Pulse Alert – News Pulse for December 4, 2018

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

How Afterpay and Zip dodged an ASIC bullet

The spectre of regulatory intervention in the fastest-growing area of fintech – ‘buy now, pay later’ payments – has created plenty of volatility this year for the likes of Afterpay and Zip. Investors have taken a dim view of the turmoil: Afterpay narrowly missed a strike on its remuneration report at last week’s annual general meeting .

But that wasn’t the only bullet it dodged. A highly anticipated report from the Australian Securities and Investments Commission said the National Credit Code would not be extended to the sector (Afterpay, Zip, Openpay, Oxipay, Brighte and Certegy Ezi-Pay). This triggered a relief rally: Afterpay shares rose 27 per cent last week; Zip’s were up 12.5 per cent.

Funding to help small business with cyber security | Ministers for the Department of Industry, Innovation and Science

Small businesses will feel more secure, with the launch of a new $10 million cyber security initiative today.   Minister for Industry, Science and Technology, Karen Andrews said the grants initiative forms part of the Liberal-National Government’s Cyber Security Small Business Program.

Cyber security grants for business

Small businesses can apply for grants of up to $2100 to help fund their cyber security costs under a $10 million program to be launched by the Morrison ­government.

Industry Minister Karen Andrews said small businesses would have half the cost of their cyber sec­urity testing covered by the government under the Cyber Sec­urity Small Business Program.

Xero hits 1 million ANZ subscribers as its platform play starts to take shape

major milestone, surpassing one million subscribers in Australia and New Zealand, but its chief executive said it was already preparing for a time when subscriber growth plateaus in the region.

Speaking to  The Australian Financial Review  Xero chief executive Steve Vamos said the business was increasingly investing in its new platform revenues division, which includes products such as payroll, expenses and its $94 million acquisition Hubdoc . This is in anticipation of Australian cloud accounting software penetration climbing above 50 per cent and slowing.

Innovation as better cooperation

It seems Australia’s experiment at being a world leader at ‘innovation’ is over, with the abrupt departure of its champion, Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15.

The then prime minister made headlines with his 2015 Innovation Statement , which sought to move the Australian economy beyond dependence on natural resource extraction into an “ideas boom”.

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