Row emerges over digital advice regulations
A row is developing in the financial planning sector with so-called robo-advisers claiming that regulatory measures proposed by the Financial Planning Association would make the provision of digital advice unworkable. In a submission to the Australian Securities and Investments Commission, which is in the midst of consulting industry on how digital advice should be regulated, the FPA proposed that robo-advisers be required to appoint independent actuaries to monitor the algorithms used in the provision of automated advice. “If ASIC is after visibility of these results, an obligation to provide independent review results should be included in the regulatory guidance,” the FPA said in the submission.Robo-advisers argued that a need for […]
What a peer-to-peer business loan looks like
RateSetter’s most recent release of its loan book data reveals the new age of business lending. In the one month since the launch of its business lending arm, peer-to-peer (P2P) lender RateSetter has funded nearly 100 business loans. The latest release of its loan book data, which includes every loan originated through RateSetter since its launch in later 2014, includes these business loans, and provides us with a snapshot of what alternative business finance looks like in Australia. Business owners have been embracing lenders outside of the Big Four and other more traditional lenders. According to a recent survey by eBroker, more than $1.1 billion worth of loan applications has […]
Infocus enters Robo-Advice Market with earnie.com.au
Infocus Wealth Management (Infocus) today announced the launch of earnie.com.au, the group’s direct-to-consumer financial advice solution. earnie.com.au is available at no cost for consumers, providing simple smart investing for Australians from all walks of life. Launching earnie.com.au delivers Infocus access to the rapidly emerging market in direct to consumer advice. In combination with national operations spanning face-to-face financial advice, funds management and wealth technology, this makes Infocus an exciting prospect. Rod Bristow, Managing Director and CEO of Infocus, said “Around 80 per cent of the Australian population don’t currently receive financial advice. We are really excited to be launching earnie.com.au today to help bridge this gap. Those who sign up […]
SocietyOne, Australia’s leading marketplace lender, appoints new board director
SocietyOne, Australia’s leading marketplace lender, today announced the appointment of Brett Clegg to its board as a non-executive director. Mr Clegg is Managing Director of News Corp Australia’s Community Publishing division. Among his responsibilities are its community titles in Sydney, Melbourne, Brisbane, Perth, SMB digital marketing services provider newsXtend, and the company’s investments in a range of disruptive technology companies including hipages and Sports Technology Group. Prior to spells with News Corp’s The Australian newspaper where he was deputy chief executive and later Fairfax Media’s CEO and Publisher of the Financial Review Group, Mr Clegg was a journalist, columnist and senior editor on the Australian Financial Review. He […]
New online platform ESIC Hub to accelerate benefits for early-stage companies and investors
A new online platform – ESIC Hub – is the first in Australia for high net worth investors and early-stage companies seeking to secure hundreds of thousands of dollars in new tax relief and funding. From this month, high net worth and sophisticated investors, including SMSFs, are eligible for new tax incentives of up to $200,000 a year when they invest in an early-stage investment. However, under new legislation, the company seeking the funding must qualify as an “ESIC” or “Early Stage Innovation Company”, or the investor will miss out. ESIC Hub founder Stephen Crowe, who has advised multi-national and Australian firms for more than 30 years, […]
Rubik expands footprint in Asia with Bank Alfalah Agreement
Australian listed fintech, Rubik Financial Ltd (ASX:RFL) is pleased to announce it has signed an agreement with Bank Alfalah, one of the leading banks in Pakistan, to implement its collections platform, CWX. The agreement brings the total to 5 out of the top 7 banks in Pakistan using CWX and reinforces the company’s market leading position in collections software in many Asian and Middle Eastern countries. Rubik also partners with leading banks in both Dubai and Abu Dhabi. Rubik is joining forces with longtime banking partner Temenos, the recognised global leader in digital and core banking software, on the Bank Alfalah project to integrate its CWX solution with Temenos’ core […]
Entersoft takes top award as best innovation in cyber-security & antifraud
Application security startup, Entersoft emerged victorious as the best innovator in cyber security and antifraud at the 2016 Australian Fintech Awards for their cloud-based virtual hacker, which assesses various applications for security loopholes. Paul Kang, Director of Entersoft, cited cybersecurity as a growing concern, with no market more directly impacted by its rise than FinTech. “Financial data is a premium target for hackers, offering clear financial incentive for their malicious attacks. And, as hackers become increasingly sophisticated, FinTech organisations are more and more at risk.” “Our approach is a combination of offensive assessment, proactive monitoring and pragmatic managed security which provides highly cost effective and reliable solutions to […]
Crowdfunding firm CoAssets to test market
Technology-related floats are suddenly finding it challenging on the stockmarket: two recent IPOs have had dramatic outcomes for local investors. Music streaming website Guvera had its IPO closed down recently and the group has placed two subsidiaries in administration and is working on a rescue plan. Separately, the fortunes of financial services tech group ChimpChange, while less dramatic, revealed a pretty poor picture this week after the group that offered shares at 80c is now trading on the ASX at about 57c. No wonder there will be plenty of attention focused on CoAssets when it lists this week. CoAssets is an Australian software company focused on peer-to-peer lending and crowdfunding. […]
