Australia publishes draft laws for relaxed fintech regulation
The Australian government published draft laws on Tuesday that would let financial technology companies operate without a full licence, a measure it said would encourage innovation without compromising existing levels of consumer protection. The draft laws would let companies test “a broad scope of activities…without the need to meet all the existing licensing requirements of the Australian Securities and Investments Commission,” Treasurer Scott Morrison said in a statement, referring to the corporate regulator. Financial technology companies would be able to test products involving non-cash payments, crowdfunding, consumer credit and provide financial advice on pension funds, life insurance and domestic and international securities. The draft laws, which Morrison has opened for […]
Lakeba’s disruption potential attracts global investor
Sydney tech firm Lakeba Group has welcomed a heavyweight global investor to its board. The man responsible for taking global investment manager T. Rowe Price global, Todd Ruppert, is now part of the team. Lakeba has positioned itself as a start-up studio focused on the development and rapid commercialisation of digital solutions and the company’s co-founder and chief executive, Giuseppe Porcelli, said Mr Ruppert’s international experience would be a key asset. “Todd’s real-time global insights and his experience with start-ups around the world in smart securities, on-demand insurance and crowd-funding will be invaluable as Lakeba grows,” he told The Australian. Mr Ruppert, who was chief executive of T. Rowe Price […]
Evari’s success is all about having its head in the cloud
Australian business insurance is about to be turned on its head with Insurtech, Evari, set to create waves with its integrated, online insurance platform that makes obtaining and managing insurance quick and easy for small business. Evari’s cloud-based insurance platform is the first of its kind in the world, with no other provider offering fully digital, tailored insurance focussed at the small business sector, starting with cafes, restaurants and small retailers. Evari CEO, Mr Daniel Fogarty, says the insurance platform is a win-win for small business. ‘By integrating the insurance platform with a business’s cloud accounting software, we are alleviating the pain points with regard to how they obtain their […]
Four areas Australia should focus on to lead in the coming fintech boom
If Australia wants to lead the next wave of fintech innovation, it needs the next generation of start-ups to be successful. Although the federal government and the corporate sector are on board, it will take more than general support for Australia’s fintech scene to mature competitively. Sydney start-up hub Stone and Chalk’s CEO Alex Scandurra believes the Australian fintech industry is already maturing past apps and gadgets, but the “valley of death” – the time before a start-up is cashflow positive – still looms large in an industry riddled with failed ventures. This is one reason the focus for Stone and Chalk has grown into more of a “fintech ecosystem”, […]
Industry newcomer, Huddle, tackling insurance fraud with Australian-first technology
Insurance industry newcomer, Huddle, is taking significant steps to tackle fraud within the sector while dramatically increasing the speed at which claims are approved and paid. The Insurance Council of Australia currently estimates the cost of fraud is up to $2bn per year – most of which gets passed on to the end consumer. With the insurance industry largely offline – in the form of paper forms and applications – the opportunity for potential fraudsters to slip through the cracks is large, and damaging for the whole industry. Huddle co-founders, Jason Wilby and Jonathan Buck, saw an opportunity to use technology to disrupt the traditional insurance industry, reduce fraud, and […]
Australian FinTech Launches Australia’s Only Dedicated FinTech Jobs Platform – Australian FinTech Jobs
The team behind the highly successful Australian FinTech website have soft-launched their FinTech employment marketplace platform, Australian FinTech Jobs. Founder and CEO, Cameron Dart, says AustralianFinTechJobs.com.au has been born on the back of the highly successful Australian FinTech website and growing demand from the local FinTech community to have a dedicated employment platform for the sector. AustralianFinTechJobs.com.au is Australia’s only dedicated platform for FinTech companies and Recruiters to promote FinTech, financial technology, financial services, banking, legal and IT employment opportunities in Australia. “Australian FinTech have built a new jobs startup for fintechs and startups about startups, fintechs and jobs” “When people think of ‘FinTech’ in relation to employment, they might […]
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 […]
Insurance solutions lead Australia’s adoption of fintech
Current global adoption levels for insurance fintech solutions are standing at an all-time 24 per cent with Australia recording a higher than average interest due to the upswing in telematics and wearable technologies, according to the EY Fintech Adoption Index. While money transfers and payments services still lead the fintech charge with an adoption rate of 50 per cent in 2017, insurance has come in a surprise second with a 24 per cent global adoption rate. The adoption level for insurance fintech services in Australia stands at four per cent higher than the global average (29 per cent), linked to the upswing of personalised wearables with in-built abilities which allow […]
