Newcomer has high-tech ambitions

Extra competition arrives from Singapore


One of Singapore’s leading financial houses, PhillipCapital, has set up shop in Australia. It offers a range of services including wealth management, stockbroking and research and funds management. There are also plans to introduce forex, CFDs and futures platforms soon. “Our point of difference is high-technology, high-touch service, maintaining strong client relationships alongside highly competitive multi-asset class execution platforms,” says Michael Wong, the chairman of PhillipCapital in Australia. “This gives our clients the double benefit of relationship-based advice and the cost and convenience of internet-based technology platforms.”

ATO does its bit

The ATO is trying to make it easier for Aussies to support those affected by the bushfires early this year by allowing people to claim donations up to $10 without a receipt. “People donating up to $10 to ‘bucket appeals’ and other disaster relief funds this financial year will be able to claim a tax deduction without a receipt,” says tax commissioner Chris Jordan. “For donations greater than $10, people should keep a receipt to substantiate their claim.” Financial institutions are also helping. Tasmania’s B&E, Heritage Isle and MyState, for example, are allowing customers to defer their home loan repayments, waiving penalties to access term deposits and providing fast access to credit via branches for people who lost cards in the fires.

Smart way to pay

Paying for goods and services by smartphone may be a reality sooner than you think. Optus is working with Visa and Heritage Bank to trial a contactless payment product. If all goes to plan, the Optus m-wallet will launch later this year and allow customers to use their smartphones to “wave and go” to pay for day-to day-purchase transactions such as buying coffee, petrol, grocery items and movie tickets.


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