Tatts CEO Robbie Cooke joins fintech firm
A small business banking and payment services company has snared the services of outgoing Tatts chief executive Robbie Cookie. Mr Cooke will leave Tatts in March after five years as CEO, following the lotteries and gambling firm’s recent $11.3 billion merger with Tabcorp. He will then take on the role of chief executive of Tyro, which began as a provider of EFTPOS services in 2005 and has recently begun offering lending and deposit products to more than 20,000 small and medium businesses. Mr Cooke, who was chief executive of hotel booking website Wotif.com prior to joining Tatts, said he will lead Tyro through the next stage of its growth. “I […]
Could cryptocurrencies be a serious alternative to the dollar?
With its wild fluctuations, which even created some “Bitcoin billionaires”, the cryptocurrency craze that has swept the financial world over summer is hard to ignore. Yet for all the hype about the Bitcoin roller-coaster, is there any chance we will one day be doing the shopping with Bitcoin, or some other crypto-dollar? This question has the potential to affect all of us, not to mention the core institutions at the heart of our financial system. And it’s not quite as far-fetched as it may sound. At the moment Bitcoin looks to have taken off as a highly speculative asset, rather than a realistic alternative to money. In the longer term […]
Australia’s first neobank, Xinja, raises more than $1 million via equity crowdfunding
Xinja, which is building the first independent, Australian 100% digital neobank designed for mobile, has raised over $1 million, a week after opening the nation’s first retail equity crowdfunding campaign through Equitise, the crowdfunding platform. “The investor response has been incredible,” said Xinja CEO and founder Eric Wilson. “We’ve seen extraordinary support from more than 500 people who want a share in Xinja at this early stage.” The offer is scheduled to remain open until the end of March but may close sooner. Mr Wilson said retail investors have invested as little as $250 and as much as $10,000. This capital raising forms part of Xinja’s […]
Digital disruption of wealth management
The wealth management industry is in the process of becoming digitally disrupted by Financial Technology (fintech) on all levels. Previously, the regulatory environment had not been conducive to alternative wealth management practices, but this is changing. A rigorous regulatory environment has been one of the reasons fintech in wealth management has been slow to establish itself. But, the Australian Securities Investment Commission (ASIC) has recognised the growing importance of the fintech sector and is proactively engaging with the sector across all areas of financial services with the establishment of the Innovation Hub. Further recent support of fintech by ASIC goes a long way to opening up financial services to new […]
Paying bills just got easier with Easy Bill Pay
Financial services company, FSA Group LTD launches Easy Bill Pay, a bill payment service which allows users to pay and store bills and organise their finances quickly, easily and conveniently. As many as a third of Australians pay their bills late and this can cost them money and affect their credit report. On average a late fee of $24 is charged and that adds up. A survey conducted by a major bank in 2016 concluded that Australians were charged $286 million dollar in late fees in 2016. There are many reasons people pay their bills late and it can be as simple as forgetfulness, disorganisation, time poor or lack of […]
Xero looks to attract global growth funds through ASX consolidation
Cloud accounting software company Xero is hoping to attract a range of new institutional investors to its share register, as it prepares to enter a new growth phase when it consolidates onto the ASX on February 5. Founder and chief executive Rod Drury told The Australian Financial Review he could see the business achieving the local status that Xero had reached in the smaller New Zealand market, where it was one of the top 10 largest listed businesses in the country. “We’re at the end of the beginning. We’ve just hit cash flow break-even, but there is still massive growth potential,” Mr Drury said. “Before you get to break-even you […]
Australia leads the way when it comes to Digital Banking
When it comes to cashless banking in Australia, Sydney and Canberra lead the way according to a report by card company Visa. The report recognises both cities as being digital leaders in large part as a result of Australia’s advanced digital banking payments system. Aussies are already very accustomed to online banking and there are a large number that make use of the system. 100 cities were looked at The report looked at more than 100 cities around the world and analysed their development in terms of cashless payments and banking. The report showed that 18 cities spread across Asia, Europe and the United States were deemed to be “digitally […]
New online platform allows you to ‘auction’ your loan to the lowest bidder
There can be little doubt that the world of finance and lending has become more competitive. Imagine, though, a bidding war where lenders fight between themselves to give you the best deal on your mortgage, car or personal loan. That’s actually a reality with a new online platform that allows you to “auction” the loan you want to the lowest bidder. Lodex began operating in Australia in November. Co-founder, Mic Phillipou, describes it as an auction-style marketplace where banks and brokers bid for your business. “I guess it’s a paradigm shift. As opposed to you having to go out and seek the best offer or rate from a bank or […]
