Powered by MOMENTUM MEDIA
subscribe to our newsletter

Packer-backed lender welcomes FSI proposals

Australian peer-to-peer (P2P) lender SocietyOne has been encouraged by the FSI’s recommendations to facilitate technology-driven innovation.

In a statement this week, the lender welcomed the explicit acknowledgement by the Murray Inquiry of the role that technology-based innovation and particularly online lenders could play in boosting competition and consumer choice.

“SocietyOne is also encouraged by the recommendation that government should look to encourage, and if necessary mandate, the move to comprehensive credit reporting as proposed in SocietyOne’s own FSI submission,” SocietyOne co-founder and chief executive Matt Symons said.

“SocietyOne also supports the creation of an Innovation Collaboration Committee and welcomes the opportunity to actively participate in such an entity that could bring together senior industry, government, regulatory, academic and consumer representatives who are likely to be shaping the discussion about how to foster and support innovation,” Mr Symons said.

On Monday, Mortgage Business reported that SocietyOne had completed a capital raise with a consortium of eminent Australian investors made up of Consolidated Press Holdings (CPH), News Corp Australia and Australian Capital Equity.

Advertisement
Advertisement

PROMOTED CONTENT


“This investment marks a new and exciting chapter for SocietyOne and for the acceleration of P2P lending in Australia,” Mr Symons said.

Investors have been particularly excited by the significantly increased returns from removing the intermediary from the lending markets, he added.

Packer-backed lender welcomes FSI proposals
mortgagebusiness

Latest News

The CEO of Aussie Home Loans, James Symond, has forecast that broker market share will hit 70 per cent in the next five years, as more consu...

The Queensland government and lenders have begun offering financial assistance to those affected by Cyclone Niran in Queensland. ...

The technology company has launched a new fund designed to invest in technology scale-ups that are aiming for exponential growth. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Why are female broker numbers falling?

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.