Aussie consumers have saved $102m with BNPL compared to standard credit options. The industry has delivered a ground-breaking payment system that buoys consumer spending, helping to create and retain 99,200 jobs and contributing over $14.3bn to the Aussie GDP. However, the debate on the BNPL industry has sparked new calls for regulation, threatening the unique model and benefits of BNPL. A recent options paper released by The Treasury argues that the current BNPL model is unsuitable as it permits unaffordable lending.
Crypto has fallen by over $2T trillion in the past year, and contracted values are expected to stay low. The FTX crypto exchange, formerly worth $40 billion, has gone bankrupt. This has affected over a million users, including 30,000 Australians. The implosion is one in a string of collapses that started with Luna in May 2022, when the TerraUSD became unanchored.
A complaint common from many SMB owners is the never-ending chasing of overdue invoices. With most Aussie SMEs waiting on average 38 days for invoices to be paid, a week longer than they were a year ago, it’s a cash flow challenge that can seem out of your hands. The financial reality is you need to be paid by your debtors – and preferably on time – but we’ve all been left in a situation where the due date passes and there’s still no money in the bank account. Research shows nearly one-third of Aussie business owners spend eight hours a week collecting late payments. So how do you best approach overdue invoice payments?
Joust.com.au, one of Australia’s leading online home loan marketplace, announced a partnership with Nectar Mortgages, one of the fastest growing mortgage brokering businesses in Australia. The two companies will work together to effectively provide Australian borrowers with a fast, easy, seamless home loan application process.
Quant, the blockchain for finance pioneer, has partnered with UST, a digital transformation solutions firm, to provide tokenisation services to banks and capital markets participants. These services will help financial institutions adopt digital assets, as they increasingly realise the benefits of distributed ledger technologies by issuing digital money and tokenising existing asset classes for greater settlement speed and access to new markets and customers.
In just three years since its launch, award-winning mortgage franchise Rate Money has achieved a milestone $4 billion in settlements, helping over 4,000 self-employed and migrant Australians secure a home loan and get into the property investing market. Combining over 50 years’ experience in mortgages Ryan Gair, Luke Sheales and Glenn Maynard launched Rate Money in 2019 to address a gap in the market where business owners and sole traders were being penalised for having alternative banking documentation.
Apex Group Ltd. (Apex Group), a global financial services provider, announces the close of the acquisition of Implemented Investment Holdings Limited, the parent company of Implemented Investment Solutions (IIS) and InvestNow. Following Apex Group's entry into New Zealand with the recent addition of MMC, the acquisitions of IIS and InvestNow further expand Apex Group’s presence in New Zealand and Australia to over 500 employees.
Zoho Corporation, a tech company, announced that the Zoho Finance Platform has achieved 50% YoY revenue growth, supporting more than half a million businesses in 160 countries. Driving the growth is the expansion of its cloud-based accounting app, Zoho Books, which now supports 180 currencies, 17 languages, and is backed by a global tax engine that solves country-specific tax compliance challenges, like GST and Single Touch Payroll in Australia.
Visa announced the appointment of Ryan McInerney as CEO, effective February 1, 2023. McInerney serves as President of Visa, a role he has held since 2013. He will take over as CEO from Alfred F. Kelly, Jr., who has served as the CEO since 2016 and Chairman since 2019. Following McInerney’s hire, Kelly will take the role of Executive Chairman of the Board.
Outseer, a provider of payment authentication and account monitoring solutions, appointed Mike Dayton as Chief Sales Officer. In this role, Dayton will lead all direct and channel go-to-market teams in pursuit of Outseer’s mission to liberate the world from transactional fraud. Throughout his career Dayton has led sales and channel at security and tech companies that have delivered solutions to the enterprise market with particular focus on financial services.