Superannuation ripe for blockchain
Australia’s $2.7 trillion superannuation system has a lot to gain from adopting distributed ledger technologies (DLT), but the industry will want more clarity around blockchain applications before it jumps in. Bravura Solutions global head of wealth management product Michelle Lusty says blockchain and DLT will find success in wealth management once they begin to offer a compelling business case while improving inefficient links in the value chain. “In core superannuation admin the margins are not excessive, so you have to look across the value chain for opportunity within the margins. “Where DLT could potentially make a positive difference is in superannuation investments. Within super, there’s a fund structure that invests […]
Digital Surge introduces new changes to help drive Bitcoin adoption
Bitcoin trading platform Digital Surge has announced important updates to to help onboard new customers and simplify the process of investing in Bitcoin. Better rates to Buy & Sell Bitcoins Digital Surge operates a full reserve order book meaning that all the trades on the exchange are fully backed by money in their bank and Bitcoins in their wallets. The price that you see when buying or selling Bitcoin is determined by other customers that place orders on the platform. They have been working to bring in more traders to further decrease the price of Bitcoin. You will now see that the price to purchase Bitcoin is much more competitive. […]
AI platform claims it can advise at 1/20th of cost
A US-based digital platform wanting to set up a presence in Australia says it is able to provide financial advice through artificial intelligence for 5 per cent of the cost of a human adviser. New York-based fintech firm Pefin said its platform uses AI technology to provide holistic, affordable and fiduciary financial planning and advice, encompassing every financial decision a consumer would need to take, all for 5 per cent of the cost of a human adviser. It said it is currently setting up an Australian subsidiary to customise the product for the Australian market. “Pefin will license its AI technology and create a uniquely customised Australian platform that provides […]
AxeTrading expands across Asia Pacific
Stone & Chalk sat down with e-Trading expert Kem Husain, Head of Asia Pacific Sales of fintech firm AxeTrading, after winning the Fixed Income Trading System of the Year at the FOW and Global Investor Asia Capital Market Awards 2018. Today, the startup has scaled to attract an international client base in over 20 countries across 4 continents, with its headquarters in London. In the last 12 months, AxeTrading has more than doubled its staff to 50. The company also has its own unique Innovation Lab just outside of Berlin. AxeTrading was founded in 2009 by trading technologist Ralph Henke (CEO), Dinos Daborn (COO) and Mark Watters (CCO) […]
Traders, data, machine learning will boost returns: Liquidnet
Fund managers are leaving returns on the table by not involving their traders in key investment decisions and seeking to harness more data sources, artificial intelligence and machine learning. That is the view of Liquidnet’s global chief executive Seth Merrin, who believes “traders are the largest source of untapped alpha” in a portfolio manager’s arsenal. “State-of-the-art in research right now is still the spreadsheet… that’s very static,” Mr Merrin said in an interview, adding that traditional research processes needed a shake-up. “There is an enormous amount of data if you can sift through if you have the right technology. “We are not talking about robotics, we are talking about machine […]
MYOB receives non-binding $2.2b takeover bid from KKR
Accounting software company MYOB has received an unsolicited, non-binding takeover bid from New York-based private equity firm KKR, valuing the business at just under $2.2 billion. The cash proposal for $3.70 per share, which was first flagged by Street Talk, represents a 24 per cent premium to MYOB previous closing price of $2.98 per share. On an enterprise value basis (factoring in net debt and an adjustment for its share buyback), the deal is valued at $2.6 billion. The non-binding proposal is conditional on a range of factors including the unanimous recommendation of MYOB’s board, confirmation of confirmatory due diligence on KKR’s part and obtaining debt financing on acceptable terms. MYOB […]
Australians are turning to robo-advisers to boost their returns
Investors hunting for decent returns on their hard-earned cash are looking at other options outside of parking their money in the bank. Interest rates on term deposits and online savings accounts remain around 1 to 2 per cent while the value of Australian sharemarket has climbed by 9 per cent over the past 12 months. Shares have also paid dividends averaging a healthy 4 per cent. Accountant Guy Bane, 29, said he was always looking to diversify his investments and he had steered clear of keeping cash in the bank. Instead he used robo-adviser Stockspot to do the hard work for him. “I’m trying to build a bit more wealth […]
Perth Mint’s GoldPass app for tech-savvy Gen Y traders
Perth Mint boss Richard Hayes hopes the State-owned entity can attract tech-savvy millennials with its new gold trading smartphone app. GoldPass is a secure investment platform that allows people to buy, store and sell gold and transfer the precious metal to others via digital certificates with real time settlement. The digital certificates are backed by physical gold stored at the Perth Mint and its network of central bank-grade vaults. There are no storage fees but the mint makes money via brokerage fees ranging from 0.2 and one per cent depending on the size of the transaction. Mr Hayes said the mint already had a solid customer base, generally made up […]
