Budding QLD entrepreneurs get the opportunity to fast-track their FinTech ideas at BOQ Hackathon
The next generation of tech entrepreneurs are being called on to come up with ideas that will disrupt the banking and finance industry and solve real business problems at the BOQ Hackathon, running from 3 – 5 March 2017. Hosted by BOQ and technology start-up hub River City Labs, budding innovators and tech-heads will pitch their business idea and solution to a panel of high-profile tech judges. Over a 52-hour window, attendees will have the opportunity to bounce ideas and solutions around with some of Queensland’s top talent before turning their concepts into prototypes. Donna-Maree Vinci, Group Executive and Chief Operations, Digital and Information Officer (CxO) at […]
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 […]
Fintech sector falling short on adviser-focused solutions
To the frustration of many Australian financial advisers, the fintech sector has not yet delivered effective tools for the financial planning industry. Most of the current activity in the sector is focused on offering solutions for individuals – and these offerings are struggling to convince consumers to pay directly for them. There is a clear unmet need in the adviser space. Wayne Robinson, InvestmentLink Chief Technology Officer, believes that the industry should be focused on meeting this unmet demand. He says it’s also the market that will be willing to pay for the right solution. “We think that advisers will be happy to pay for a platform that delivers what […]
BetaSmartz automated investment launches in Asia
BetaSmartz, the B2B automated investment platform for all sizes of investors, from institutional to retail, today announced it had opened offices in Hong Kong. BetaSmartz offers ‘hybrid ‘ digital investment or ‘robo’ advice that combines automated and face-to-face financial advice. Newly appointed Managing Director Asia, Zak Allom, said this model had been well received since its launch in 2015, with several clients now live including two in the U.S. “Robo has been a big buzzword, but for the most part the actual delivery hasn’t been different from the automated financial planning software we’ve been used to since the 90s,” he said. “BetaSmartz is much more than a sexy front end […]
Ignition Wealth announces goals-based investing
Ignition Wealth CEO Mark Fordree today announced a groundbreaking development as Ignition Wealth becomes the first Australian ‘robo-adviser’ to offer goals-based investing. Ignition Wealth has appointed SiResearch to provide adaptive asset allocation built around goals which have a specific objective and timeframe. Traditional risk assessment has focussed on the investor’s long-term goals, often focussing simply on retirement. The goals-based model acknowledges that investors’ goals may fall into several buckets including short term, medium term and legacy. “In reality an investor’s attitude to risk is influenced by what their goal is and the date by when they want to achieve it. The SiResearch goals-based investment model adds a specific objective […]
Apple Pay boss says CBA, NAB, Westpac risk missing the future of payments
The global head of Apple Pay has put three of Australia’s big banks on notice that the technology giant’s global payments system will steal their customers and they risk being left behind in the development of digital wallets. Jennifer Bailey said in an exclusive interview that Apple is so confident of the supremacy of its payments system that “customers will say they are happy to switch banks to use it”. With ANZ Banking Group the only big four bank to allow its customers to use Apple Pay, The Australian Financial Review can reveal that Macquarie Bank and ING Direct will turn on the service by the end of February. They […]
Robo-advice using algorithms are replacing financial planners
Robo-advice is part of a new financial marketing system that could chug along without much human intervention and is aimed at giving you a sense of financial security.
Data61 wants Australia to go all-in on fintech and cybersecurity innovation
Data61 has published a guide on how Australia can leverage the cybersecurity and fintech talent present in the country’s startup scene, highlighting in particular the need to combine the two sectors with the strong backing of both industry and government to advance Australia’s global competitiveness. In Startup Secrets: How Australia can create new businesses with fintech and cyber security industry collaboration, the country’s peak innovation group says it is important to look at the intersection of fintech and cybersecurity to solve complex problems via collaboration, rather than by competing. According to Australia’s Special Adviser to the Prime Minister on Cyber Security Alastair MacGibbon, cybersecurity is the foundation of the country’s […]
