Search Result: lab group

Apr
11

ASIC talking to Singapore on fintech deal

The Australian Securities and Investments Commission is talking to the Monetary Authority of Singapore about an agreement to ensure that regulation does not hinder the progress of fintech start-ups looking to operate across the countries’ borders. Fintech regulation has been a key agenda item at recent meetings of peak financial regulators across the globe and although the discussions between ASIC and MAS are at an early stage, it is understood both regulators are enthusiastic about seeing a deal come to fruition. The agreement would be based on a similar co-operation agreement between ASIC and the UK Financial Conduct Authority, which was signed just before Easter and was the first of […]

DETAIL
Apr
08

Resisting Fintech disruption amounts to a loss of $13 billion in aggregated revenues

Sydney, Australia, 4 April 2016 – The Australian Banking sector is heavily regulated to prevent monopolies and collapses, and is guided by the Four Pillars Policy of the Australian Government which maintains the viability and separation of the “Big Four” banks: Commonwealth Bank of Australia (CBA), Westpac Banking Corporation (WBC), National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ). Following the global financial crisis, in 2008, for reasons motivated by stability rather than customer satisfaction, consumers flocked to the ‘Big Four’ who benefited by recovering market share previously lost to the smaller financial institutions. While the Big Four are more dominant than ever, future bank profitability is more […]

DETAIL
Mar
31

Can robots terminate the human adviser?

Financial planners and advisers would scoff at the idea of an automated system, or a robot, providing financial advice to clients based on answers to a few questions and the click of a button. Moreover, advisers are apprehensive of consumers embracing the do-it-yourself approach to investing, arguing that it is impossible for consumers to navigate complex investment choices and the myriad of financial products without guidance from trained advisers. Financial planning dealer group, Wealth Today’s managing director, Greg Pennells, recently labelled robo-advice a ‘cop-out’, and called on the corporate regulator to ban the technology. He said technology is useful for transactional services like buying and selling shares, stockbroking, mortgages, or […]

DETAIL

Australian Fintech firm recognised as global market leader

This week, Australian-owned Financial Technology (Fintech) firm, Fincast, was announced as a category winner and finalist in Sony Corporation’s global Fintech Innovation Challenge.   Andrew Connors, Co-Founder and Managing Director of Fincast, said, “we are delighted to have won the “under-banked/under-invested” category in the Sony Fintech Innovation Challenge. Being recognised by a global brand like Sony is fantastic validation and endorsement of our applications”.   The Challenge attracted over 50 applications from Fintech firms from across 28 countries. Fincast was the only Australian company named as a finalist.   Fincast’s technology is unique amongst other automated advice capabilities, enabling appropriately licensed advice providers with 2nd generation technology that automatically adapts […]

DETAIL
Mar
22

InvestmentLink launches new data service for growing fintech sector

MEDIA RELEASE: Sydney, 22 March, 2016 – InvestmentLink, Australia’s largest financial data source, today announced the launch of a new data service specifically developed for the growing fintech sector. InvestmentLinkRT (ILRT) provides software developers an expanded data link directly into their applications, allowing for the development of more holistic and engaging software products.   ILRT extends the range of data feeds already available through the existing InvestmentLink data platform, allowing users access to an unparalleled hybrid data source of over 600 direct and client-authorised feeds.   Client-authorised feeds will be delivered in minutes and will cover feeds that have until now been difficult to obtain, such as individual bank, mortgage, […]

DETAIL
Mar
22

Fintech funding pressures banks

The big banks’ allegedly sluggish adoption of a regime to boost the flow of credit data among financial services companies will come under the spotlight of the Productivity Commission as the federal government steps up ­efforts to stimulate the burgeoning fintech industry. Scott Morrison yesterday revealed a range of measures to support financial technology companies, including cutting GST on digital currencies, such as bitcoin, and clarifying tax concessions for venture capital (VC) investments in fintech start-ups. The Treasurer also commissioned the Productivity Commission to review so-called comprehensive credit reporting and “outline options to increase data availability”, strengthening its scrutiny of the regime. “Fintech advances have the potential to radically transform […]

DETAIL
Feb
25

Media Release – Turnbull Government backing FinTech

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison today announced the establishment of an expert advisory group to help make Australia the leading market for financial technology – or FinTech – in the Asia Pacific region. Financial services is the largest sector of our economy, employing around 450,000 people and contributing over $140 billion to the economy last financial year. Although Australia is a leading financial services market in the region, the sector is becoming increasingly globalised and exposed to technological disruption. Many traditional financial products are being disrupted by the FinTech sector, which is well positioned to become a leading player in the Asia-Pacific. FinTech is at the cutting […]

DETAIL
Feb
22

Why fintech’s herbivores are eating with banks

FinTech Herbivores & Carnivores – a great analogy for those wanting to disrupt and those wanting to co-exist in the financial sector.   At FinovateEurope, a start-up pitchfest held in the Old Billingsgate Market Hall on the River Thames in London the week before last, new nomenclature emerged to describe the evolution of fintech disruption. Some of the 70 start-ups in attendance were classified as “carnivores” – disrupters wanting to kill traditional banks. But others were not seeking to attack. They were the “herbivores”. This fintech posse want to work with incumbents, who can provide real-world problems and customers to help the start-ups scale up. Ian Pollari, KPMG’s global co-head […]

DETAIL