CXi Software announces Superannuation initiative, new Staff
CXi Software (“CXi”) has announced a new maternity leave initiative aimed at encouraging more women to work in the fintech industry and making it easier for them to take maternity leave without the worry of interrupting their superannuation savings. “From today, CXi will pay superannuation contributions for any permanent staff member who goes on statutory maternity leave. These employer contributions will be paid at an amount equivalent to the SGC rate payable on that staff member’s ordinary full time salary immediately before going on maternity leave – and will be paid for up to 12 months or the staff member’s return to work, whichever is the earlier”, said Séamus Ó […]
Blockchain technology – why all the hype?
As one of the most talked about emerging technologies, some say blockchain technology could revolutionize everything from stock exchange settlements and transport logistics to voting or welfare payments. So what is it and why is it relevant to financial advisers? Internationally, the benefits and wide range of possible uses for blockchain technology have been touted for a couple of years now. Within Australia, it’s gained some ground after a recent Australian Securities Exchange decision to examine its use for a new clearing and settlement system that’s faster and cheaper than the existing CHESS system. To enable this effort, the ASX bought a five per cent stake ($14.9 million) in Blythe […]
Global FinTechs take on Big Four in new Australian frontier
When U.S.-based financial technology company Acorns launched in Australia in February, its mobile app that helps people invest loose pennies in stock markets received nearly 70,000 downloads in just over two months, beating its own expectations. The ‘virtual piggy bank’ chose Australia as its first foreign market thanks to the country’s deep Internet and mobile penetration and tech-savvy population, Managing Director George Lucas told Reuters. Acorns’ entry is a reflection of rising interest in Australia from overseas financial technology – or FinTech – companies, drawn by its heavy banking concentration and limited competition, consultants and financial advisors said. The country’s $348 million alternate finance lending market, which includes peer-to-peer lending […]
Banks Struggle to Keep Pace with FinTech Disruption – World Retail Banking Report 2016
FinTech providers are making increasingly significant inroads with customers, yet the vast majority of banks admit they are not adequately prepared to manage this emerging FinTech threat, according to the 2016 World Retail Banking Report (WRBR), released today by Capgemini and Efma. The report found that nearly two-thirds of customers (63 percent) are now using FinTech products or services, and are much more likely to refer friends and family to their FinTech provider (55 percent) than to their bank (38 percent). However, while 96 percent of banking executives agree that the industry is evolving toward a digital banking ecosystem, where Fintech providers play a much bigger role, only 13 percent […]
Banks still beat fintech firms on trust
Australia’s big banks have some breathing room compared to global markets when it comes to financial technology competitors but more needs to be done, according to a new report into world banking trends. Australia is slightly behind when it comes to picking up financial tech products, but those using them are far more likely to recommend them to friends, according to a 2016 World Retail Banking Report. The report suggested real strength could be found in collaborations between tech firms and banks. “Where they (banks) were strong in some areas, fintechs were strong in others and there was a real opportunity to partner,” Sharon Rode of consultancy firm Capgemeni told […]
Forget Melbourne v Sydney, Australian fintech must take a global view
In 1901 there was such a massive spat between Sydneysiders and Melburnians over which city should be capital of the newly federated Australia that a whole new city (and territory) was formed. Fast forward more than 100 years and nothing has really changed. Squabbling continues around everything from which city has the better cuisine to which has the better events. All good, natural competitiveness, but then last year it encroached on one of our most promising industries – the emerging fintech startup ecosystem. This Sydney-Melbourne fintech civil war risked diverting founders and investors away from the global opportunity. Domestic squabbling was followed shortly by another irrational fear of overseas markets […]
Fintech hub Stone & Chalk aims to become regional ‘glue’
The nation’s newest fintech hub, Stone & Chalk, has identified five key Asian cities for the first stage of its FinTech Asia program as it ramps up plans to become the “glue” that connects the fintech ecosystem in the region. Stone & Chalk this week held its first meetings with the Hong Kong government’s investment promotion department, Invest Hong Kong, before moving to mainland China as part of the giant Australian trade delegation spearheaded by Malcolm Turnbull. It also hosted a panel session at the Hong Kong offices of HSBC on Monday evening that brought together Hong Kong’s key financial regulators — the Securities and Future Commission, the Office of […]
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