The $7 billion Australian money remittance industry is set for a massive shake-up as a new wave of online and digital-based players enter the market. According to Ashley Jessen, CEO of Profile Booster, the retail money remittance industry is a top candidate for fintech disruption and innovation. “A few years
Sending money overseas via your bank is often confusing, always expensive and very slow. Now you can change that. Let's break it down... At FlashFX we make foreign exchange easy, fast and affordable: Based in Sydney Australia, we have engineered FlashFX from the ground up to deliver intelligent foreign exchange
The Australian share market and dollar have been beneficiaries of Emmanuel Macron's victory in the first round of the French presidential election, as the centrist looks increasingly likely to win the run-off. The biggest initial beneficiary of the outcome was the euro, which jumped around 2 US cents to $US1.
THE toxic sales culture in Australian banks that sees customers saddled with inappropriate financial products may finally be coming to an end. Maybe. All four big banks have committed to winding back the “deep-seated” culture of product-based incentive payments after an independent review into the practice. Stephen Sedgwick AO, the
When it comes to foreign currency transfers, especially by consumers and small to medium-sized businesses, what you find are big financial institutions bouncing your money around the world like a pinball from one fee-charging bank to another, using a complex and expensive relationship network – a desperate stand-in for an efficient
The fact that the financial services industry, and especially banking, is going through the greatest disruption since the arrival of computers in the 60s is now universally accepted. The advent of digital technology and, more importantly, its adoption by customers is changing the fundamentals of the business. This isn’t
The Australian Dollar has dropped against the Canadian Dollar due to a concerning report about AU-US ties. The report looked at Australia’s relationship between the US and China, and the potential difficulties of trying to alter these relationships. With the US looking increasingly protectionist, Australian officials have considered whether
Australian startup FlashFX was designed from the ground up to outperform traditional financial institutions by providing fast, secure and very affordable foreign exchange conversion services as an alternative to the existing opaque, siloed and inefficient banking networks. And it does so without the hidden fees typically imposed by the banks.
ANZ and Westpac have followed rivals and yielded to the corporate regulator’s investigation into banks’ foreign exchange businesses, agreeing to oversight and changes after traders shared confidential client information and traded to benefit themselves. Similarly to the CBA and NAB transgressions, ASIC said Westpac traders disclosed confidential details of
Hundreds of international financiers, business leaders and policymakers from around the world gathered in Bahrain to discuss the future of financing at last week’s sixth annual GCC Financial Forum, writes Amy Hirth for Ripple Insights. Watch the video here. Marcus Treacher, head of Ripple’s strategic accounts, spoke alongside
Sydney and Melbourne property is finally becoming more affordable, but only for the ultra rich. Despite both cities being in the middle of a housing affordability crisis, luxury house/apartment prices have plunged down the list of the world's most expensive luxury residential property markets. Shanghai saw the biggest increase
* FinTech competition will drive banking transformation. * Continued shift from in-branch to digital channels. * Customer service will be the most important differentiator for banks. Banks should especially be worried about the fact that 33% of millennials don’t believe they’ll need a bank in the next 5 years, and almost
Several major global and local players will gather in Sydney today for the annual AltFi conference, where ANZ Bank chief Shayne Elliott is also speaking. Ian Pollari, KPMG’s global co-leader of Fintech and head of banking for Australia, said despite the global slump in investors, the Australian fintech sector
In 2015 Australia saw an outflow of remittances of US$16 billion, while it received around US$2 billion. Globally remittances totalled $582 billion according to World Bank figures. The largest source of remittances is probably not unexpectedly the United States which saw over US$133 billion leave the country.
US Treasury Secretary Steven Mnuchin called on the International Monetary Fund to provide "candid analysis" of exchange-rate policies in member countries. Mnuchin spoke by phone with IMF Managing Director Christine Lagarde in what was among the first contacts between the fund and the administration of President Donald Trump,
Analysts at leading firms agree that customer experience is the new battleground to differentiate and compete. After all, a “delightful” and frictionless customer experience yields increased customer satisfaction, loyalty, advocacy and customer lifetime value. One of the biggest CX trends in financial organisations around the world is digital transformation, which