DASH is undertaking another capital raise as it looks to drive further automation, accelerate its direct and partnership go-to-market strategies, and ultimately achieve profitability.

Bailador is investing up to $5 million in this round, with the raise being completed at a valuation that is 21% above its original investment cost and 23% lower than the current carrying value. Bailador said this was reflective of the current market.

It has nearly $40 million invested in DASH, as well as a further $2.5 million debt investment.

It said the equity investment is to be written down by 24% to $30.1 million and the total carrying value will be $32.6 million after the revaluation, inclusive of the debt but excluding the fresh investment.

Bailador first backed DASH in 2024, giving it $20 million towards plans to accelerate its software and platform technology, while also growing its team.

Earlier this year, DASH appointed Sarah Murray as chief product officer and James Louw as chief growth officer. Not long before that, it named Terri Ho as chief risk officer and Mark Papendieck as chief operating officer.

Singh said legacy systems create a multitude of challenges that compound each other, making it "generally hard to solve".

"The main problem we face is that institutions have their own legacy systems which have been there for a long time, and what happens is it creates a ceiling for what is possible to achieve," Singh said.

"Combined with that is the fact the data and the process are very fragmented. What I mean to say is that different systems are being owned by different teams, and there's no one person who can create a singular, unified experience of what it should look like, which results in not being able to surface up the data in a consistent way and have a singular integration model."

Singh said this creates issues when a third-party platform wants to access to an institution in terms of security and compliance concerns.

"With the compliance lens on top of it, there are frameworks like CDRs, they have an ever-evolving requirement. You could see yourself always shaping and moving goalposts," Singh said.

"In general, I think the challenges are not insurmountable. It's just that we have to be deliberately putting the investment into one architecture's singular ownership and data standardisation, and that's what we are looking at doing at Macquarie."

Singh added that data fragmentation also has a "tangible" impact, particularly for platforms.

"It's one of those problems which is manageable at a small scale, but once your platform grows, it can really constrain you," he said.

"The core of the issue is that advisers and portfolios sit across multiple different systems and multiple different databases. When the lower layers have to reach out, they end up spanning multiple different databases, which causes latencies, performance bottlenecks and inconsistencies in data."

Singh said the problem occurs because every database is set up separately, and at scale issues arise.

"When you are running in a data flow pattern your data flows are limited by the weakest link there. So, if you want to run real time, you potentially can't, because some of those purposes which you're running may be batch based, and scalability has similar challenges," he said.

"Last but not least, you can't really create any meaningful AI on top of data which is not consistent and fragmented. So, I think it's a prerequisite for you to have data confirmation."

ASX 24 trades the Australian and New Zealand interest rate, equity and commodity futures and options markets, supporting some of the world's longest trading hours.

LSEG Markets Technology will provide ASX with a high-performance, low-latency trading platform engineered for speed, resilience, and capacity.

The upgrade will help ASX reduce operational risk, giving ASX 24 space to innovate, expand its product offerings and respond to the increasing sophistication of global derivatives trading.

ASX head of markets technology Farid Sammur said upgrading ASX 24's trading platform is a critical investment in the long-term resilience and performance of Australia's derivatives markets platform.

"Our focus is on running a fast, fair, and reliable environment that enables our customers to manage their risk and discover prices," Sammur said.

"This upgrade positions ASX 24 with the infrastructure to innovate faster, continue to respond to changing participant needs, and maintain a high standard of operational excellence in our market."

LSEG Markets Technology has supported emerging markets worldwide with its technology products including Brazil, Qatar, Argentina and Singapore.

"ASX 24 plays a vital role not only in Australia but across global derivatives markets. We are proud to partner with ASX in delivering next generation trading infrastructure that enhances resilience, strengthens performance, and enables innovation," LSEG Markets Technology global head Bruce Kellaway said.

"LSEG Markets Technology underpins major exchanges around the world, and this partnership reinforces our shared commitment to maintaining strong, transparent, and globally competitive markets while demonstrating leadership in delivering world-class markets technology at scale."

ASX recently flagged a jump of 20% in its total expenses to $264.4 million in the first half of the financial year, after it agreed to implement a package of reforms to improve its operations last year.

ASIC had initiated an inquiry into ASX in June 2025 around its questionable ability to "maintain stable, secure and resilient" market infrastructure, which were brought to the forefront due to disruptions in trading in late 2024.

