Fintech hub Stone & Chalk aims to become regional ‘glue’
The nation’s newest fintech hub, Stone & Chalk, has identified five key Asian cities for the first stage of its FinTech Asia program as it ramps up plans to become the “glue” that connects the fintech ecosystem in the region. Stone & Chalk this week held its first meetings with the Hong Kong government’s investment promotion department, Invest Hong Kong, before moving to mainland China as part of the giant Australian trade delegation spearheaded by Malcolm Turnbull. It also hosted a panel session at the Hong Kong offices of HSBC on Monday evening that brought together Hong Kong’s key financial regulators — the Securities and Future Commission, the Office of […]
ASIC talking to Singapore on fintech deal
The Australian Securities and Investments Commission is talking to the Monetary Authority of Singapore about an agreement to ensure that regulation does not hinder the progress of fintech start-ups looking to operate across the countries’ borders. Fintech regulation has been a key agenda item at recent meetings of peak financial regulators across the globe and although the discussions between ASIC and MAS are at an early stage, it is understood both regulators are enthusiastic about seeing a deal come to fruition. The agreement would be based on a similar co-operation agreement between ASIC and the UK Financial Conduct Authority, which was signed just before Easter and was the first of […]
Can robots terminate the human adviser?
Financial planners and advisers would scoff at the idea of an automated system, or a robot, providing financial advice to clients based on answers to a few questions and the click of a button. Moreover, advisers are apprehensive of consumers embracing the do-it-yourself approach to investing, arguing that it is impossible for consumers to navigate complex investment choices and the myriad of financial products without guidance from trained advisers. Financial planning dealer group, Wealth Today’s managing director, Greg Pennells, recently labelled robo-advice a ‘cop-out’, and called on the corporate regulator to ban the technology. He said technology is useful for transactional services like buying and selling shares, stockbroking, mortgages, or […]
Australian Fintech firm recognised as global market leader
This week, Australian-owned Financial Technology (Fintech) firm, Fincast, was announced as a category winner and finalist in Sony Corporation’s global Fintech Innovation Challenge. Andrew Connors, Co-Founder and Managing Director of Fincast, said, “we are delighted to have won the “under-banked/under-invested” category in the Sony Fintech Innovation Challenge. Being recognised by a global brand like Sony is fantastic validation and endorsement of our applications”. The Challenge attracted over 50 applications from Fintech firms from across 28 countries. Fincast was the only Australian company named as a finalist. Fincast’s technology is unique amongst other automated advice capabilities, enabling appropriately licensed advice providers with 2nd generation technology that automatically adapts […]
Fintech funding pressures banks
The big banks’ allegedly sluggish adoption of a regime to boost the flow of credit data among financial services companies will come under the spotlight of the Productivity Commission as the federal government steps up efforts to stimulate the burgeoning fintech industry. Scott Morrison yesterday revealed a range of measures to support financial technology companies, including cutting GST on digital currencies, such as bitcoin, and clarifying tax concessions for venture capital (VC) investments in fintech start-ups. The Treasurer also commissioned the Productivity Commission to review so-called comprehensive credit reporting and “outline options to increase data availability”, strengthening its scrutiny of the regime. “Fintech advances have the potential to radically transform […]
Media Release – Turnbull Government backing FinTech
Prime Minister Malcolm Turnbull and Treasurer Scott Morrison today announced the establishment of an expert advisory group to help make Australia the leading market for financial technology – or FinTech – in the Asia Pacific region. Financial services is the largest sector of our economy, employing around 450,000 people and contributing over $140 billion to the economy last financial year. Although Australia is a leading financial services market in the region, the sector is becoming increasingly globalised and exposed to technological disruption. Many traditional financial products are being disrupted by the FinTech sector, which is well positioned to become a leading player in the Asia-Pacific. FinTech is at the cutting […]
Banks back focus on technology skills, start-up investor tax incentives
A federal Liberal MP says the government is considering effectively abolishing capital gains tax for investments in very-early-stage companies. Federal Liberal MP David Coleman, a former technology entrepreneur and venture capital investor, says the government’s innovation statement is considering changes to the tax system to encourage investment in start-up companies and seek to lift technology skills. At a StartupWeek Sydney session on fintech hosted by The Australian Financial Review and Reinventure Group on Monday, Mr Coleman said he is talking to colleagues about the abolition of capital gains tax for investors in start-ups, a move that would deepen the pool of growth capital available for entrepreneurs. The government innovation statement, […]
Four steps to make Australia a fintech powerhouse
There are four policy mechanisms every Australian state and federal government should be “majoring in” in order to build a globally competitive fin tech industry, according to the CEO of fintech hub Stone and Chalk, Alex Scandurra. He says Australia has all the basic ingredients, but lacks critical mass and the cultural focus that has built a successful fintech industry in England. 1. Tax incentives “Unlike parts of the United States, we’re very similar to the United Kingdom in the we have a really big base of high net worths in Australia, but tech is foreign to them, and fintech is even more foreign to them,” he says. “They don’t […]
