UBS invests big in blockchain future
Global investment bank UBS is throwing its resources behind the blockchain’s transformative potential, investigating a range of applications such as smart bonds, cross border payment transactions on the distributed ledger and a digital representation of physical currency. In 2015 the bank opened an innovation lab designed to explore how the blockchain could be used by the financial services sector and how it would disrupt traditional banking models. Now its research will turn into reality. UBS group chief operating officer Axel Lehmann told The Australian Financial Review the blockchain could be “the next internet” in terms of its potential, but there were still questions to be answered. “We don’t want to […]
Financial and technology industry leaders get behind H2Ocean
Australia’s first listed venture company, giving investors a way to access the rapidly emerging fintech sector, has been given a boost with the news that many of Australia’s leading financial services and technology industry figures are supporting the ASX IPO of H2Ocean Limited. Following its official launch by non-other than the Treasurer of Australia, the Hon. Scott Morrison, it has emerged that financial industry heavyweights including: Link Group Chairman Michael Carapiet and Perpetual Guardian founder Andrew Barnes have thrown their support behind the IPO as have technology industry pioneers including: Atlassian co-founder Mike Cannon-Brookes, AfterPay Executive Chairman Anthony Eisen, Ratesetter Australia CEO Daniel Foggo and General Assembly Australia founder Riley Bachelor. “After spending my life in financial […]
Aussie software firm partners with fintech start-up
Wealth software firm Class has announced its partnership with Sydney-based investment technology start-up Simply Wall St. “The integration allows Class’ clients to leverage Simply Wall St’s institutional-quality market research to better manage and review their portfolios on a global basis,” Class said in a statement last week. “It provides users with a comprehensive suite of client-focused infographics that clearly explain the key metrics of their own portfolios at an aggregate portfolio and/or a specific holding level,” the statement said. “The Simply Wall St platform runs in-depth analysis on over 15,000 individual stocks in Australia, the US and UK, plus investment portfolios, quickly identifying underlying strengths and weaknesses,” Class said Click […]
This $55 million ASX fintech fund is Australia’s first listed venture company
Seed funding venture capital specialists Ben and Tony Heap today launched H2Ocean, an ASX-listed vehicle to raise up to $55 million for the fintech startup market. The prospectus, offering $1.10 shares to raise between $27.5 million and $55 million, is now live and is being led by Ord Minnett and Shaw and Partners. The float, due to list around October 19, was launched by treasurer Scott Morrison. Joining the brothers on the board are financial journalist David Koch, former federal MP Wyatt Roy and Anne O’Donnell, a former CEO of Australian Ethical Investment. Ben, the chairman, told Business Insider the company is a first to list on the ASX. “This is […]
Macquarie and broking firms unite to launch fintech platform
Macquarie Business Banking and four commercial broking firms have joined together to launch a “first-to-market” technology platform that could “revolutionise commercial broking in Australia”. Allfin Financial Services, BKK Finance, Heritage Property Finance and Stamford Capital have joined Macquarie Business Banking to form Kubio, a group that provides a cloud-based business origination platform “built from the ground up by brokers, for brokers”. The mobile-optimised platform aims to provide brokers with “flexible and fast solutions” to drive back-office efficiencies, such as the ability to monitor and track deal flow and boost comprehensive reporting. It is available to all commercial lenders irrespective of whether loans are placed with Macquarie. The fintech platform provides […]
Property crowdfunder CoAssets lists on the ASX
The alternative lending space continues to gain momentum as Singapore-based real estate crowdfunding specialist CoAssets lists on the Australian Securities Exchange on Monday morning. The company with an $85 million market capitalisation has raised $6.55 million at 40¢ a share ahead of the listing. The peer-to-peer crowdfund facilitator specialises in funding of up to $5 million and has raised $S45 million ($43.7 million) in residential and small business projects since it started in 2013 in Singapore, mainly in south-east Asia. It was looking to replicate its business in Australia where demand for residential development funding was burgeoning after local banks clamped down on lending to smaller and lesser known developers. […]
The growing popularity of peer-to-peer lending
Years ago, the financial services offered to people who wanted to profit from their savings was very cut and dry. You would either invest your money in the stock exchange, property, or in a term deposit account, to gain interest on your principal investment. Now, investors have the opportunity to expand their portfolio and commit their funds to newer, and arguably more exciting, investment options. Peer-to-peer lending (P2P) This disruption to traditional financial services is due to the growing popularity of peer-to-peer lending (P2P) in the market. This lending process is a method of debt financing that allows individuals to borrow and lend money without the use of an official […]
Wyatt Roy joins Sunrise’s David Koch in fintech fund H2Ocean
Former assistant minister for innovation Wyatt Roy has taken his first jobpost-politics, joining Sunrise host David Koch as an independent director of a proposed $55 million publicly listed fintech fund. Mr Roy, who was dumped from his seat of Longman in the last election, settled on a role with H2Ocean where he’ll be paid $60,000 per year, and will hold 10,000 shares at the offer’s completion. According to H2Ocean’s prospectus Mr Roy will join David Koch and Beyond Bank Australia chair Anne O’Donnell at the fund co-founded by Ben and Toby Heap, which will be offering a “diversified global portfolio of early and growth stage financial technology companies”. The fund […]
