Next Bank Brisbane presents Brisbane’s first FinTech showcase
The Financial Services and Insurance Industry is Australia’s largest and fastest growing sector. It’s no surprise that the Prime Minister’s office is looking to foster the growth of Fintech to protect its greatest asset from the increasing threat from global disruptors. The Fintech industry is home to some of the best talent in Australia. Following the launch of multiple Fintech hubs in Sydney and emerging startup success stories from both Sydney and Melbourne you could be forgiven for thinking that Fintech in Brisbane doesn’t exist. Admittedly, the Next Bank Brisbane team felt the same way, until they started digging beneath the surface. “When we started searching from the Sunshine Coast […]
OFX launches weekend trading
MEDIA RELEASE – Customers can now make international money transfers 24/7 OFX (formerly OzForex), one of the world’s largest international payment businesses, has today launched 24 hour, 7 day a week trading, giving customers the convenience to transact on weekends. The 24/7 international payments service is part of OFX’s strategy to focus on its customers and will increase the company’s operating leverage against its competitors. The service will enable customers to make international transfers at the same great rates, speak to an OFX customer representative and check current exchange rates 363* days of the year, 24 hours a day. Instead of waiting until Monday to speak to a representative, customers […]
How banks are running the economy
Alan Kohler, The Australian Two quite innocuous things happened on Tuesday: the federal budget and an RBA rate cut. Neither of these events will do much good, but nor will they do much harm, which is about as much can be hoped from both politics and monetary policy these days. Even RBA Governor Glenn Stevens has been constantly talking about impotence of monetary policy, so it’s likely to be true. Why won’t the budget or the rate cut have much impact? Because the RBA and the government don’t run the economy — the banks do, and there is something much more significant going on in banking land. There is always […]
Fintech a $US1 trillion fight
Consultants Oliver Wyman has been talking to banking clients all around the world over the past few months about the concept of “modular financial services”. It’s the coverline adorning one of the firm’s latest research pieces on the impact of information technology on the future of banking. Even as the equity prices of US fintech poster children like Lending Club and OnDeck are pummelled as capital markets reassess valuations, incumbent banks around the world show no sign of losing interest in fintech. Indeed, if the interim results of three of Australia’s big four banks last week were any guide, thinking about fintech in the C-suite is only accelerating. The earnings […]
P2P lender SocietyOne eyes growth in market share
SocietyOne, the nation’s biggest marketplace lender, has forecast it will be cash-flow positive within two years, confirming it had raised an extra $25 million to support its growth plans. Completion of the Series C raising, revealed by The Australian last month, came as new chief executive Jason Yetton committed to a five-year goal to build a 2-3 per cent share of the $105 billion consumer finance market. “The opportunities that lie ahead of us are immense,” said Mr Yetton, a former senior Westpac executive. SocOne’s raising had a number of notable features, including a powerful consortium of billionaire shareholders taking a tighter grip on the company. Mr Yetton said Kerry […]
Budget 2016: Australian Computer Society welcomes digital Budget
The Australian Computer Society (ACS) has welcomed Tuesday’s Federal Budget announcement, saying it delivers “good news for jobs and skills in the digital sector”. The professional association for Australia’s ICT sector specifically praised the Government’s commitment to the National Innovation and Science Agenda (NISA), along with improved FinTech regulation, cybersecurity funding and support for small and medium-sized enterprises (SMEs). “The announcement of the NISA in December 2015 was a pivotal moment for Australia’s digital future, and seeing the funding confirmed in last night’s budget delivers certainty and ensures these initiatives will help build a strong platform for Australia’s future” said Anthony Wong, ACS President. The ACS said it was “pleased” at […]
Budget 2016: An opportunity for Investors to embrace Automated Investment Advice
Treasurer Scott Morrison’s moves to enact measures to allow everyday Australians to boost their superfunds can only be welcome. Specifically, allowing those who have been out of the workplace due to childcare or illness to make top up payments on their return to work will go some way to addressing the fact that women in Australia typically retire with much smaller funds than men. Ignition Wealth CEO Mark Fordree believes that despite the headline contribution cap being reduced for those under 50, the catch up provisions are a great opportunity for everyday investors to maximise the potential of their investments and superfunds. It is essential for long term wealth […]
New fintech player CreditSME is helping both banks and borrowers in SME lending space
CreditSME has recently launched in the Australian market and is working with both lenders and borrowers to create a streamlined process for small and medium sized businesses to obtain finance. CreditSME has developed a new credit scoring system for small and medium sized enterprises (SMEs) based on the financial and operating position of the company. This credit score, along with the financing requirements of the company, are then used to match the company to the most suitable financier. “There have been a number of new lenders entering the SME space over recent times which provides more options for borrowers, however it’s important for borrowers to understand what is being offered […]
