YTML: ASIC’s example SoA ‘not balanced’
Customer take up of life insurance advice could be adversely effected if Statements of Advice (SoA) for life insurance do not take a more balanced approach to the information they communicate. This is the feedback YTML General Manager Advice Delivery, Terri Ho submitted to the Australian Securities and Investments Commission (ASIC) on the example SOA provided in Consultation Paper CP 284, which YTML say does not prioritise the information consumers are most looking for, the advice. ‘We believe the disclosure of commissions is over played in its current position in the SOA. This represents too much focus on remuneration.’ Further: ‘One of our key suggested improvements is to change the positioning of the […]
Sydney is challenging Singapore as the region’s fintech startup hub
The number of fintech startups in Australia has increased to 579 companies from less than 100 in 2014, according to a study by KPMG launched today. Australian fintech investment is strong with $US675 million invested across 25 deals in 2016 despite an overall global decline in investment in the sector. And about 60% of fintech companies are based in Sydney, which has been the major recipient of fintech venture capital investment at $US171 million between 2014 and 2016. The report, Scaling the Fintech Opportunity: For Sydney and Australia, has been produced by KPMG for the think tank, Committee for Sydney. The report finds, based on interviews with the Australian fintech […]
Buy a share in a brewery: Pozible launches equity crowd-funding site Birchal
The co-founder of Black Hops Brewing is keen to use equity crowd-funding platform Birchal to raise further funds for his business.
Super sector split on fintech opportunity
Superannuation funds were split into “two clear camps” when it came to dealing with fintech disruption, with half the industry pushing to integrate new technologies into their business, while the other half was running scared from the potential risks of partnering with fintechs, according to PractiFI. Speaking to financialobserver, PractiFI chief executive Glenn Elliott said there were “massive differences” between how super funds were responding to the opportunity digital innovation presented them, but that did not necessarily depend on the size or age of the fund, with some traditional industry players excelling as much as new industry entrants. “There are those that are embracing fintech with great vigour and are […]
Sydney at the centre of booming Australian Fintech industry
Sydney is home to over half of Australia’s Fintech companies and is helping to drive unprecedented growth in the industry, according to a new report by the Committee for Sydney and KPMG. The report, Scaling the Fintech Opportunity: For Sydney and Australia, finds that the number of Fintech start-ups in Australia has increased from less than 100 in 2014 to 579 companies today, with around 60% of all Fintech companies basing themselves in Sydney. It will be launched at a special event at 7pm this evening by NSW Minister for Trade and Industry, the Hon. Niall Blair. Fintech is by-and-large driven by local companies, with 512 Australian and […]
Ahmed Fahour joins BCG Digital Ventures to stay in identity game
Ahmed Fahour, who has joined BCG Digital Ventures as non-executive chairman for Asia, said the future of e-commerce will rely on trusted digital identity and his new role advising the global venture capitalist, part of Boston Consulting Group, will place him at the forefront of blockchain being rolled into some of the world’s largest companies. After leaving Australia Post as its CEO on Friday, Mr Fahour has re-emerged at BCG, where he worked for 13 years before embarking on a banking career; the new role would take up a couple of days a month, he said, as he “works on the organisation, not in it”. BCG Digital Ventures worked with […]
NSW urged to lift fintech efforts to protect jobs
The NSW government needs to lift efforts to ensure Sydney captures new financial services jobs in fintech as competition from the likes of Melbourne and Singapore to attract them intensifies, says a report prepared for the Committee for Sydney by KPMG, to be released on Tuesday. With fintech automation set to slice thousands of paper-pushing jobs in financial services incumbents over the coming years, a battle is in progress to attract the start-ups and technology giants redefining the future of banking. The Committee for Sydney report, titled Scaling the fintech opportunity for Sydney and Australia, urges government to get more active promoting Australia and Sydney as a leading global financial […]
IRESS launches XPLAN iAssist
IRESS has launched XPLAN iAssist to further strengthen support available to XPLAN users. XPLAN iAssist will allow users to grant an IRESS support team member temporary and secure access to their individual XPLAN session within a few seconds. Users needing the service will be able to securely-generate a unique token within XPLAN, which won’t require the exchange of any username and password details. IRESS product executive, Emily Chen, said iAssist allows IRESS to rapidly respond in real-time in a transparent, secure and efficient way, without the limitations and frustrations of screen-sharing software installations. “iAssist balances our desire to further improve user experience, help clients and users continue to increase business […]
