Fintech

Another setback for robo-advice

Two robo-advisors have shut down after the Australian Securities and Investment Commission (ASIC) raised concerns about the quality of advice. Lime FS announced its subsidiaries Plenty Wealth and Plenty Plus have voluntarily ceased their robo-advice operations after ASIC warned that…

Capital drying up for fintechs

Australian fintechs are finding it harder to get access to capital, with the economic slowdown and global uncertainties discouraging investors from backing start-ups. According to the latest EY Fintech Australia Census, 38 per cent of the 120 fintechs surveyed said…

Cashwerkz board takes action to stop outflows

After announcing ambitious expansion plans in January, term deposit marketplace Cashwerkz has paused to overhaul its board and management in the face of funds outflows. Chief executive Hector Ortiz is being relegated to head of sales. The chair Michael Hackett…

Neobanks show their wares

A competitive neobank sector is emerging, with 86 400 and newly licensed Xinja launching their product offerings. They join Volt and Judo in the growing sector. Yesterday, 86 400 launched its two accounts available to the public, Pay (with a…

Get ready for ‘consent management-as-a-service’

Data-related services will play an increasingly important part in the businesses of Australian financial institutions in coming years, as Open Banking takes hold. The passage of Consumer Data Right legislation last week has started a discussion about the impact the…

Fintechs are enablers, not disrupters

Fintechs operating in the insurance sector are not disrupters, with the majority focusing their activities on enabling incumbents. These insurtechs hold the key to helping incumbents accelerate their transformation to become digital insurers, according to a new survey. Ernst &…