A daily download of SME, startup, fintech and tax news from around Australia.
Banking royal commission head Kenneth Hayne has baulked at suggestions the regulatory framework governing SME lending needs to be overhauled, advocating more minor changes to the status quo.
Releasing his final report into misconduct in the banking, superannuation and financial services industry yesterday, Hayne said he was “not persuaded” national consumer credit protections would benefit small business, citing the dangers of a credit squeeze.
Data from employee Uber trips will soon flow direct to Xero, thanks to a new partnership between the cloud-accounting software player and Uber for Business.
The deal, which was announced on Tuesday as part of Xero’s 2019 Australian roadshow, forms part of the company’s push to digitise all small-business relationships to reduce compliance burdens for business owners.
Australia’s rapidly emerging fintech industry must avoid triumphalism and ensure it has its own ethics in order, experts have warned following the banking royal commission final report.
Tech companies seized on the Hayne report, released on Monday , as a chance to capitalise on consumer demand for transparency and fairness in business, and positioned themselves as a credible alternative to the major banks.
The legislation is yet to pass, but the cloud accounting company wants to get ahead.
Accounting software company MYOB has announced a $10/month Single-Touch Payroll (STP) product for micro-businesses.
Duncan Russell worked in banking before turning to small business, so he was keen to see the banking royal commission’s final report on Monday.
His main concern was that Commissioner Kenneth Hayne would recommend further restrictions on lending to small business as, in his experience, it was already difficult enough to get finance.
Xero announced new partnership agreements with Uber for Business and Adobe Sign.
According to Jared Baker, Xero’s Platform growth director, the new partnership announcements aim to reduce friction for business advisors and their small business customers.
“We are continuing to evolve and grow our ecosystem to integrate the best partners and tools to increase business productivity and help our customers to not only survive but thrive. Our data shows that on average, the more digitally connected a small business is, the better business outcomes they have,” Baker said.
Australia’s fintech industry has largely welcomed the Hayne royal commission report, declaring it an opportunity for savvy start-ups to steal customers away from the big banks.
Mark MacLeod is the founder and CEO of fintech start-up Roll-it Super, which describes itself as an ethical financial service.
After nearly 70 days of hearings, pouring through more than 10,000 public submissions the banking royal commission’s final report has been released. In it, Commissioner Hayne explains that one of the “complicating” factors is the impact of technological developments on the financial advice industry.
Hayne writes: “Many in the industry have recognised that technology is likely to play an important role in the future of financial advice, but there is not yet a clear picture of what that role might be. Any recommendation directed to altering the current structure of the industry would need to grapple with the fact that the industry itself will very probably look very different in five years’ time.”
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