The federal government has released its statement on Australia's fintech future, saying that financial technology is transforming the nation's financial system, with the ability to revolutionise how consumers and businesses interact. "Australia already has a sophisticated, competitive, and profitable financial sector underpinned by a strong regulatory system," Morrison said. "As financial services become more globalised and technological disruption more relevant, we need to keep pace with innovation in banking and finance to stay competitive." As outlined in its statement, the government's actions include ensuring access to concessional tax treatment for venture capital investments in startup fintech firms, and commissioning the Productivity Commission to outline options to increase data availability and access to facilitate new products and better consumer outcomes. Morrison said the government also intends to take action to address the "double GST" treatment of digital currencies such as bictoin.
Crowdfund Insider reached out to the Fintech community members to look into their crystal balls and make some predictions for the upcoming year in their respective sectors. Their predictions cover a wide range of topics including crowdfunding, social missions, regulations, open banking, capital markets, AI, blockchain and community bank. "In 2019 there will be more than one crowdfunding exit of a company worth in excess of a billion dollars in which crowdfunding participants were able to invest through platforms." With regard to Fintech, Medved believes that "money will continue to roll in to the Fintech sector in a wide range of companies including blockchain, payments, alternative investment platforms and more. Banks will increasingly join the funding of this disruption."
By redirecting focus, wealth managers can successfully respond to challenges brought on by digital disruption, demographic shifts, and tighter regulation. Wealth managers have seen their fair share of ups and downs in recent years, and while challenges remain, advisers can drive business and growth by paying attention to demographic segmentation, how investors are using technology, and changes in regulation. In this episode of the McKinsey Podcast, Simon London first speaks with PriceMetrix chief customer officer Patrick Kennedy and McKinsey partner Jill Zucker about the North American wealth-management industry; he follows that with a discussion with senior partner Joe Ngai, on the industry in China. Simon London: Welcome to the McKinsey Podcast with me, Simon London. Today, we're going to be talking about financial advice and the people who provide it: financial advisers, or as they're sometimes known, wealth managers. Wealth management is a very big business--and also a business facing a number of challenges, such as new technology, changing demographics, and tighter regulation in a lot of countries. A little later, we're going to be getting a perspective on China. But we're going to start here in North America. For the first part of the conversation, I'm joined on the line by Jill Zucker, a McKinsey partner based in New York, and Patrick Kennedy, who's based in Toronto. Pat is chief customer officer for PriceMetrix, which provides data and analytics to the wealth-management industry.
Machine Learning is the new buzz word and AI is the slang word these days. What does happen in this exiting field in Europe? Is AI common ground for all businesses or the exclusive territory for a few? Who has managed to validate a business model for autonomous vehicles or chatbots?Whatdoesdata-drivenor API-firstbusinessmodelslook like? With this report we want to provide a comprehensive review of investment in startups and high-growth AI and Data Analytics companies across 22 countries in Europe.
Health Insurance is based on similar principles of insurance where the community pools in its risks as well as its resources to face any risk or disease. The Health Insurance sector in India has grown in the past five years. It may not be at par with the world standards where more than 60 percent of the population is covered under Insurance. Currently, the State run employee benefit Insurance (like ECHS, ESI etc) cover about 6 percent of the population and State sponsored Health Schemes (like Arogyashree, MaaYojna, Bhamashah etc.) cover about 25 percent of the population. The private sector Insurance barely covers about 5 percent of the population which includes private sector employees through TPAs and retail insurance. Of the 37 percent of population currently covered under Health Insurance, majority is under State sponsored scheme and the private sector insurance has a long way to go. The Govt. of India envisages 50 percent Indian population covered under Health Insurance by 2025.