Westpac invests $25m more in Uno in mortgage broking play
Westpac Banking Corp has doubled down on the digital mortgage broker Uno Home Loans, investing another $25 million to ramp up the start-up’s brand marketing and sales teams in a deal that reflects a concerted drive into the broking industry by the nation’s second-largest lender. Westpac is keen to win some share of the $2 billion-plus in annual revenue which flows to mortgage brokers, who currently advise on nearly half of the $380 billion in mortgages written each year. Westpac now owns around 81 per cent of Uno, which wants to win a 10 per cent share of the highly fragmented broking market over the next 10 years. “The broking […]
Bitcoin bubble masks the real value of virtual currencies
At the end of last week the price of bitcoin sat at just over $US9000, half its high of $US20,000 in December: that’s a huge drop in value in a short space of time; January was the virtual currency’s worst month since February 2014. The recent sharp fall in the value of bitcoin is said to have been sparked by the South Korean government’s announcement it would crack down on the trade in cryptocurrencies (there are now nearly 1500 in a market worth around $680 billion). South Korea is the world’s largest market for this trade. US regulators are increasing their scrutiny of the market, and Facebook has banned all […]
Australian banks are hunting for deals and partnerships with fintechs
The majority of Australia banks seeking deals and investments with fintechs in the next 12 months as they continue their transformation as digital businesses. The Australian findings from EY’s 2018 Global Banking Outlook show 80% of Australian banks looking to set up new partnerships or joint ventures in both core and new strategic markets over the next year. “With the pace of technological change and the speed at which new innovations are hitting the market, it’s not surprising that banks are increasingly focusing on their digital agendas,” says Tim Dring, EY Oceania Banking and Capital Markets Leader. “Australian banks have already made significant progress in this space and we are […]
Bitcoin plunges to a 2018 low with $55 billion wiped out as concerns mount
Bitcoin has slumped to its low for the year after seeing more than $US44 billion ($55 billion) in market value lost during January amid mounting concerns of increased regulation and the viability of the cryptocurrency. After reaching a record high of $US19,511 on December 18, Bitcoin has lost more half its value as the digital token has been weighed down by expectations of more government oversight globally, fears of price manipulation, the susceptibility of exchanges to hacking and lingering concern that it’s all just an asset bubble. Facebook announced a ban on cryptocurrency ads this week. Bitcoin declined as much as 12 per cent on Thursday to $US8796, the lowest […]
Ethereum has outpaced its rival cryptocurrencies since the start of 2018
Ethereum is the best performing major cryptocurrency so far in 2018. The second-largest coin by market cap has gained 46% since January 1, compared to the overall market’s 15% drop. The global cryptocurrency market might have lost 15% – or $US93 billion of value – since January 1, but not all coins have declined equally. Ethereum has fared well in 2018, avoiding the drastic selling that has left other coins in the red. The second-largest cryptocurrency by market cap is up more than 46% this year, according to Markets Insider data, far outpacing bitcoin’s25% decline. XRP, the third-largest cryptocurrency, controlled largely by its creating company Ripple, is down more than […]
Australia’s fintech industry wants to remove roadblocks for private company equity crowdfunding
Australia’s fintech industry has called for the fast adoption of stalled private company equity crowdfunding legislation to help more Australian small-to-medium sized businesses access the funds they need to grow. Legislation supporting crowdfunding for private companies was introduced to the House of Representatives in September last year hasn’t progressed. FinTech Australia chair Stuart Stoyan today called on Federal MPs to work together to give priority to the legislation when Parliament returns next week. He also called on legislation to start immediately after passing the Australian Parliament rather than a six month delay. The legislation would give hundreds of thousands of Australian businesses the ability to crowdsource up to $5 million […]
InfiniGold digital gold launches with The Perth Mint
In collaboration with The Perth Mint, InfiniGold has released the latest innovation in gold investment – a flexible digital gold product compatible with a wide range of technology platforms including blockchain. InfiniGold digital gold certificates offer institutions the opportunity to present investors with a new, secure and easy way to trade, hold and transfer physical gold. These digital certificates represent direct ownership of physical gold that is securely stored in The Perth Mint’s network of central bank grade vaults, which are located in the safe geopolitical environment of Western Australia. InfiniGold spokesman Sean McCawley said that InfiniGold certificates are the closest a customer can get to buying physical gold, in […]
Liberty buys MoneyPlace in personal loan push
Non-bank lender Liberty has purchased MoneyPlace, in a deal that will provide the marketplace lender with funding flexibility to target rivals SocietyOne and RateSetter along with the personal loan books of the big four banks. The acquisition suggests brokers, which currently facilitate half of all mortgages, will play a more influential role selling personal loans given Liberty’s deep broking relationships. It also suggests risk-based pricing of personal lending will become more common, given MoneyPlace and the other P2P lenders are willing to undercut bank interest rates for high quality borrowers. Liberty and MoneyPlace have not disclosed the price tag for the Melbourne-based platform, which has been operating for 18 months […]
