Industry

A Sydney-based financial services licensee has voluntarily closed down two digital advice tools following concerns raised by the corporate regulator.

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Access to capital, regulation and culture is among the issues for Australian fintechs by the sector’s dedicated Senate committee, as the government body has launched its inquiry into the industry.

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One of the co-founders of Xinja has indicated the neobank could be forming an industry body for digital banks with peers such as Volt Bank and Douugh.

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New players entering the finance sector are forcing banks to rethink how they operate, Wisr chief Anthony Nantes has said, with the traditional model of being a hub for all financial services no longer being profitable.

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New research has found almost nine in 10 (87 per cent) of Australian employers anticipate challenges in upskilling staff to adapt to new technology, well above the global average of 78 per cent.

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