Trov announces $25.5 million funding, launches world’s first on-demand insurance for single items
With $39M total funding to date, Trov will help people around the world insure just what they want – exactly when they want – entirely from their phone MEDIA RELEASE – APRIL 27, 2016 – Trov, a technology company reinventing insurance for the mobile generation, today announced that it has closed $25.5 million in Series C funding led by Oak HC/FT, bringing its total funding to $39M. Other prominent investors in the round include leading Australian insurer, Suncorp Group (ASX:SUN), insurance technology provider, Guidewire (NYSE:GWRE), and fintech venture capital firm, Anthemis Group. In addition to the funding, Trov is announcing its upcoming launch of the world’s first on-demand insurance platform, […]
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 […]
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 […]
Invoice2go launches mobile payments feature in Australia
SYDNEY, April 12th, 2016: Invoice2go, the App Store’s leading invoicing app, has today launched its highly anticipated mobile payments feature allowing small businesses to receive debit and credit card payments, without having to invest in EFTPOS infrastructure. The launch supports Invoice2go’s vision to make it possible for people to run their own business by providing the simplest way to look professional, track their time, improve cash flow and untangle themselves from paperwork. With more than $1 billion invoiced per month globally, and $200 million per month in Australia alone, the new payments feature, powered by Stripe Connect, is positioned to immediately help Australian business owners across all industries get paid […]
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 […]
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 […]
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 […]
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 […]
