Fintech sector held back by fear factor, not a lack of capital
A dearth of ideas and entrepreneurs, rather than capital, is the main barrier to innovation in Australia, delegates at the Australian Financial Review Banking & Wealth Summit heard on Wednesday. Chris Brycki, chief executive of online investment adviser Stockspot, said that high salaries and the low number of job losses in the financial services sector after the global financial crisis meant that few people were prepared to leave their employers and take the risk of starting a business. Mr Brycki’s comments run counter to the perceived wisdom that the unwillingness of Australian investors, particularly superannuation funds, to invest in start-ups is inhibiting their development. “I think the lack of capital […]
MoneyBrilliant now on Android and Apple
MoneyBrilliant have heard the feedback from their members and have been working hard to deliver an even more brilliant experience. The first of many improvements coming your way is the release of their app for Android users. Now you can be MoneyBrilliant anywhere, anytime on your iPhone or Android device. The app is available for download from the Google Play Store and Apple App Store.
Facebook wants to partner with Aussie banks on mobile strategy
Social media behemoth Facebook is looking to partner with Australian banks to explore opportunities in mobile banking, in a move that could radically change the face of retail banks. Paul McCrory, head of financial services Australia at Facebook, said the $428 billion tech giant has built “huge mobile platforms” that see 11 million Australians a day. Facebook sees opportunities in leveraging that scale to do business with Australian banks.”Banks are mobile businesses as well, except they also have legacy [systems] that sit behind them. How do we help partner with this vast scale we’ve got, to help a bank, for example, drive digital options?” Mr McCrory told The Australian Financial […]
DigitalX Ltd tests blockchain based app to send money overseas
DigitalX Ltd (ASX:DCC), a blockchain software solutions company is gaining positive feedback from the expanded phase 2 beta-test of its AirPocket money transfer app that was conducted in the U.S. and Dominican Republic. The Phase 2 trial allowed users to transfer money from nine selected states in the U.S. to the Dominican Republic. AirPocket utilises the Bitcoin blockchain technology to transfer money. The majority of the respondents in the beta-test voted that AirPocket was efficient in sending money, and it was easier to receive money using the app than through traditional money transfer channels. The respondents also found the money transfer fees associated with the AirPocket app to be competitive […]
Foster Stockbroking readies KYCkr for ASX boards
Global fintech business KYCkr will meet investors for a proposed initial public offering this month, as it seeks to raise capital for growth. KYCkr has hired Foster Stockbroking to handle the proposed $8 million IPO which, if successful, would value the company at $28 million. KYCkr has a suite of KYC (know your customer) products which help payments companies such as PayPal and Swift gain greater visibility over their customer books. The software is all about enabling payments companies to say in compliance with anti-money laundering and counter terrorism financing legislation. KYCkr is expected to begin marketing the IPO in late April and list before June 30. The offer comes […]
Financial planner and bitcoin entrepreneur launch new robo-advice business
Perth-based financial planner David Pettit has teamed up with well-known Australian bitcoin entrepreneur Zhenya Tsvetnenko to fund and develop a new robo-advice platform that will advise users how to plan their financial lives. Mr Pettit, the founder and managing director of boutique Perth advice firm Advocate Private Wealth, and Young Richlister Mr Tsvetnenko conceived Future Penny six months ago, and have both personally invested, with a range of other investors, to give it $500,000 in development capital. Future Penny would be the latest player in the burgeoning robo-advice sector, which provides financial advice to users generated by algorithms. It will provide information across a broad range of areas including budgeting, […]
Simply Wall St buys US rival
Australian sharemarket visualisation fintech Simply Wall St (simplywall.st) has acquired Capp.io, its main rival in the United States, for an undisclosed amount. Simply Wall St is a stock-picking tool using software that creates visual representations of users’ stock portfolios to help them quickly work out whether they are investing their money wisely. Founder and CEO Al Bentley said Atlanta based Capp.io – started by two university students – does something similar. It has about 5000 customers in the US which will be added to Simply Wall St’s 30,000. “The acquisition allows us to strengthen our presence on the US market, where we already have majority of our customers,” Mr Bentley […]
iSignthis & Coinify deliver AML regulatory compliance via Blockchain
Media Release: APRIL 4TH, 2016; MONEY 20/20 EUROPE, COPENHAGEN, DENMARK – The strategic partnership between fintech industry’s innovative KYC compliance service provider, iSignthis Ltd (ASX : ISX) (‘iSignthis’), and the leading blockchain payments provider, Coinify ApS (Coinify), delivers service commencement of a new global product connecting blockchain payments, KYC identity & credit cards. Enabled by ‘top of class’ AML/CTF KYC services by iSignthis, the new payment product will allow instant bitcoin purchases on the Coinify platform. This development will support majority of the credit card types and will open the option to use Coinify Trade platform internationally. The Coinify trade platform acts as a processor of up to 17 blockchain currencies, as well as […]
