New FinTech TaxCapture leverages electronic banking to help banish Aussie tax dodgers
Recent media reports quote Federal Government tax revenue losses of an estimated $15 billion due to the widespread cash economy.
Perth fintech Peppermint Innovation provides payment services to the unbanked in the Philippines
There is much to debate about the growth of Australia’s startup ecosystem, but it is a truth almost universally (well, in Australia, at least) acknowledged that the local fintech sector is doing well, bolstered by government support and corporate involvement. While most startups look to develop sophisticated products and services to tackle problems across every niche imaginable in the sector for savvy local consumers and companies, Perth fintech Peppermint Innovation thought there were significant opportunities to be found with those entirely new to banking. Founded by brothers Chris and Anthony Kain, who grew up in the small town of Narrogin, the company is providing mobile remittance services to the unbanked […]
Fintech investments hit US$656m
Investment in Australian fintech hit US$656 million ($854.2 million) in 2016 across 25 deals, according to a survey. In an announcement by the Federal Treasurer, Scott Morrison, an analysis by KPMG found the average growth rate of fintech was around 90 per cent over the four years to 2016. This compared to the 47 per cent slide in fintech investment globally to US$24.7 billion in 2016. “The Turnbull Government is keenly aware that the financial services sector plays a critical role in the Australian economy,” the announcement said. Morrison noted the Government’s Fintech Advisory Group’s progress of the review of opportunities for blockchain, the examination of ways to improve data […]
Cashless society on horizon as Aussies embrace digital transactions
The march towards a cashless society is gathering momentum, with a rise in digital wallet use prompting more companies to offer online only products and services. A report by UK-based Juniper research predicted that digital wallets- in the form of smartphones and other devices used to make online payments- will account for $1.35 trillion in global spend by the end of 2017- a 32 per cent increase on 2016. The research comes just over a year since the Westpac Cash Free report revealed the majority of smart phone users believed Australia could become cashless as early as 2022. Smart phone users already made 53 per cent of their payments digitally […]
Scott Morrison to tell global finance leaders Australia backs fintech
The federal government wants to see the fintech sector “grow big, to thrive and deliver benefits for consumers and the economy”, Treasurer Scott Morrison will tell global central bank governors and finance ministers on Wednesday. In a speech to a high-level G20 conference in Wiesbaden, Germany, Mr Morrison will say fintech can boost banking competition and facilitate access to new forms of finance. He will also tell leaders of the global economy that Australia is “strongly pursuing” blockchain technology, and wants to unlock the “enormous untapped potential of Australia’s data”. After the Productivity Commission in November called for consumers to receive a “comprehensive right” to their data, which would allow […]
Why we need to change how we talk about Superannuation
Mike Goodall, Corporate and Industry Fund Sales Manager at Ignition Wealth has over 30 years experience working with retail and industry superannuation. Mike has a real passion for helping the industry super funds to connect more meaningfully with their clients. With record levels of disengagement the industry is ripe for disruption and Mike is committed to helping the superfunds revolutionise from inside, through the utilisation of the best emerging technologies. It’s no secret member engagement is the biggest challenge facing the superannuation industry in Australia. Despite collectively having more than $2.1 trillion invested in super, the majority of people don’t view superannuation as an investment or nest egg – at best they […]
Australia recognised for embracing fintech startups
Australia is establishing hubs and improving business conditions for fintechs. Despite tough market conditions and a global drop in investments, Australia has been praised as a forward-thinking, cultivator of venture-capital (VC) backed fintech startups. KPMG and CB Insights analysed the global status and outlook of fintech venture funding in their Pulse of Fintech Q2 2016 report and found VC-backed fintech companies raised $2.5 billion through 195 deals, a 12% decline in volume compared with Q1 2016. However, funding is on pace to exceed 2015 investment levels. The report says that while some jurisdictions are fighting to advance regulatory changes related to fintech, Australia is establishing hubs and improving conditions for […]
LoanDolphin exceeds $100m in home loan auctions
LoanDolphin, Australia’s leading loan bidding platform, has reached a significant milestone with more than $100 million worth of home loans through its platform. LoanDolphin launched in February 2016 and the $100 million mark was surpassed August 2016. LoanDolphin is a free online platform for people to refinance or obtain new home loans at rates not advertised by banks or lenders. Customer’s using LoanDolphin have already begun saving tens of thousands of dollars on their mortgage. Lenders and bankers bid to win customers’ business on LoanDolphin, which have delivered an average savings of $5254 per year to homeowners, according to LoanDolphin CEO Ranin Mendis. “The simplicity, efficiency and negotiating power provided […]
