Digital Finance Analytics (DFA) Blog
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The government has announced that it will boost APRA’s funding by $58.7m and extend the appointment of its chair Wayne Byres despite the criticism the regulator copped from the royal commission, via MPA. “The new funding will allow APRA to reinforce the resilience and soundness of our financial system at a time of significant reform,” … Continue reading “APRA gets $58m funding boost to enhance supervision”
Tony Richards, RBA Head of Payments Policy Department spoke at the Chicago Payments Symposium, Federal Reserve Bank of Chicago and described the progress on the new payments platform – NPP. 2 million PayID registrations have been achieved so far, and the volume of payments has already outpaced cheques in the system. Initial NPP operations After … Continue reading “NPP Transactions Outpaced Cheques”
SocietyOne, Australia’s pioneering and leading marketplace lender, has celebrated its sixth anniversary of operations as total lending since inception approaches $500 million. After making its first loan in August 2012, SocietyOne has now helped more than 20,000 customers thanks to more than $480 million provided by its investor funders. Based on current lending volumes, SocietyOne … Continue reading “SocietyOne celebrates 6th anniversary as total lending approaches $500 million”
On 10 August, the International Bank for Reconstruction and Development said it has mandated the Commonwealth Bank of Australia (CBA) as the exclusive arranger of the world’s first bond issuance solely using blockchain technology, via Moody’s. This is credit positive for CBA because it shows the bank is making headway with significant fintech initiatives, which … Continue reading “CBA arranges world’s first bond issuance solely using blockchain, a credit positive”
We suspect that when Genworth went public a few years ago, they did not necessarily consider the extra scrutiny such a listing warrants, especially in a home lending sector which is now under more pressure. This pressure is reflected in their 1H18 results and is a bellwether for the wider housing sector. Actually I think … Continue reading “LMI Genworth Remains Under The Gun”
Australian fintech Tic:Toc, the world’s only fully digital home loan platform, today announced it has closed its Series B round, raising $11.5M in funding. The Series B funding, led by Genworth Mortgage Insurance Australia Limited (Genworth Australia) and Blackstone group entity La Trobe Financial, includes both new and existing investors and adds significant depth to … Continue reading “Tic:Toc Closes $11.5m Funding”
As widely reported, a new digital bank with the name 86 400 is being set up in Australia and it is pitched by its founders as a potential “genuine alternative” to the big four banks. Their site went live, but it is only a placeholder. This from Business Insider. British banking pioneer Anthony Thomson, the … Continue reading “A New Digital Bank IS Arriving…”
Tony Richards, Head of Payments Policy Department, RBA, spoke on Cryptocurrencies and Distributed Ledger Technology at Australian Business Economists Briefing in Sydney. He described the basics of Crypto, with reference in particular to Bitcoin, compares it with money, and concludes that many of these shortcomings of cryptocurrencies stem from their design around trustless distributed ledgers … Continue reading “The RBA On Crypto”
The aborted Prospa IPO raises questions not just about the online SME lender’s compliance with UCT but also ASIC’s role in applying and enforcing this law which came into effect in November 2016 says TheBankDoctor. In its prospectus Prospa said “we have reviewed our loan contract in relation to UCT in July 2015 and again … Continue reading “Prospa, ASIC and the Conundrum of Unfair Contract Terms Law”
From The Adviser. The CEO of online mortgage lender Tic:Toc Home Loans says that no human judgement need enter the equation when it comes to assessing the expenses of a mortgage applicant. With the first weeks of the banking royal commission now behind us, Tic:Toc founder and CEO Anthony Baum believes it has become clear … Continue reading “Tic:Toc boss calls out HEM issues and ‘questionable’ third parties”