InvestSMART records profit surge as investors flock to robo advice
InvestSMART Group Ltd (ASX: INV), Australia’s largest provider of automated investment advice to retail clients and self-managed super funds, today announced its profit had surged in the year to June 30, 2016 as the group expanded its range of robo advice tools and content services. In a year that was focused on business consolidation, cost restructure and systems development to improve scalability, InvestSMART’s operating profit before tax and amortisation jumped from $131,204 to $2.41 million. The result, and the focus on improving services to members, set the scene for organic growth in member engagement and revenue in FY2017 as the numbers of investors turning to the group’s sophisticated robo advice […]
IFAs and accountants seek out robo-advice
Stockspot, Australia’s leading automated investment adviser, has launched its partners programme for advisers, accountants and other professionals. The programme will allow selected financial professionals to partner with Stockspot for their clients. Stockspot will managethe client’s portfolio including all advice, investing, compliance, rebalancing and tax reporting. The IFA or accountant has full visibility of their clients’ portfolios via an online investment dashboard and receives updates on the strategy and client’s financial profile. Stockspot also simplifies tax reporting via its recently announced integration with Class Super. Stockspot CEO and founder, Chris Brycki said: “In the last 12 months, with the increased spotlight on the robo-advice industry in Australia, we’ve had a lot […]
HashChing brings to market a loan for new business founders and entrepreneurs
Talk to anyone who’s ever tried to get a home loan without a regular payslip or evidence of recurring earnings – and the answer is almost universal – NO. In a regulatory environment being ever tightened by APRA – it would appear the risk profile of lenders is forever shrinking, virtually closing the door on home loan options for start up founders and entrepreneurs. Until now. HashChing, the online marketplace for pre-negotiated cheap home loan deals has a new product just for founders and owners of start up businesses. The home loan, from a leading Australian specialty lender, is available to start up business owners with no […]
Australia recognised for embracing fintech startups
Australia is establishing hubs and improving business conditions for fintechs. Despite tough market conditions and a global drop in investments, Australia has been praised as a forward-thinking, cultivator of venture-capital (VC) backed fintech startups. KPMG and CB Insights analysed the global status and outlook of fintech venture funding in their Pulse of Fintech Q2 2016 report and found VC-backed fintech companies raised $2.5 billion through 195 deals, a 12% decline in volume compared with Q1 2016. However, funding is on pace to exceed 2015 investment levels. The report says that while some jurisdictions are fighting to advance regulatory changes related to fintech, Australia is establishing hubs and improving conditions for […]
Banks to develop new digital cash unit for settlement
Four of the world’s biggest banks have teamed up to develop a new form of digital cash they believe will become an industry standard to clear and settle financial trades using blockchain, the technology underpinning bitcoin. UBS, the Swiss bank, pioneered the “utility settlement coin” and has now joined forces with Deutsche Bank, Santander and BNY Mellon – as well as the broker ICAP – to pitch the idea to central banks, aiming for its commercial launch by early 2018. The move is the first example of a group of leading banks coming together to co-operate on a specific blockchain technology to harness the power of decentralised computer networks and […]
Big banks are closing their ranks to fintech
Australia’s largest financial institutions are turning away from the fintech scene they have worked hard to embrace. Australia’s largest banks have been turning their backs away from fintech in recent weeks, with the issue of data sharing again causing a rift between the established institutions and their tech counterparts. A tumultuous few weeks fighting over Apple Pay has culminated in one of the Big Four turning its attention back to a different area of fintech. The Apple Pay saga At the end of July three of the Big Four banks – Commonwealth Bank, NAB and Westpac – along with Bendigo Bank and Adelaide Bank applied to the Australian Competition and […]
Coles backs Westpac, CommBank, NAB, and Bendigo and Adelaide Bank in Apple Pay fight
Retailers including Coles have thrown their support behind a push by several big banks to put their rivalry aside and negotiate as a bloc with Apple over its digital payments service. Apple’s current constraints on “digital wallets” provided on the iPhone threaten to stifle innovation and competition, the retail industry’s peak body told the competition watchdog. In what the banks say is a world first, Westpac, Commonwealth Bank, National Australia Bank, and Bendigo and Adelaide Bank are seeking an exemption from competition laws so they can negotiate as one, and launch a collective boycott of Apple Pay. The move, if approved, is intended to pressure the technology giant to allow […]
SMEs need protection from online Payday Lenders
In 2015, online SME lending in Australia was around $250m, up from a zero base two years ago. Growth will continue exponentially and online SME lending will become a significant alternative source of funding for Australia’s SMEs. Online lenders perform an important role by lending to thousands of SMEs that would otherwise struggle to attract support from a bank. I am a big supporter of this sector but am concerned that many SMEs don’t understand what they are getting themselves into when they borrow from some lenders that could be more accurately described as SME payday lenders to SMEs. These concerns together with suggestions as to how the interest of […]
