Move over term deposits, peer-to-peer lending is on the rise for Aussie investors
Individual Aussie investors have lent an average of $13,508 in the last nine months as they chase better returns in a low-yield environment, according to leading peer-to-peer lender RateSetter. This figure is a 25.4% increase from the $10,770 lent in the previous nine months. With the RBA keeping interest rates at rock bottom levels, and savings returns suffering as a result, Daniel Foggo, RateSetter CEO, said that investors were turning to peer-to-peer platforms as they shifted away from “volatile equities and low-return savings accounts and term deposits.” “We hear from investors that they are attracted by the compelling returns and lower relative risk, in particular the protection of their money […]
Pushpay ASX float is a leap of faith
It used to involve putting cash into the collection plate but now giving to a church can happen with a few taps on a mobile phone. The co-founder of Pushpay, which will list on the Australian Securities Exchange on Wednesday, says the fintech’s revenue will triple and its cash flow become positive by the end of 2017, driven by more members of religious congregations in the United States making donations through smartphones. Pushpay, which offers a payments application to individual churches throughout the US, completed a $54 million placement to local institutions through Ord Minnett last week in a bookbuild at $2.09 a share. The offer was revealed by Street […]
KPMG unveils fintech collaboration successes
KPMG is continuing to promote fintech collaboration opportunities, with its corporate fintech accelerator program, mLabs, continuing to deliver strong results since its August launch. The mLabs program, which connects Authorised Deposit-taking Institutions (ADIs) with Australian fintech start-ups, aims to help mutuals work closely to create new alternative finance prototype services, solutions and products. Included in the first-round ADIs were IMB Bank, Teachers Mutual Bank, CUA and Police Bank, part of a total seven banks and credit unions engaging with the program. According to KPMG head of innovate, James Mabbott, the program is a necessary welcome for the industry, as ADIs are increasingly left struggling while disrupters pull ahead. He said: […]
Why the parliamentary inquiry was good for fintech
Discussion of data sharing, small business loan rates and investment troubles spell increased opportunities for fintech. The parliamentary inquiry into banks saw CEOs of the Big Four – Westpac, ANZ, NAB and Commonwealth Bank – grilled about a range of issues pertaining to their bank’s conduct. While the line of questioning taken by House of Representative economics committee did not directly relate to fintech, the answers and defences at the four inquiries reveal several interesting points that relate to the fintech sector, for both banks and fintech companies. Data sharing Westpac and NAB were questioned over the sharing of customer data in order to increase competition. This is a key […]
NAB is opening its data vaults for fintechs
NAB chief executive Andrew Thorburn says he will support moves to require banks to share customer data, a key requirement for fintechs to compete with the big players. “We welcome competition,” he told the House of Representatives economics committee. “That’s how this bank has survived and competed for 150 years. “And now we’ve got new competition, fintechs that are coming at us and we welcome that too. You have to lift and get better and that’s good for customers.” Thorburn also supports greater account portability, where a customer could more easily move to a new bank without having to change automatic payments. In the UK, the Competition and Markets Authority […]
Gelato Messina launches world leading mobile payment app
Gelato Messina, pioneers of weird and wonderful gelato creations and one of Australia’s most popular brands, are ditching their cash-only policy and moving towards mobile payments to the joy of cashless customers nationwide. On 4th October 2016 Messina launched a mobile payment and loyalty app that allows customers to pay with their phone and be rewarded with points. Points are redeemable for gelato, merchandise and unique Messina experiences — including the chance for one loyal customer to take seven friends on a seven course gelato experience at the Messina Creative Department. Powered by LOKE, a Melbourne fintech startup, customers will be able to add their preferred payment type, including their Paypal account, […]
A look inside AMP’s new goals-based advice business
AMP today officially launches its long-awaited AMP Advice business, after a long development period during which the financial services giant substantially re-engineered its advice process and technology infrastructure. AMP Advice currently has 11 operating practices around the country, and aims to have as many as 30 by the end of the year as ipac Securities practices transition to the new model, and as other AMP-aligned practices voluntarily make the move. The ipac brand will eventually disappear as the new advice business expands. AMP Advice is built on a goals-based approach to advice, with fees charged by advisers in a range according to the complexity of the advice ultimately provided, and […]
Australia FIX Conference
Australia FIX Conference The Leading Electronic Trading Conference in Australia 13 October 2016 Conference Venue Sofitel Sydney Wentworth, Australia 3rd Floor, Grand Ballroom 61-101 Phillip Street Sydney, Australia The FIX Trading Community™ Australia FIX Conference has already been established as the leading electronic trading event in Australia. This year’s annual conference will be attended by over 400 industry participants from the leading buy- and sell-side firms, regulators, exchanges and solution providers. The year’s conference will continue to explore the most pressing issues of the industry and will address both business and technical aspects of electronic trading in both Australia and offshore markets. Adhering to the spirit of “Created […]
