This week in FinTech: Payments are out, wealth management is in! Global regulators worry about cybercrime and infrastructure, 26 new funding rounds, and Australia’s plan to build a fintech economy.
The Australian Government released a package of plans to rev up its growing fintech industry. By abolishing the double-tax on bitcoin transactions, reducing taxes for venture capitalists, entrepreneur visas, and free consultations on the regulatory environment.
Despite tightening venture dollars elsewhere, 2016 Fintech deals are happening at double the pace of 2015. In the investing technology sphere, these companies closed funding rounds last week: ChartIQ, maker of HTML5 stock market charting tools; Wealthy, tax-efficient investment portfolio suggestions, and Finomial, a tool to connect fund administrators, managers, and investors.
The rise of investment fintech (International Adviser)
Move over, payments. Investment management is the next big market in Fintech, with a smaller customer base but much higher margins. Accelerators are shifting focus to machine learning, portfolio selection, and equity research technologies. PwC’s fintech report finds a high level of disruption in wealth management, though there is a heavy perception gap, with outsiders unaware of the changes below the surface. See the full report here.
In FinTech, The Regulators Cometh (PYMNTS)
Fintech has caught the attention of global regulators, and not just because of bitcoin. Changes in payments through distributed ledgers and other avenues have evoked concerns over financial cyber terrorism and money laundering, as regulators may struggle to keep up with the changing infrastructure.