Fintechs target millennials with online financial services
Millennials, a demographic group born between 1980 and 2000, make up one of the largest living generations and have now overtaken the baby boomers. Millennials are likely to fall into three categories: • Inheritors: With wealthy parents, they are major consumers while they wait to inherit. • Strivers: Coming from a more modest background, they are studying, saving and working hard with ambitions for promotion. They will borrow to support their lifestyle, not unlike inheritors. • Given-ups: They are more likely earning a low salary but continue to consume as much as the other two categories. Buying a house is not on the agenda, so they do not see the […]
Australia leads non-core markets in fintech investment deals, but what does the sector need to grow?
Australia has emerged alongside Brazil as a leading fintech market after facilitating the largest fintech investment deals outside of the core markets of Asia, Europe and North America in the past 12 months, a report from CB Insights has found. The Global Fintech Trends report analysed global trends and found that half of the 10 largest fintech deals outside of core markets took place in Australia between the second quarter of 2016 and the second quarter of 2017. The remaining four took place in Brazil, and one took place in South Africa. Online small business lending platform Prospa topped the five Australian deals that made the list with its AirTree Ventures-led $25 […]
ANZ is the first Big Four bank on both Samsung Pay and Apple Pay
ANZ has joined Samsung Pay, becoming the first of the big four Australian banks to be on all three major digital wallets. The bank had already been the only one of the majors to be on Apple Pay and was already available on Android Pay. “Samsung has strong device market share in Australia and many of our customers love its open approach to technology, so it made sense for us to work with them in bringing this convenient and secure mobile payments solution to our customers,” said ANZ product managing director Bob Belan. ANZ joins Westpac and a range of smaller institutions on the Samsung platform, which allows contactless payments […]
Ignition Wealth launches low cost high compliance SMSF appropriateness tool
CEO Mark Fordree today announced the launch of the Ignition Wealth SMSF Appropriateness tool, a software technology solution automating the administration of the SMSF appropriateness process. “This is a client-centric solution that ensures that investors considering establishing an SMSF are engaged, educated and empowered. It offers a low-cost easy to use solution.”. Mark Fordree, CEO, Ignition Wealth. Ignition Wealth sets the benchmark in Australia as a business to business digital financial advice solutions provider. This technology solution has been designed to allow advisers, accountants and financial enterprises to reduce the time and cost of the SMSF Appropriateness process. “Our clients are seeking smart technology solutions to drive […]
What online finance can give you that the Big Four can’t
With dissatisfaction among the big banks continuing to rise, more Australian SMEs are attempting to figure out how they can use alternative lenders to grow their businesses. But that’s easier said than done. With so many alternative lenders arriving in Australia, it can be difficult for SMEs to figure out which is going to best suit their needs for unsecured business loans. How can they start? According to the recent SmartCompany SME survey, which questioned hundreds of SMEs around Australia, 25% of readers said they wanted to get a business loan in two years. Of those, 51% said they would approach one of the big four banks, and 31% would […]
The new crowdfunding? Ethereum ICOs raise close to $1 billion in June alone
In just 19 days, Ethereum initial coin offerings have raised close to $1 billion dollars, according to estimates, with speculations this could be the biggest decentralised venture funding event in history. Tech news site Trust Nodes has crunched the numbers and estimates $US642 million has been raised by prominent initial coin offerings (ICOs) in the first three weeks of June, with another estimated $US60 million raised from smaller events. An ICO involves investors buying a cryptocurrency, which has a value in relation to another currency like Bitcoin or Ethereum. Bancor raised $US150 million on June 13, making it the biggest crowdfunding in history, at least for a few days. Trust […]
How Sydney blockchain startup Hashkloud scored partnerships with two Bangladeshi banks
Blockchain has been receiving a deluge of media attention in recent weeks, and Sydney-based startup Hashkloud is capitalising on the growth of the technology by launching its offerings with two financial institutions in Bangladesh. Hashkloud is working with Dhaka Bank to launch its Serviskloud platform within the next week, in a partnership that will use the blockchain as a software connector to consolidate the integrity of the data that is transferred between banks, as well as securing transactions between the bank and its customers. The startup has also recently signed with the United Commercial Bank in Bangladesh to explore how its services can help the bank utilise the blockchain platform. […]
Samsung Pay adds 38 more banks and credit unions in Australia
Almost two million more Australians will be able to use their smartphone as a credit card today in a move Samsung promised would take the country “a step closer” to ditching traditional wallets entirely. The smartphone giant will add 38 financial institutions to its Samsung Pay app, allowing customers from Credit Union Australia, Australian Unity and more to pay by tapping their smartphone or smartwatch at the cash register. Samsung Pay, which launched one year ago, is still trailing its Apple and Google rivals, but all three now offer payments from more than 40 institutions. Samsung Australia mobile division vice-president Richard Fink said the latest deal, secured with payment solutions […]
