Fintech space set to grow in 2019
The Australian fintech industry is due for strong growth over the next year, with platforms as one of the most active areas for financing, according to a law firm. According to DLA Piper’s analysis of 70 venture deals it has advised on in Australia for the 2018 calendar year, fintech is the most funded category of start-up companies. Forty-one per cent of those deals involved funding into fintech companies. The law firm said the most active areas for fintech financing are payments, platforms improving use of data including through open banking, anything that is neo-banking related, and alternative lending and mortgage platforms. DLA Piper partner Joel Cox sees strong growth […]
Afterpay is different from competitors, says co-founder
Afterpay has rejected rival Zip Pay’s call for industry-wide responsible lending checks, saying the government shouldn’t take a one-size-fits-all approach to the buy-now, pay-later sector. The rift comes ahead of Afterpay and Zip’s scheduled appearance before a Senate committee later this month in Brisbane where Young Rich listers, Zip’s Larry Diamond and Afterpay’s Nick Molnar, will give evidence. Zip’s co-founder Peter Gray said the buy-now, pay-later providers should comply with a limited version of responsible lending obligations, by verifying customers’ identity, income and credit history.But in a statement, Afterpay executive chairman and co-founder Anthony Eisen said there were “distinct differences” in the products offered in the buy-now, pay-later sector and […]
Where is the cryptocurrency industry headed in 2019?
To get a sense of just how troubling 2018 has been for the cryptocurrency industry, one need look no further than bitcoin (BTC). Heading into 2018, bitcoin traded for close to $13,500 after reaching an all-time high of $19,783.06 in December of 2017. At the time of writing, bitcoin is selling at $3,400, a loss of about three-quarters of its value — and other digital currencies aren’t faring much better. Ethereum, for example, fell from an early-year high of $1,300 to $91 as of Dec. 17, 2018. But cryptocurrencies like bitcoin and ethereum are hurting on more fronts than value alone. Investor interest in digital currencies has waned dramatically in […]
Aleksandar Svetski, CEO of digital currency exchange Amber: “I’m usually wrong a lot but when I’m right, I’m very right”
We all want to be millionaires, so what exactly are the three, simple steps to becoming a millionaire? Aleksandar Svetski, CEO of Amber says, there are none. Aleks is Co Founder and CEO at AMBER; Australia’s first app, to combine a digital currency exchange, wallet, and round ups, allowing anyone to swap the spare change from their every-day transactions into Bitcoin – on auto-pilot. Aleks told himself that he would be a millionaire by the age of 20. Was he a millionaire by this age? Not quite. With HSC results in the top 1% of the State, Aleks was granted early entry and a Scholarship to the University of Wollongong. […]
Wealth scandals open door for new entrants
A global data provider believes neobanks and robo-advisers stand a good chance of gaining traction in an industry where incumbents are plagued with scandals. Following the news that troubled wealth giant IOOF could face several class action lawsuits, GlobalData believes the damage to public trust in the financial services industry will have significant long-term implications for how Australians invest. Andrew Haslip, head of banking content for Asia Pacific at GlobalData, said superannuation has a prized place in the heart of many Aussies and allegations of misuse of client money in this area are particularly damaging on top of a string of other banking and wealth-related scandals. It has given the […]
Lender seeks to debunk non-bank ‘myths’
The chief lending officer of a credit provider has sought to refute the “myths” associated with non-bank lending amid concerns raised by financial regulators. Speaking to Mortgage Business’ sister publication, The Adviser for its livestream webcast, chief lending officer of La Trobe Financial Cory Bannister sought to “debunk” what he has perceived as “myths” regarding the rise of non-bank lending. Over the past few months, financial regulators have raised concerns over the rise of non-bank market share, with the Reserve Bank of Australia (RBA) warning that continued growth in loans issued by non-banks could pose “financial stability risks”. The Council of Financial Regulators (CFR) has also noted the rise of […]
Lender looks to triple growth through broker channel
A marketplace lender has surpassed its target for loan origination through the broker channel, and is aiming to triple growth through the third-party channel in the next year. Speaking to The Adviser, the CEO of personal loan provider SocietyOne, Mark Jones, reflected on the success of the brand over the 2018 calendar year, particularly referencing its renewed relationship with brokers. In June of this year, the company established its first broker partnership and set itself a target of seeing up to $4 million of loans from the channel by the end of 2018. However, Mr Jones outlined the strength of the third-party, noting that this channel’s originations had already surpassed […]
Australian fintech Ignition forms multi year multi million dollar partnership with tier one bank
Bank of Ireland’s Seán Ó Murchú joined Manish Prasad and Alan Quinlan from Ignition Advice in today launching a new digital advice platform for Irish consumers. Seán Ó Murchú, Director, Wealth Advice and Distribution at Bank of Ireland, said, “Creating a single, digital advice platform will have a transformational impact on the Irish market,”. Ignition Advice technology will support Bank of Ireland customers across all areas of their financial lives, from financial wellness and saving, to investment and insurance. Scalable solutions allow the bank to offer digital financial advice to all of their customers, while the Ignition Advice hybrid model allows the bank to fully integrate digital advice with telephone […]
