Banks resist fintech push for open data regime
If banks were required to open their customer data to competitors, economic growth would be bolstered through financial services competition and customer service would be improved by allowing fintech companies to create better-priced financial products, argues Fintech Australia, an industry group representing financial technology start-ups. The Productivity Commission’s review into ‘Data availability and use’ is looking at whether a system of “open APIs” [application programming interfaces] could be created along the lines of a new regime in Britain to allow competitors to plug directly into data sets held by banks, such as transaction account activity. Fintech Australia has asked the commission to recommend an “open banking API” regime be mandated […]
New fintech fills the void of efficiency and independence for managed accounts
MA Operator, a brand new technology for financial advisers, launched in Sydney today. The firm provides three different services on the same comprehensive platform and low-cost model: A complete service for managed discretionary accounts (MDAs), including risk and compliance management, which replaces numerous systems and processes advisers currently need to use to offer MDAs to clients A complete solution for managed accounts and direct portfolios delivered under the Statement of Advice model; and Software and services for external MDA Operators looking to improve efficiency and scale. MA Operator allows advisers to manage client investments far more easily, removing cost and administration time from a range of processes currently managed under […]
Why trade finance is a good use case for blockchain
Trade finance is shaping up as one of the most promising early use cases for blockchain technology. The arrival of blockchain is prompting banks to search for analogue processes across the global economy which could be digitised to reduce financing risk. As a cumbersome process using multiple paper-based contracts with settlement typically taking weeks, the $US4 trillion ($5.3 trillion) trade-financing industry is set to be revolutionised by distributed ledger technology in the coming years. Many of the world’s largest banks and various start-ups have been pumping funds into blockchain research and development. They are now branching out of their laboratories to explain the opportunity to customers. In the trade finance […]
Class partners with peer-to-peer lender
Cloud SMSF administration software provider, Class, has collaborated with peer-to-peer lender, RateSetter, to provide self-managed superannuation fund (SMSF) accountants and their clients with a direct-connect date feed. This would allow for automated data entry and transactions processing within Class. Class chief executive, Kevin Bungard, said the increase in digitisation in the finance sector was appealing to all ages and would allow for a streamlined execution of necessary tasks. “Some industry commentators have previously suggested that peer-to-peer lending may be more attractive to Gen Ys,” he said. “RateSetter experience has shown that a significant percentage of SMSFs, which typically comprise older age groups, are very much on board with the concept […]
Robo-advice start-ups go beyond disruption to new clients
Robo-advice start-ups are looking to use technology to drive massive expansion in the financial advice market, rather than to simply disrupt it. While established players, such as AMP, and the wealth management arms of banks are among those vulnerable to robo-advice, start-ups claim they are not targeting their market. “People talk about disrupting the financial services industry with robo-advice, but only 20 per cent of the country gets advice,” David Pettit, chief executive of Perth-based robo-advice start-up Future Penny, told The Australian. “There’s a massive piece of the market that aren’t seeking or engaging with advice professionals.” Robo-advice delivers investors a low-cost investment management portfolio based on algorithms and technology. […]
Link Digital Solutions announces partnership with Ignition Wealth
Super advice tools integrating with online portals to increase consumer engagement Digital and mobile solutions provider Link Digital Solutions today announced its successful integration with digital advice provider Ignition Wealth. The integrated offering will provide superannuation fund members with seamless access to advice tools directly through Link’s online member portals. “The partnership with Ignition Wealth will allow us to prepopulate superannuation advice tools such as personal projections and simulations, and make them readily available within our clients’ online member portals. Ultimately, this will assist funds as they support their members in the journey from accumulation to retirement. “We seek to integrate with specialist partners in order to […]
1st Annual Australian FinTech Awards 2016
Congratulations to the winners of the 1st Annual Australian FinTech Awards 2016! FINTECH INNOVATION IN PAYMENTS – Afterpay FINTECH INNOVATION IN WEALTH MANAGEMENT (ROBO ADVICE) – Owners Advisory by Macquarie Group FINTECH INNOVATION IN LENDING (FOR FINTECH) – SocietyOne BEST INNOVATION IN CYBER-SECURITY & ANTI-FRAUD – Entersoft BEST FINTECH COMMUNICATIONS CAMPAIGN – Acorns BEST RESEARCH IN FINTECH – Panalitix BEST FINTECH-BANK COLLABORATION OF THE YEAR – OnDeck Capital’s partnership with CBA FINTECH LEADER OF THE YEAR – Daniel Foggo of RateSetter FEMALE FINTECH LEADER OF THE YEAR – Loretta Joseph of the Sydney Stock Exchange FINTECH CTO/CIO OF THE YEAR – Glenn Riddell of RateSetter INSURE-TECH STARTUP OF THE YEAR – […]
Aussie FinTech Octet goes global with new partner in China
Octet, a global financial technology company, has welcomed Asiafactor (CN) Limited as the latest licensee of the Octet platform. A successful Chinese supply chain finance organisation, Asiafactor will leverage Octet’s revolutionary supply chain management and financing platform to enable its customers to manage and pay international suppliers, saving time and freeing up their cashflow. Asiafactor will offer the Octet-enabled platform to serve both existing domestic small to medium enterprises, as well as to a vast range of prospective exporters throughout China. Customers leveraging the platform will be able to use their existing credit cards or other financing facilities to pay global suppliers at competitive exchange rates, removing the need for […]