Speaking at the Asia Securities Industry and Financial Markets Association annual conference on Thursday, Longo said Australia must innovate its financial system infrastructure to adopt tokenisation and artificial intelligence (AI).

Longo said tokenisation at scale will require modernising financial system infrastructure, stronger collaboration between the private and public sectors, and a simpler regulatory and policy backdrop.

Last year, the federal government consulted on its proposed digital asset regime in October, shortly after ASIC renewed guidance to label some digital assets as financial products.

"Tokenisation is a significant evolution in financial market infrastructure, with great potential, but we don't yet know how well it performs at scale against other models," Longo said.

"This is why we are bringing industry and experts together. One of our first steps will be to convene a roundtable of senior financial market experts and practitioners to work with us on future regulatory models.

"ASIC also continues to work closely with Treasury on how proposed digital asset and payment services law reforms might be implemented, so that businesses in these sectors can continue to innovate with confidence."

Meanwhile, AI continues to drive "powerful" changes across the financial world, Longo said, particularly agentic AI.

"[Agentic AI] has the potential to level the playing field in favour of consumers - to help them navigate the complexity of the financial services industry and shop around to find the best deal for them," Longo said

He also noted that jurisdictions across the Asia Pacific region, like Singapore, Hong Kong, India, Japan, Malaysia and Thailand, have been supported by government policy, which has strongly contributed to the rapid development of AI implementation.

In Australia, federal and state governments have invested $2 billion, complemented by private investment, but need further support to help development across all metrics.

ASIC is also piloting access to advanced supercomputing infrastructure in collaboration with several academic institutions to explore "early signal intelligence" in life insurance claims and disputes, a necessary step in using quantum capabilities safely and responsibly, Longo said.

Overall, Longo said Australia is open for business and investment from local and regional players to expand on these opportunities, and ASIC endeavours to clear any barriers that may persist.

"But we can't do it alone," Longo said.

"We need fresh thinking. We need smart risk-taking... We can only achieve this together, across the Asia Pacific - and the opportunity is now.

"Backing untested innovation means being prepared to take risks. This is how we modernise and strengthen our markets."

The announcement follows Macquarie's acquisition of Hanam Data Centre in August 2024 and its plan to develop a data centre campus worth over $240 million in Sydney last year.

Under a joint venture between South Korea's Gabia, a cloud-based specialist, and MAM's Macquarie Asia Pacific Infrastructure Fund 4 (MAIF4), the parties will invest approximately $574 million (₩600bn) to develop the capacity across key locations in South Korea.

The partnership's first project will be the Ansan Data Centre, a 40MW facility, positioned to serve as an artificial intelligent (AI) infrastructure hub in Seoul, the capital city of South Korea. The development will complement Gabia's newly completed Gwacheon data centre, which has been optimised to support GPU-intensive and high-density workloads, MAM said.

Moving forward, MAIF4 will lead asset management and financing activities, including site acquisition, permitting, and project financing, as the joint venture continues to pursue domestic data centre investments, it said.

Meanwhile, Gabia, supported by its subsidiary KINX, will manage end-to-end service operations such as data centre design, network buildout, operations and maintenance, and customer acquisition.

MAM took part in several digital infrastructure deals in the past two years, including offloading a prominent data centre portfolio in October, as well as its exit from AirTrunk in September 2024. Its current portfolio has expanded significantly over the past 25 years across major regions including the Americas, Europe, and Asia Pacific.

With Division 296, AML/CTF Tranche 2, and Payday Super coming into effect on July 1, Anderson said it is crucial for financial advisers and auditors to prepare ahead of the deadline.

Financial advisers will need real-time, accurate data to remain compliant when providing advice, as those using annual data are already falling behind, Anderson said.

"Data accuracy is going to be essential for onboarding and advice, and the data feeds are now becoming a critical capability," Anderson said.

Clients are now requiring instant access to portfolio and fund administration, expecting bank-like digital experiences and online dashboards with real-time balances, as well as faster implementation of strategies, such as withdrawal and recontribution strategies in response to various life events.

Meanwhile, from a regulatory perspective, Anderson said the ATO is anticipating better and more frequent reporting from SMSF professionals while ramping up scrutiny of the sector, with expectations on service providers increasing.

