Move over term deposits, peer-to-peer lending is on the rise for Aussie investors
Individual Aussie investors have lent an average of $13,508 in the last nine months as they chase better returns in a low-yield environment, according to leading peer-to-peer lender RateSetter. This figure is a 25.4% increase from the $10,770 lent in the previous nine months. With the RBA keeping interest rates at rock bottom levels, and savings returns suffering as a result, Daniel Foggo, RateSetter CEO, said that investors were turning to peer-to-peer platforms as they shifted away from “volatile equities and low-return savings accounts and term deposits.” “We hear from investors that they are attracted by the compelling returns and lower relative risk, in particular the protection of their money […]
Why the parliamentary inquiry was good for fintech
Discussion of data sharing, small business loan rates and investment troubles spell increased opportunities for fintech. The parliamentary inquiry into banks saw CEOs of the Big Four – Westpac, ANZ, NAB and Commonwealth Bank – grilled about a range of issues pertaining to their bank’s conduct. While the line of questioning taken by House of Representative economics committee did not directly relate to fintech, the answers and defences at the four inquiries reveal several interesting points that relate to the fintech sector, for both banks and fintech companies. Data sharing Westpac and NAB were questioned over the sharing of customer data in order to increase competition. This is a key […]
A look inside AMP’s new goals-based advice business
AMP today officially launches its long-awaited AMP Advice business, after a long development period during which the financial services giant substantially re-engineered its advice process and technology infrastructure. AMP Advice currently has 11 operating practices around the country, and aims to have as many as 30 by the end of the year as ipac Securities practices transition to the new model, and as other AMP-aligned practices voluntarily make the move. The ipac brand will eventually disappear as the new advice business expands. AMP Advice is built on a goals-based approach to advice, with fees charged by advisers in a range according to the complexity of the advice ultimately provided, and […]
La Trobe Financial unveils new fintech offering
Specialist lender La Trobe Financial has announced it is making its investment opportunities more accessible through the launch of a new investment platform. Launched this week, La Trobe Direct is a digital platform aimed at giving La Trobe clients greater control over and access to their investment portfolio. La Trobe Direct currently operates across La Trobe’s Classic 48 Hour and 12 Month Term investment accounts and investors with a real time overview and control over their portfolios. “La Trobe Direct allows investors to enjoy competitive investment rates, view investment transactions, set up a regular savings plan, view account balances and manage interest distribution flows on a 24/7 basis,” La Trobe […]
Bravura Solutions’ Sonata hits high note at 20-times profit
Private equity-owned Bravura Solutions will seek to raise $200 million for its initial public offering before the end of the month. Brokers Goldman Sachs and Macquarie Capital kicked off the marketing program with face to face meetings in Melbourne and Auckland on Monday. Their analysts also released detailed pre-IPO research reports and setting investor price expectations at 16-to-20-times forecast profit and up to 16-times adjusted EBITDA, as Street Talk revealed. Small cap fundies are familiar with the story. Bravura was listed for almost a decade before Ironbridge and management took the financial services software company private in 2013. It’s now preparing to return to market with $100 million invested in […]
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 […]
