Turn debts into income
PROFITING from other people’s debts has always been popular way to make money, and investors seeking income are being given more choice than ever before. While interest rates wallow at record lows and are tipped to fall further, a new breed of peer-to-peer — or marketplace — lenders is gaining ground and other income funds are multiplying. Peer-to-peer lending — which removes middlemen such as banks and allows people to lend directly to borrowers via online platforms — is forecast to at least double in size every year for several years to come. RateSetter CEO Daniel Foggo says Australian peer-to-peer platforms funded $50 million of loans last year and that […]
Global regulators attuned to blockchain risks
The use of blockchain in financial services would need to be carefully regulated with access restricted to only approved participants and institutions may be required to use kill switches to stop computers automatically executing in times of stress. Greg Medcraft, who has just relinquished the chair of the International Organisation of Securities Commissions (IOSCO), told The Australian Financial Review that blockchains must be able to operate with each other and the financial services companies that use them will have to stand behind the technology in case it fails. Mr Medcraft was commenting on the principles guiding global regulators’ assessment of emerging blockchain technology which have been set out for the […]
Perth start-up wins Silicon Valley comp
Perth bank security start-up BankVault has won its category at the World Cup Tech Challenge in Silicon Valley, beating out a range of start-ups from across the world. Speaking to thewest.com from Silicon Valley after his start-up was announced as the winner in the fintech category, Bankvault founder Graeme Speak said it opened up a world of opportunity. “It’s massive,” Mr Speak said. “We’ve had a lot of introductions to people in Silicon Valley connected with a lot of big money over here. And the win will help us launch internationally.” Bankvault is aiming to prevent online hacking through a banking security solution connecting smartphones and computers to a virtual […]
LendingPost closes $100m in loans – set to revolutionise small business finance
Cheaper, faster, more flexible online small business loans – that’s the winning formula that has cemented LendingPost’s position in the finance industry. In fact, LendingPost.com.au has secured over $100m in small business loans in the last 3 years alone, proving their unique online loan matching service is a faster and easier way to get small business finance compared to traditional banking options. Founded as an alternative to big business finance, Aussie-owned LendingPost burst onto the finance scene in late 2013 by directly addressing a pain point of small business owners. “We know small business owners want the best deal but just don’t have the time to research, meet and speak […]
SuiteBox appoints new chair, adds to board
SuiteBox, the mobile office solution for the financial services industry, has appointed former AIG Life Australia boss David Whyte as Chairman and Craig Anderson as a Director of the Board. Ian Dunbar, SuiteBox CEO, said, “With our planned geographical expansion and user-growth plans, SuiteBox management and founders believe that an experienced board is critical in providing sage guidance and direction to our growth focused strategy. I’m delighted that David has agreed to Chair SuiteBox’s board and also to have Craig’s corporate advisory skills on the board.” Mr Whyte formerly led American International Group (AIG) life operations in NZ and Australia, and served on the Board of Fidelity Life and Southern […]
Bitcoin available over the counter at a newsagency near you
Two Australian tech start-ups are launching an over-the-counter platform for selling Bitcoin making it available to everyday consumers and providing online retailers and the newsagents offering the service more income streams. It means Australians will be able to buy Bitcoin over the counter with cash for the first time. The technology is being deployed to about 1200 newsagents nationally effectively making them Bitcoin bank outlets and giving many in the struggling industry a new strand to diversify their revenue. There are currently Bitcoin exchanges in Australia which facilitate online transactions and transfer money but no over-the-counter solution for cash to buy Bitcoin. A 4 per cent fee applies to transactions […]
Nation must deepen the talent pool for fintech success
Success for Danielle Szetho, the inaugural head of industry body Fintech Australia, means an undisputed spot for Australia in the world’s top-five fintech hubs. Realistically, there’s no chance of knocking off London or New York/San Francisco as fintech’s twin global capitals. According to a February report by Ernst and Young, Britain sits on top of the pile, but only just. What it lacks in talent and capital — and it’s not a lot — is more than made up for by the highly accommodating government policy. In the US, it’s more a case of letting the market rip. Szetho reckons Australia’s biggest challenge is deepening the talent pool. Not surprisingly, […]
CXi Announces New Staff Appointments
CXi Software (“CXi”) has announced two new management appointments to its Melbourne DevOps team. Simon Zandler has been appointed to the role of Product Manager, having joined CXi at the start of 2016 as a Senior Business Analyst, Product and Markets. “Simon has been a great contributor to the development of our unit registry solution, CXi Registry, and this promotion reflects the leadership he has shown in ensuring that our final product will excite and delight clients and their investors”, said Séamus Ó Concheanainn, Managing Director, “Simon will initially manage the delivery of our unit registry administration and investor/advisor web portals – which are scheduled to be delivered to market […]
