Australians wasting millions on international money transfers, as entrants offer big savings
Australians are wasting millions of dollars by sending money overseas via the big four banks instead of the booming number of nimble specialist players, experts warn. At present, a customer transferring $1000 from Australia to the United States could save $63 by avoiding the big four banks, which impose poor exchange rates and fees, and choosing a specialist such as the latest entrant World First. With the vast bulk of the average $9.7 billion transferred overseas each year conducted through CBA, NAB, Westpac and ANZ, experts are urging consumers to shop around. Source: Australians wasting millions on international money transfers, as entrants offer big savings
Fintech start-ups thrive in Australia as the nation enjoys effortless banking services
With the banks now showing their support of Australian FinTech hopefully the regulators will start to implement the changes to policy that has seen such growth in the London FinTech Market. As referenced here there is a growing number of companies looking to support the industry with Silver Flacon one such leader. Australia is shaping up to be a destination for financial technology or fintech start-ups. As local banks are gradually opening up to the fintech industry, Australia is in a position to be the fintech hub of the Asia Pacific region. While Australia has relative strength in financial services enough to lead the fintech industry in Asia, right policy environment and […]
Macquarie targets robo-advice at mass market
Macquarie Group is targeting retail investors and self-managed super funds with a new robo-advice program that will provide detailed recommendations matched to customers’ investment priorities. The bank will next month launch an online tool allowing customers to buy investment advice covering asset classes including shares, exchange traded funds, and managed funds from around the world. Macquarie Wealth Management chief investment officer John O’Connell said the advice would draw on a database of 30,000 investment options globally. OwnersAdvisory is aimed at selling lower-cost investment advice. After gauging customers’ risk profile through an online questionnaire, Mr O’Connell said the program would produce “a written outline of exactly what we would do if […]
Bravura calls for more fintech funding | afr.com
Australian FinTech company Bravura Solutions are definitely right – the government does need to put its money where its mouth is. The government are continually talking about investing but when is it actually going to happen… Technology group Bravura Solutions has asked the government to “put their money where their mouth is” when it comes to funding tech start-ups, after Prime Minister Malcolm Turnbull said Australia needed to position itself as a “nation that is agile”. Bravura, a financial services technology company that was previously listed on the Australian Securities Exchange, also hinted at a possible return to being a public company after group chief executive Tony Klim flagged improving […]
