Australia is taking steps to enhance its fintech industry
Australia has been looking to develop its own fintech ecosystem for some time now, and has made progress to establish itself as one of the bigger players in Asia, next to Singapore, Hong Kong, and China. However, there are still hurdles in the country, such as its four big banks having a very large market share — Commonwealth, Westpac, ANZ, and NAB together control over 80% of all owner occupier home loans and 85% of all investor housing loans — which makes it difficult for fintechs to establish themselves. However, the fintech industry in Australia may see a change soon. Earlier this week, the first restricted banking license was granted […]
Fintech predicts consumer behaviour change from Royal Commission
Sydney fintech company CashDeck is predicting that the Royal Commission will create a permanent shift in consumer behaviour and have redirected their strategy and development resources to assist firms deal with the change. The company has developed Credit Ready, the financial equivalent of a Fitbit Fitness Tracker to help users stay on top of their finances. Owen Joyce, Chief Commercial Officer at CashDeck, suggests that the Royal Commission will result in a more financially literate consumer. “The sector isn’t waiting for the end of the commission, change is happening already. Look at how quickly the banks responded to the Living Expenses spotlight” he said, referring to the updating of policies […]
IncentiaPay to crack Chinese tourist market with Alipay
ASX-listed IncentiaPay is partnering with Australia and New Zealand’s largest independent EFTPOS provider to give over 55,000 Australian retailers the chance to target Chinese tourists with discount deals and offers via Alipay. Alipay is an e-wallet payment method that is favoured by the Chinese. In a market update this week, IncentiaPay — known until recently as BPS Technology — said the marketing agreement with Smartpay Holdings was aimed at increasing its exposure to Alipay and the whopping $13 billion annual Chinese tourist spend in Australia and New Zealand. Under the deal, the payment providers will leverage the more than 55,000 merchants across their networks to promote goods and services to […]
Australian first in-app tool Free2Spend revolutionises the personal finance management game
Today UBank, Australia’s leading digital bank[1], unveiled Free2Spend, a ground-breaking in-app tool that simplifies budgeting. Designed and built in Australia, the innovative new tool delivers users one number giving a daily spend that adapts in real-time. Free2Spend first asks users to set goals, whether they’re saving for a wedding, investment property or holiday or even just saving in general. Users then input income and fixed expenses, with the tool then using these figures to calculate the daily Free2Spend number or ‘one number’. For example, if you’re saving for a $20,000 car, and you have a monthly income of $5,000 with monthly expenses like rent, utilities and bills of $2,500, Free2Spend […]
PrimaryMarkets offers liquidity for local unicorns
PrimaryMarkets is a platform for delivering liquidity to unlisted securities and investments, matching buyers and sellers in a secure controlled environment.
Growth, diversification, consolidation: AltFi Summit 2018 leaders offer their predictions
Fintech leaders from across the globe are converging for the AltFi Australasia Summit in April, to discuss the most urgent issues and trends impacting growth, diversification, and consolidation in the global alternative finance industry in 2018. Keynotes, panellists and sponsors will include alternative lending firms, digital banks, industry influencers and regulatory representatives, such as OnDeck, KPMG, Ratesetter, NowFinance, Equifax, Macquarie Capital, NAB, Moula, MoneyPlace, Credible, BGA Digital, Moneycatcha, Creditease, Othera, Liberty Home Loans, uno Home Loans, and FinTech Australia. It will be the third year the Summit has run in Sydney, amassing each yeah an ever-larger following of loyal attendees. Event owner, Glenn Hodgeman, believes momentum has built so strongly […]
What caused the Cryptocurrency Boom of 2017?
Bitcoin, which is a digital currency (cryptocurrency), saw a 2000% increase in value from January 1, 2017, to December 16, 2017. Today, cryptocurrencies are the world’s fastest-growing asset class with a market cap of $645 billion, up from just $15 billion in 2017. The lightning rise of Bitcoin led to an accusation by JPMorgan CEO Jamie Dimon, who called it a “fraud worse than tulip bulbs,” referring to the Dutch tulip bulb bubble that burst in 1637. Other critics like investor Warren Buffet labeled Bitcoin a “mirage,” and cautioned people to “stay away from it.” These are both serious accusations. So why are some people so critical of cryptocurrencies? Up […]
Link4 explores current bookkeeping issues with ICB CEO Amanda Linton
CEO of The Institute of Certified Bookkeepers, Amanda Linton, visited the Link4 office to provide an up to date insight into bookkeeping in 2018. This allows the Link4 team to stay on top of things and continue to serve bookkeepers diligently based on their current challenges. In her recent visit, Amanda Linton talked about the main issues bookkeepers face in their day-to-day business. More importantly, she discussed how technology is dramatically changing how they undertake their work. Bookkeepers are taking on a completely different role now to what they were a decade ago. “Ten years ago, bookkeepers would spend around 80 percent of their time entering data from invoices, […]
