Australia’s first Future Hub to Accelerate Blockchain Development and Implementation
Australian technology innovator Lakeba Group today launched the Lakeba Future Hub, a consortium of leading technology, law, taxation and educational firms, with a focus on accelerating blockchain adoption and development by Australian businesses. Recognised for being one of the first technology companies in Australia to have live commercial blockchain pilots across multiple sectors, Lakeba will work with leading partners Microsoft, IBM, Macquarie University, cryptocurrency and blockchain legal expert Piper Alderman, and taxation expert Grant Thornton, to help businesses navigate the pathway for implementing blockchain and cryptocurrency solutions. New partners relevant to the vision of the Future Hub will continue to be added as the consortium grows in scope and footprint. […]
Open banking rules fuel financial planning shake-up
The financial planning industry is poised for a shake-up as the government’s plan to make it easier for customers to access banking data drives new technology that will allow advisers to respond in real-time to the changing financial circumstances of their clients. Open banking will also change the financial advice industry by allowing advisers to tailor their offering to individuals. Grow Super, part owned by IOOF, and Basiq, part owned by Westpac Banking Corp and National Australia Bank, have worked together to build the software that provides alerts to advisers about when to call their clients. The product will be white-labelled for advisory groups to enhance the quality of customer […]
AFL’s Ted Richards and the human side of robo-investing
There is a lot of talk about the entry of ‘robo advisers’ into the financial advice market. Revelations by the banking royal commission have accelerated calls for technology to provide the answer to the broadening trust deficit and intractable problem of advice being too expensive for the average investor. However, despite these tailwinds, the take up of digital advice in Australia has been relatively modest. This compares to the United States where a significant proportion of investors are embracing technology-enabled advice solutions, such as Betterment and Wealthfront. Home-grown Australian providers, such as Clover and Stockspot, have made inroads with their low cost, automated investment offerings. The challenge remains for consumers […]
How the rich invest: Afterpay’s Nicholas Molnar makes a cool $200 million
The tearaway market success of Afterpay Touch Group has however supercharged the fortunes of its 28-year-old co-founder Nicholas Molnar. Afterpay is fast becoming the go-to payments platform for Millennial shoppers who want to own products immediately but pay for them in instalments. The instalment service is growing rapidly. It has more than 1.8 million customers and is growing at roughly 3300 new customers per day. There are now 14,000 retailers using the service; it will soon be available for buying Jetstar flights and in May announced it was transacting in the US after cutting a deal with retail powerhouse Urban Outfitters. The potential for growth in the US has been […]
London fintech delegation reveals deeper Australia-UK tech links
Ten Australian fintech start-ups are in London this week on a trade delegation arranged by the Australian British Chamber of Commerce, a sign of deepening ties between the two nation’s technology scenes. While England’s game against Columbia in the World Cup and the tennis at Wimbledon offer potential distractions, so excited is the chamber about its official program it has coined a new acronym for it: The “ABFCC”, or “Australian British FinTech Cyber Catalyst”. The start-ups in the group are Everproof, Trade Ledger, TRAction FinTech, Adviser Ratings, InDebted, CYDARM Technologies, HyperIntel, Airlock Digital, Aleron and Randtronics. There’s a regtech and cybersecurity flavour, and the group is being led by Law […]
Younger advisers drive digital client engagement
Financial planners are increasingly looking for digital means to engage clients, latest Investment Trends research shows. The majority (88%) of advisers are strengthening their client relationships using technology-based solutions to interact and disseminate information, this year’s Planner Technology Report found. The younger generation of planners are driving the digital client experience trend, starting with virtual client meetings. Investment Trends research director Recep Peker said this group expects tablet-enabled client meetings and the use of interactive modelling tools during client meetings to become the norm. Peker added the results provide an opportunity for platforms and planning software providers to collaborate with planners. “Technological advancement is rapidly increasing consumer expectations, a so-called […]
Comprehensive credit reporting laws will drive innovation and protect banks
In the blue corner, lining up to support the bill to ensure customer repayment history is provided in credit reports, are: the government, all of the banks, the entire fintech industry, the credit bureaus, the regulators (especially the Australian Prudential Regulation Authority), and many equivalent western economies such as the US, UK, Canada and New Zealand. In the red corner, lining up against it, are consumer groups and the Labor party. At the last election, Labor also supported “comprehensive credit reporting” like nearly everyone else, but this month decided to back a 12-month delay to the reporting of “repayment history information”, which sits at the core of the regime. Positions […]
The Finnies. The Winners!
Congratulations to the 2018 Finnie Awards Finalists and Winners! FinTech Organisation of the Year WINNER: Afterpay FINALISTS: ● Afterpay ● Avoka ● BRICKX ● Class Limited ● Cover Genius ● Flamingo AI ● Invoice2Go ● MoneyPlace ● OnMarket ● Prospa ● RateSetter Australia ● SocietyOne ● Stockspot Emerging FinTech Organisation of the Year (company must be <2 years old) WINNER: Civic Ledger FINALISTS: ● Civic Ledger ● Finch ● InDebted ● LanternPay ● Link4 ● Longevity App ● Look Who’s Charging ● Medipass ● Till Payments ● TIQK ● TravelbyBit Outstanding FinTech Leader of the Year (can be from any field) WINNER: Katherine McConnell – Founder and CEO, Brighte FINALISTS: […]