"You need to continue to enforce continual operational discipline, which requires better data," she said.

"The regulatory expectations, the legislative change and the enforcement scrutiny are intensifying, making compliance more complex but also creating advantages for many of us."

While the sector has become increasingly complex, Anderson said a more rigorous approach to the establishment, ongoing administration, and winding-up of SMSFs will help reduce the risk of non-compliance.

She suggested to "slow down" the SMSF establishment process to undergo a more detailed identity check to avoid any potential fraud and identity theft activities and urged better communication with staff and clients to improve different aspects of operation.

Anderson also welcomed the leveraging of technology, software and artificial intelligence to do the heavy lifting.

"We need a greater use of technology to reduce the compliance burden. We need to leverage technology and AI to do much more and use the platform capabilities to automate tasks and create efficiencies for your business," Anderson said.

"The financial advice is going to be so important for those people keeping up to date... Use the resources around you to stay ahead of the curve, embrace technology and AI, to do more with less.

"Turn compliance into a source of confidence, value and competitive advantage."

The data centre assets and operations have now been transferred to a stand-alone company, TenPeaks Data Centres, with Spark chief executive Jolie Hodson and chief financial officer Stewart Taylor appointed as non-executive directors.

The board also comprises Pacific Equity Partners managing directors Andrew Charlier, Evan Hattersley, and director Michael Bendeli.

The transaction values the business at up to $705 million, comprising a base enterprise value of $575 million and up to an additional $130 million of earn-out enterprise value.

The valuation represents a FY25 pro-forma EBITDA multiple of 30.8x, the firm said.

Pacific Equity Partners has processed initial cash proceeds of $453 million, with additional deferred cash proceeds of up to $98 million contingent on the achievement of certain performance-based objectives by the end of December 2027.

TenPeaks chief executive Michael Stribling said the company is now aiming to capitalise on growing data needs.

"We are excited to complete the transaction and officially launch our new data centres business," Stribling said.

"With our experienced team and the support of both Pacific Equity Partners and Spark, we are confident in our ability to rapidly scale our capacity to meet New Zealand's growing data storage needs."

Meanwhile, Spark's Hodson added: "Spark has built a strong data centre business in New Zealand, operating over 23 megawatts (MW) of capacity at 11 facilities across the country."

"We're excited to complete this transaction with Pacific Equity Partners, which provides a funding pathway for the planned 130MW+ capacity development pipeline and significant growth potential beyond.

"We look forward to working together through our 25% retained stake, and as a key data centre customer, to grow the business and create further value for our shareholders, while delivering the infrastructure that will support New Zealand's digital future."

Financial Standard has reached out to Pacific Equity Partners for comment.

The update was made as it revealed its Q2 update. In the quarter to 31 December 2025, Praemium saw total funds under administration (FUA) up 14% to $70.5 billion.

Platform FUA was up 8% to $32.5 billion, including quarterly net inflows of $462 million. Gross outflows included $361 million for exiting advisers, though Praemium said these outflows are expected to diminish over time.

Praemium chief executive Anthony Wamsteker said he was pleased with the overall performance, particularly having seen strong demand for Spectrum, which helped Praemium grow its market share in the high-net-worth segment. Wamsteker said $1.4 billion in new business gross inflows was achieved.

In addition, Wamsteker said the OneVue transition was successfully completed during the quarter with the final FUA transitioning onto the platform, which allowed Praemium to consolidate its platform offerings, realise synergies from the acquisition and enhance client outcomes.

"The results reflect the strength of our product suite and the strategic progress we're making across the business," Wamsteker said.

"While adviser transitions and OneVue asset transfers have impacted outflows in part quarters, we're seeing encouraging signs that these headwinds have eased.

"With sustained adviser interest expanding engagement across both custodial and non-custodial platforms, and investment in innovation we remain confident in our long-term growth trajectory."

Praemium said it has continued to make progress across its strategic initiatives including the acquisition of Technotia Labs which will help accelerate its progress on business automation and client experience improvements; identified opportunities for automation and other AI-based improvements with strong return on investment; further progress on transforming it's superannuation fund; and competing projects including the OneVue migration and onboarding the initial Bell Potter clients.

The Series E funding round was led by the NRFC (investing $75 million) and Hostplus, with co-investors including the Future Fund, HESTA, Blackbird, Main Sequence, Funds SA, NGS Super, and QIC via its $50 million Brighter Super mandate announced in July 2025.

