OFX launches new online seller service
OzForex Limited trading as OFX (OFX), one of the world’s largest international payment businesses, has today announced the launch of OFX for Online Sellers, a new online merchant solution that streamlines payments from international marketplaces such as Ebay and Amazon into bank accounts in USA, Canada, UK, Eurozone, Hong Kong, and Australia. The new product will offer a faster, more competitively priced transfer option to the millions of merchants that sell on global E-Commerce marketplaces in North America, Asia and Europe. Forty-five percent of the trillion dollar global online retail market is attributed to online marketplaces like Amazon and eBay. Selling on international marketplaces means merchants can lose up […]
Fintech startup Clover becomes the first robo-advice platform in Australia to secure MDA licence
Clover, a fintech company reinventing investing for the digital generation, has become the first robo-advice platform in Australia to secure an Australian Financial Services licence (AFSL) with Managed Discretionary Account (MDA) capability. Set to launch shortly, Melbourne-based Clover is a uniquely goals-based automated investment service designed to help Australians achieve specific lifestyle goals, whether it’s planning a dream wedding, saving for a deposit on a property or planning a major trip overseas. Gaining the ability to operate an MDA service is one of the most difficult Australian Financial Service licences to secure from the Australian Securities and Investments Commission (ASIC). This is believed to be the first time a robo-advice […]
Deposits lift on Apple Pay, says ANZ Bank
Almost two months after it signed a deal to provide Apple Pay, ANZ Bank says teaming up with the technology giant is prompting more customers to open accounts, or start using credit cards that had been lying dormant. ANZ became the first major bank to offer Apple Pay in late April, breaking ranks with rivals, which are negotiating over how millions of dollars in fee revenue would be shared if they were to also provide the service. While Australian consumers have generally been reluctant to use “digital wallets” ANZ says the move is having a real impact on its sales of transaction accounts, especially digital sales. Matt Boss, managing director […]
ASIC enters fintech partnership with Singapore
ASIC has signed an Innovation Functions Co-operation Agreement with the Monetary Authority of Singapore (MAS) aimed at “helping innovative businesses in Singapore and Australia in their foray to the respective markets”. The agreement will enable fintech businesses in Australia and Singapore to “establish initial discussions in each other’s market faster and receive advice on required licences, thus helping to reduce regulatory uncertainty and time to market”, a statement by ASIC said. To qualify for the support offered under the agreement, businesses need to meet the eligibility criteria of their ‘home’ regulator, the statement said. “Once referred by the regulator, and ahead of applying for a licence to operate in the […]
Welcome to the new world of ‘regtech’
During a speech at the Tyro Fintech Hub in Sydney on Friday morning, federal Treasurer Scott Morrison pointed to the promise of “regtech” – a new word that is increasingly rolling off the tongues of the global regulatory community. Regtech (an amalgam of “regulatory technology”) is a subset of fintech (financial technology). While fintech has captured the imagination of banks, entrepreneurs and investors around the world for its ability to enhance how customers experience core parts of banking like lending and payments, banks are interested in regtech because new technologies can be deployed internally to reduce the costs of complying with various regulations. Morrison told about 200 members of the […]
How fintech has given invoice financing new legs to stand on
Is invoice financing the way to secure the future of online SME lending? Online fintech financier Skippr talks to finder.com.au. Invoice financing may be soon gaining steam with small businesses thanks to a fintech makeover. Skippr is an innovative cash management platform that offers invoice financing and cash flow forecasting. For businesses looking for an invoice financing solution, Skippr’s latest product could be what they need. Fintech, or financial technology, has always been an enabler. Whether it’s been opening the door for risk-based rates in Australia, giving savers a way to earn high rates on relatively low-risk investments, or letting small- to medium-sized enterprises (SMEs) access capital that they previously […]
New platform makes switching easier for SMSFs
Term deposits are the latest sector of finance to feel the push of digitisation with the launch of Cashwerkz’ platform, which offers a quick and simple way for investors to manage term deposits. Cashwerkz chief executive, John Edginton, said that cutting the time that is spent on switching and managing deposits was the key for attracting self-managed superannuation fund (SMSF) customers and advisers. “The time and paperwork required to open or switch term deposits was a major disincentive and prevents many investors from achieving the best market return,” he said. “Cashwerkz customers only need verify their identity once, and then have the flexibility of switching between different term deposits.” The […]
PromisePay has raised $14 million to boost global expansion
PromisePay, a payments platform, has just closed a $14 million funding round. The raising was lead by Carsales.com Limited, Australian tech VC Rampersand, Westpac-backed Reinventure, US fintech fund Cultivation Capital, 99Designs co-founder Mark Harbottle and former Hitwise CEO Andrew Walsh. The cash will go towards the fintech startup’s global expansion, taking advantage of its position as the only fully managed payments solution for the platform economy. This includes escrow, fraud and risk management, chargeback protection, dispute resolution and identity verifications. Since its launch — just 18 months ago — the startup has grown from just providing payments solutions for marketplaces, to other multi-merchant environments, including on-demand and sharing platforms, crowdfunding, […]
