News Pulse for May 2, 2017

A daily download of SME, startup, fintech and tax news from around Australia.

Banks’ response to lending inquiry will “significantly limit” SMEs getting loans: Ombudsman

Small business ombudsman Kate Carnell has labelled the banking industry’s response to recommendations from her small business lending inquiry as “feeble”.

On Friday the Australian Bankers’ Association (ABA)  released its response to the 12 recommendations made by the Australian Small Business and Family Enterprise Ombudsman’s (ASBFEO) report into lending practices, released  in February .

Tech giant SAP goes on Aussie hiring binge to target small business

Enterprise technology giant SAP will undergo a $10 million Australian hiring spree in the first half of 2017, as it attempts to bulk up on the skills needed to crack the local small to medium sized business market.

SAP has traditionally been known as a supplier of software systems to large corporations and government departments, but the advent of cloud-based software-as-a-service subscriptions has opened up a hugely competitive market for thousands of smaller customers.

What SMEs might like to see in this year’s budget

The Federal Budget is just around the corner and with just over a week ago, now is a good time to talk about what might appear on the wish list for Australia’s SMEs.

This list includes some realistic requests before finishing up with some slightly more outlandish suggestions.

Banks aim to make loan changes

Businesses with more than 20 employees would not be deemed a small business under the banking code of practice, under a new Australian Bankers’ Association definition.

The ABA has responded to the Australian Small Business and Family Enterprise Ombudsman’s report into small business lending, saying banks will reduce the number of circumstances under which they can call in a loan.

Carnell slams banks’ ‘feeble’ response to small business loans inquiry

The Australian Bankers’ Association’s response to the inquiry into small business loans has been slammed as a “feeble effort” by the small business ombudsman.

The Australian Small Business and Family Enterprise Ombudsman’s inquiry was highly critical of banks calling in small business loans on the basis of non-monetary defaults .

Digital payment startup zipMoney scores Shopify partnership in its quest to be at “checkouts everywhere”

Digital payment platform zipMoney may still be ways off its goal of being “at every Australian checkout”, but a strategic partnership with billion-dollar e-commerce company Shopify is setting it on the right path.

Unveiling the partnership today, zipMoney co-founder Larry Diamond told StartupSmart he is “very excited” to see months of discussion come to fruition.

Moneytree sprouts in Australia

Japanese fintech firm Moneytree is gearing up for an Australian launch, backed by a ¥ 1 billion ($12 million) Series B funding round from all three Japanese megabanks.

Moneytree chief executive and co-founder Paul Chapman has spent two decades working to bridge Australia and Japan and said the app, which has 1.3 million users in Japan, is coming to Australia.

500,000 Aussies had private data accessed

LAW enforcement agencies accessed the private data of Australians without their knowledge more than 500,000 times in the past year, it can be revealed.

As calls for a public inquiry into the Australian Federal Police’s illegal accessing of a journalist’s phone records grow, The Daily Telegraph has learnt there were about 541,300 “authorisations” to access information under communication interception laws for criminal purposes in the past year.

Why the AFP’s metadata breach is actually a big freakin’ deal

Last week, Australia had its first metadata breach .

The thing we all knew would happen, finally happened (despite us being repeatedly told it definitely would not happen).

What’s that you say? Mandatory data retention has only been officially in place for two weeks ? You have old takeaway in the fridge that has taken longer to spring a leak?

Veritas Study: Australian Organisations Fear Non-compliance with New EU Data Regulation Could Put Them Out of Business

A global study from Veritas Technologies has revealed that 88 per cent of Australian organisations are concerned a failure to adhere to the upcoming General Data Protection Regulation (GDPR) could have a major negative impact on their business. Over one in five (23%) respondents fear that non-compliance could put them out of business, with potential fines as high as €20 million or four per cent of annual turnover – whichever is greater.

Intended to harmonise the governance of information that relates to individuals (“personal data”) across European Union (EU) member states, GDPR requires greater oversight of where and how personal data – including credit card, banking and health information – is stored and transferred, and how access to it is policed and audited by organisations. GDPR, which takes effect on May 25, 2018, will not only affect companies within the EU, but extend globally, impacting any company that offers goods or services to EU residents, or monitors their behavior, for example, by tracking their buying habits.

Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *