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Dec
12

Temenos acquires Australian banking fintech Avoka for US$245m

Temenos, the banking software company, today announces it has agreed to acquire Avoka, a leader in digital customer acquisition and onboarding, subject to regulatory approvals. The acquisition further strengthens the Temenos Digital Front Office product, which has over 300 banking clients and has been recognized as a leader by top analyst houses such as Forrester and Ovum. The Avoka platform will be integrated with the Temenos Digital Front Office product, providing banks with a comprehensive single solution for their omni-channel digital banking needs. Temenos has agreed to purchase Avoka for USD 245 million. Through this acquisition, Temenos continues to bring innovative capabilities to its Digital Front Office product that includes […]

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Dec
12

Australian fintech Ignition forms multi year multi million dollar partnership with tier one bank

Bank of Ireland’s Seán Ó Murchú joined Manish Prasad and Alan Quinlan from Ignition Advice in today launching a new digital advice platform for Irish consumers. Seán Ó Murchú, Director, Wealth Advice and Distribution at Bank of Ireland, said, “Creating a single, digital advice platform will have a transformational impact on the Irish market,”. Ignition Advice technology will support Bank of Ireland customers across all areas of their financial lives, from financial wellness and saving, to investment and insurance. Scalable solutions allow the bank to offer digital financial advice to all of their customers, while the Ignition Advice hybrid model allows the bank to fully integrate digital advice with telephone […]

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Nov
22

Competition in SMSF market tipped to turn as robots enter

A panel of financial experts have staked their bets on robo-advice as the future of SMSF investment. The panel, which was hosted by the SMSF Association and included representatives from the Australian Taxation Office, ASIC, Investment Trends, SuperConcepts and OpenInvest, emphasised the need for SMSF members to keep up with technological advancements in order to continue investing wisely and maximising their assets. In the aftermath of the royal commission’s findings, trust in advisers in Australia is at an all-time low. As a result of such sentiment and the current advancements in technology and AI (artificial intelligence), the expert panel suggested the way forward for SMSF investors will likely be engagement with […]

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Nov
07

GBST and Eagle Investment Systems establish strategic alliance to address Australia tax reporting capabilities

GBST, a leading Australian provider of tax analysis and tax data solutions, and Eagle Investment Systems LLC, a BNY Mellon company and leading provider of financial services technology, announced today a strategic alliance that will enable Eagle’s Australian clients to utilise GBST’s best-in-class tax reporting capabilities. Australia’s superannuation funds and investment trusts face complex and dynamic capital-gains tax regulations. Through this alliance, GBST and Eagle can provide an enhanced solution to meet these needs. This will help to streamline the tax reporting process and also help clients to accommodate future legislative changes. “By aligning with local-market experts, we can help resolve some of the pain points that Australian investors face,” […]

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Oct
29

How one financial planner’s cultural change is helping tackle Australia’s debt problem

Financial planners are helping to tackle Australia’s escalating debt problem as the industry shifts from selling products to providing holistic advice with money management at its core. Australia’s household debt-to-income ratio has risen sharply in recent years and now ranks as one of the highest in the world at about 190 per cent, according to the Reserve Bank of Australia. Meanwhile, more than one in six (18.5 per cent) consumers are struggling under a mountain of credit card debt, according to a report by the corporate regulator, ASIC. Yet only a minority of financial planners offer money management or budgeting advice, citing concerns about the time it takes to offer […]

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Oct
10

Can flawed credit rating systems be rebuilt on the blockchain?

Credit scores control people’s lives, and something that powerful needs to be decentralised. On 2 October 2018, Mastercard filed a patent for connecting an individual’s cryptocurrency and fiat accounts. It’s described as a “behavioural profiling method and system to authenticate a user.” This verification might be an important security element in the process where credit cards or accounts will be automatically frozen when a strange transaction is detected. Strange, in this case, is defined as a deviation from the user’s typical behaviour according to their established profile, such as a transaction taking place outside their usual country of residence. “Variations between the behavioural characteristics of the user interactions observed during […]

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Sep
26

Aussie start-up Liven to use NEM blockchain technology and onboard XEM cryptocurrency

The NEM blockchain technology has been selected to power dining rewards-based payment app Liven in a world-first that sees the Melbourne-based start-up allow Australians to transact with cryptocurrency in daily life on a large scale. The announcement sees Liven introduce a new digital currency called LivenCoin (LVN), giving everyday Australians the opportunity to dine at over 1000 restaurants and paying for their services using the cryptocurrency via the LivenPay payment network. The NEM.io Foundation, creators of the peer-to-peer NEM blockchain platform and the XEM cryptocurrency will be working with Liven to onboard XEM as the first cryptocurrency pairing with LVN coin to enable access to payments with XEM at hundreds […]

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Sep
21

Bit Trade gears up to launch Australia’s first currency-backed stablecoin in partnership with Emparta

Australia’s longest standing digital currency exchange, Bit Trade, has announced a partnership with blockchain company Emparta to design and launch the country’s first Australian Dollar-backed stablecoin. Stablecoins are digital currencies pegged to a reserve or stable asset such as fiat currency and are used for trading and exchange-related purposes. Commenting on the announcement, Bit Trade managing director and co-founder Jonathon Miller said Bit Trade were keen to be a first-mover in this space particularly given Australia’s favourable regulatory environment, with a stablecoin helping to lift trust and accelerate the momentum behind digital currency adoption. He said stablecoins have continued to be a popular means of minimising market volatility in the […]

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