FST Australia

2 weeks ago | fst.net.au | Patrick Buncsi

Global wealth technology developer FNZ is reportedly facing a costly class action lawsuit from hundreds of disgruntled staff-shareholders, with the New Zealand-born firm being accused of unfairly diluting their holdings in the company. Reporting on the prospective lawsuit, the Australian Financial Review (AFR) revealed the company could face legal action from employee-shareholders within weeks.

3 weeks ago | fst.net.au | Mike Taylor

Iress has exited another business as part of its strategic review process – this time European-based QuantHouse. The transaction completes Iress’ transformation program. Iress, a financial technology developer, has announced to the Australian Securities Exchange (ASX) that it has entered into a binding share sale and purchase agreement to divest the QuantHOuse low-latency market data business to BAHA Tech Holdings, a Vienna-based market data provider.

1 month ago | fst.net.au | Patrick Buncsi

Policymakers should reconsider the requirement for Payday Super to be run through the New Payments Platform (NPP), with warnings sounded over unresolved gaps in the fast payments rail’s functionality and untested B2B payments capabilities. Super industry payments and data standards authority the Gateway Network Governance Body (GNGB) has urged the Government to delay the addition of Payday Super to the NPP, allowing “more time to mature and develop sustainable solutions”.

1 month ago | fst.net.au | Patrick Buncsi

Prudential regulator APRA has accepted a court enforceable undertaking (CEU) from and imposed a higher capital add-on to the Australia and New Zealand Banking Group (ANZ), expressing “long-standing concerns” over the bank’s non-financial risk management practices and risk culture”.

1 month ago | fst.net.au | Patrick Buncsi

Despite their enormous information advantage, bigtech firms – including AWS, Meta and Google – have yet to make their long-anticipated move into the lucrative insurance space. However, Dr Doron Samuell, a Canberra-based academic, behavioural economist and former chief medical officer, has warned that traditional insurers, and particularly life insurance providers, may be on borrowed time, with bigtechs yet to fully realise “how truly profitable it could be”.