Qumram celebrates RegTech award success
Qumram, the leading global provider of RegTech, digital compliance and risk management solutions for the financial services industry, has been declared winner of the prestigious 2016 Private Banking International (PBI) award for Outstanding Front-End Digital Solutions Provider. Qumram has also been shortlisted as finalist for the WealthBriefing Swiss Awards 2017 in two categories: Best Compliance Solution and Most Innovative FinTech Solution. The inaugural PBI Switzerland Awards ceremony was held in conjunction with the Private Banking: Switzerland Conference in Zurich on 8th December. These awards are dedicated to celebrating excellence and achievement in private banking across Switzerland. Qumram won the PBI award against fellow finalists Avaloq, Hearsay Social, Profile Software and […]
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 […]
Just don’t call us payday lenders
More than 20,000 Australian small business owners have trouble accessing finance (Deloitte Access Economics). Are they denied access because they aren’t good candidates for loans? Yes, in some cases. However, a significant number (37%) of these businesses are denied finance because they don’t have collateral (be it a home or considerable assets) to secure a loan against. Interestingly more than 40 per cent of rejected applications examined by the NSW Business Chamber were for amounts less than $100,000 – it seems traditional providers aren’t interested in small loans, or small business. Archaic systems and processes which serve the interests of incumbent big business are being dismantled in the current global […]
Brokers in ‘unique position’ to benefit from fintech: CEOs
The heads of an Australian lending business and an industry association believe forward-thinking mortgage brokers are poised to benefit from the growing fintech trend. Marketplace lender FundX says the symbiotic nature of the broker/fintech relationship will serve both channels well, provided brokers are open-minded about new technology. FundX founder and CEO David Jackson believes the additional value brokers can offer clients via fintech products and services, combined with the reliance many fintechs have on brokers as an important avenue for growth via referrals, means those who leverage this relationship instead of resisting it may be poised to benefit most from the fintech revolution. “At its core, finance broking is based […]
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 […]
OFX celebrates a momentous $100bn transfers internationally milestone
MEDIA RELEASE: OFX, Australia’s leading international payments provider and Fintech leader, have today announced a significant milestone in their transaction history, reaching $100bn in international transfers since launching nearly 18 years ago. The announcement follows CEO Richard Kimber’s first financial year results, revealing the company exceeded $100m in profit for FY16. In the process of notching up their billion-dollar century, OFX have helped customers with more than 5 million bank-to-bank transfers. An estimated 31,000 properties have been bought or funded, over 10 thousand students supported and countless other weird and wonderful things financed. Whether it’s blocks of Italian marble for a sculptor’s next masterpiece, containers of pig’s ears […]
