EY WAMTech PitchFest – Can Fintech solve some of the wealth industry’s biggest challenges?
The nation’s most innovative FinTech developers are being called on to help revolutionise the Australian wealth and asset management (WAM) industry by taking part in the inaugural EY WAMTech PitchFest. Supported by the Financial Services Council (FSC), the PitchFest calls on FinTechs to design innovative solutions to one of six problem statements, representing some of the biggest challenges faced by WAM providers today that new technology could solve. These challenges, identified via a survey of key Australian WAM industry participants including executives from the across the superannuation, funds management and life insurance sectors, include: Improving financial literacy Providing one touch access to wealth solutions Simplifying the process for […]
UK’s open banking revolution has lessons for Australia
There’s a revolution going on in British banking. The UK’s Competition and Markets Authority (CMA) issued its final order on “open banking” in February. The new regime – on track to come into force next year– is set to have a profound impact on the sector in the coming decades and beyond. Banks have been told that information such as transaction and loan repayment data does not belong to them, but their customers. Those who want to use that data to access better financial products or services will be able to do so in a safe and secure manner. Delivery will be via application programming interfaces (APIs), software that allows […]
Why your financial adviser loves ETFs
The next time you chat to a financial adviser about portfolio construction strategies, depending on your investment focus of course, the conversation could very well turn to the use of exchange-traded funds. Advisers have become one of the core drivers behind Australia’s rapidly growing ETFs sector, which at the start of this month edged past $26.6 billion in total assets under management. So far this calendar year about $1.2bn in new investor funds have been channelled into ASX-listed ETFs. Research just released by research firm Investment Trends and ETFs issuer BetaShares shows seven out of 10 advisers are either currently recommending the use of ETFs to their clients or intend […]
Equity crowdfunding bill passed, but proprietary companies still excluded
Retail investors will from September be able to buy up to $10,000 of equity in their favourite business ideas, after crowd-sourced funding legislation passed the Senate. The legislation will allow unlisted public companies with annual turnover or gross assets of up to $25 million to advertise their business plans on licensed crowdfunding portals, and raise up to $5 million a year to carry them out. Investors can put up to $10,000 a year each into an unlimited number of ideas. A 48-hour cooling off period had applied to the legislation which passed the House of Representatives in February, however the Labor Opposition successfully amended this to five days, with support […]
Banks need to contend with YOLO and FOMO for market share
The attitudes and expectations of Millennials are shaping up as a key hurdle for banks, as younger customers experiment with new financial service providers and defer major investment decisions such as property purchases. Consultants at KPMG say the results mean that banks will have to learn the meaning of YOLO (you only live once) and the importance of FOMO (fear of missing out) in order to adapt their strategies and capture this valuable demographic. The findings are contained in the consultant’s third annual survey of the banking habits of Generation Y titled “Banking on the Future” which surveyed 1400 professionals aged between 18 and 30 years old. In what amounts […]
Regtech player e4 introduces Australia’s first-ever Virtual ID solution
South African regulation technology company e4 has arrived in Australia with the promise of enhanced corporate regulatory compliance and superior customer convenience, thanks to its introduction of Australia’s first real-time, ‘virtual’ alternative to face-to-face ID verification. e4’s new Virtual VOI (Verification of Identity) platform delivers Australian businesses the first ever digital opportunity to ensure compliance with global and local anti-money laundering and counterterrorism financing (AML/CTF) standards, increased customer and workforce convenience and a substantial saving against other ID verification services in operation across the country. Founded in 2000, the e4 Group has already become a dominant and trusted software and technology services provider to the banking, legal and […]
Sydney Fintech Moroku signs global distribution deal with Misys
Misys is making gamification an integral part of its Misys FusionBanking Essence Digital platform to help banks educate the next generation on better money management. Integrating Moroku’s GameSystem directly into the Essence Digital architecture enables banks to inject some fun into personal financial management (PFM) and help consumers achieve their savings goals. “Digitalisation has completely changed the way that people interact and we believe the next generation will be more incentivised through gamification,” said Simon Paris, President at Misys. “Supporting better financial management and education in banking is a powerful tool that moves consumer experience beyond the transactional and opens the door to bring people of all age groups […]
Third Party Trade and OFX announce partnership
The OFX partnership enables an integrated international funds transfer solution within TPT’s brokerage and wealth management API developer platform. Leading global Fintech and international money transfer business OFX Group Limited (ASX: OFX, formerly known as OzForex) today announced an integration partnership with Third Party Trade Group Inc., together with its broker-dealer subsidiary Third Party Trade LLC (collectively TPT). With the integration of OFX funds transfer capability to the TPT platform, developer partners are now able to obtain foreign exchange (FX) quotes, book in a deal and transfer funds from Australian to US dollars, all within the familiar TPT development environment. TPT is the latest developer to partner […]
