaries. Financial technology provider Autonomous NEXT reported the US$9.1 billion figure, noting that the total includes token sale offerings of Telegram, a messaging service founded by Russia-born entrepreneurs Pavel and Nikolai Durov in 2013, and Block.one’s EOS currency. Telegram raised […]
