Comprehensive credit reporting laws will drive innovation and protect banks
In the blue corner, lining up to support the bill to ensure customer repayment history is provided in credit reports, are: the government, all of the banks, the entire fintech industry, the credit bureaus, the regulators (especially the Australian Prudential Regulation Authority), and many equivalent western economies such as the US, UK, Canada and New Zealand. In the red corner, lining up against it, are consumer groups and the Labor party. At the last election, Labor also supported “comprehensive credit reporting” like nearly everyone else, but this month decided to back a 12-month delay to the reporting of “repayment history information”, which sits at the core of the regime. Positions […]
Open banking framework to drive customer choice and innovation across Australia
Australia’s fintech industry has welcomed an Australian Government decision to put the customer first by pushing back against big bank delaying tactics and introducing open banking reforms from mid-next year. “A government-backed open banking framework will be a game-changer for consumers and businesses, along with drive a new wave of fintech innovation and growth in Australia,” said FinTech Australia chair Stuart Stoyan. “Finally, customers will be able to use a regulated system to unlock the power of their own data to get access to financial services better tailored to their needs.” “This reform is expected to force downward pressure on lending costs, allow people to more easily manage their budget and […]
Blockchain technology drives demand for skilled business and IT leaders
Less than 10 years ago very few people were aware of what cryptocurrency was, let alone understand the technology that was driving it, and now it’s an industry that is hurtling towards being valued at $400 billion internationally as new “cryptos” are launched each month. Bitcoin was the trailblazing cryptocurrency which was launched with little fanfare in 2009 and its rapid rise in popularity and price has spawned the birth of more than 1,500 similar businesses. Bitcoin is just one of many cryptocurrencies that is successfully utilising blockchain technology to disrupt nearly every industry that exists. Blockchain is a new technology that more and more web systems are now based […]
Open banking will drive better customer deals and responsible lending outcomes for mortgages and credit cards
The first phase of Australia’s open banking regime should be designed to assist Australians get a better deal on mortgages and credit cards.
Crypto hype drives new partnership
An SMSF administrator is teaming up with a cryptocurrency brokerage firm to help investors achieve greater portfolio diversification. A new partnership between Xpress Super and Bitcoin Trader will provide SMSF investors with access to five of the top cryptocurrencies in the market: bitcoin, ethereum, bitcoin cash, DASH and ripple. Xpress Super chief executive Olivia Long said the new partnership is in response to growing investor demand for digital currencies, saying the administrator has been inundated with inquiries from trustees. “Our role as SMSF compliance specialists isn’t to give advice to self-directed investors on whether this is the right investment option for their fund, but to ensure they are compliant if […]
Cryptocurrency craze drives two Perth ventures
Two Perth start-ups are entering the world of blockchain very differently, one to serve the layman and the other the expert, but both are undaunted by the drastic fall last month in the value of the technology’s high-profile product — cryptocurrency. Blockboxx founder Martin McGinty wants to gather together the existing expertise in Perth to move the technology forward. Mr McGinty, an IT professional, became involved with blockchain only early last year but, like the technology itself, wants to move fast. He said there were hundreds of online platforms where the enthusiastic early adopters of blockchain technology and cryptocurrency trading exchanged ideas. “I want to get all that and bring […]
Loan fintech launches recruitment drive
Digital mortgage service uno has embarked on a new recruitment drive to expand the firm’s staff by 50% over the coming six months. This initiative has been the result of recent insights gained from consumers – learnings which have grown the business rapidly over the past few months, uno founder and chief executive officer Vincent Turner told Australian Broker. “As a result, we’re ready to take this up a notch,” he said. uno is now recruiting across three separate roles within the company: consultants, home loan advisors and support. “A lot of what people are joining uno for is we have a massive focus on the training and mentoring approaches […]
Millennials to drive huge passive funds management switch, threatening jobs
The massive generational group of Millennials will accelerate the seismic shift to passive fund management as they seek to grow and protect their wealth, costing the jobs of more stock-picking professionals, according to investment specialists. Jay Pelosky, principal of New York-based Pelosky Global Strategies, said the Millennials’ greater experience with technology compared with Baby Boomers, distrust of so-called “experts” since the 2008-09 financial crisis and debt burdens from university education, meant they were attracted to low-fee automated investing such as exchange-traded funds (ETFs) and robo advice. “There will be a much greater and sustained move towards passive investing in part because of the Millennials,” said Mr Pelosky, a former Morgan […]