The funding round highlights the strength of Australia's collaborative investment ecosystem, bringing together all types of investors to provide critical capital that fuels innovation, builds sovereign capability, and supports long-term value creation, NRFC said.

The investment will enable Gilmour Space to further develop its Eris orbital rocket technology, scale its satellite and rocket manufacturing, and expand its spaceport in Bowen, North Queensland, the first and only licensed spaceport in Australia.

The company currently employs more than 220 people, and the funding will support the growth of employment across aerospace engineering, manufacturing, and skilled trades in Australia.

Gilmour Space has also demonstrated its satellite capability through the successful on-orbit operation of its 100-kilogram ElaraSat satellite bus, launched on a US rideshare mission last year.

Commenting, minister for industry and innovation and minister for science Tim Ayres said Queensland possesses a "bright future" in producing cutting-edge space technologies.

"Making things in Australia is about more than just good ideas - it takes real commitment, skilled workers, unity of purpose and strong collaboration between the public and private sectors," Ayres said.

"Queensland has a bright future in cutting-edge space and rocket technologies and advanced manufacturing, with new high-skilled jobs made possible through today's National Reconstruction Fund investment in Gilmour Space.

"Public investment like this importantly crowds in private investment, including from superannuation funds. Both the National Reconstruction Fund and universal superannuation are products of ambitious and forward-looking Labor governments - focused on boosting Australian ingenuity, backing local ideas and creating good jobs in our regions."

Meanwhile, NRFC chief executive David Gall said Gilmour Space's progression has solidified the foundation of Australia's space industry.

"Australia's size and geographic location in the southern hemisphere provide natural advantages for accessing space, and Gilmour's success will enable Australia to capitalise on the growing global demand for space launch services and satellites," Gall said.

"By building sovereign space capability that underpins our everyday life - from Earth observation and communications to national security - Gilmour's efforts will secure Australia's access to essential space services, strengthen the country's advanced manufacturing base, and create highly-skilled jobs and opportunities in the region."

Meantime, QIC private equity head of Asia Pacific Crystal Russell added: "This capital raise reflects the strong momentum Gilmour Space has built from Queensland, with proven core technologies and a demonstrated flight heritage across both launch and satellite systems."

"With a tangible pathway to commercial scale ahead, QIC is proud to once again support a Queensland company positioned to meet growing global and domestic demand for space access, while creating high-skill jobs and advanced manufacturing capability locally."

The new platform enables State Street to continue to develop "core products" like tokenised money markets funds (MMFs), ETFs, tokenised assets, and cash products, including tokenised deposits and stablecoins.

It includes wallet management, custodial, and cash capabilities, designed to support tokenised product development across jurisdictions covering both private and public permissioned blockchain networks, State Street said.

Investors can receive secure, scalable access and on-chain compliance controls through a seamless interface between digital and traditional services.

The firm said the move supports its clients in navigating the rapidly evolving digital asset sector, while leveraging capabilities from its bank division and State Street Investment Management.

Commenting, State Street president of investment services Joerg Ambrosius said the launch marks a significant step in the firm's digital asset strategy.

"We are moving beyond experimentation and into practical, scalable solutions that meet the highest standards of security and compliance," Ambrosius said.

"By pairing blockchain connectivity with robust controls and global servicing expertise, we're enabling institutions to confidently embrace tokenisation as part of their core strategy with an organisation like us that they can trust."

Meanwhile, chief product officer Donna Milrod said investors want a trusted infrastructure that is no longer experimental.

"This platform delivers that foundation in a way that is secure, interoperable and integrated so institutions can scale with confidence," Milrod said.

"This platform is built on a client partnership model that ensures ongoing evolution in line with market needs and regulatory expectations, reduces complexity while opening the door to innovation in a rapidly evolving digital financial landscape."

This comes as global adoption of digital assets grows rapidly.

"Institutional adoption of blockchain, stablecoins and asset tokenisation is accelerating globally. With clear rules in place, Australia is signalling to the world that we are serious about building a trusted, well-regulated digital asset market," CloudTech Group chief financial officer and executive director Mandy Jiang said.

"This will unlock mainstream adoption, draw institutional capital, and accelerate product innovation, transforming crypto from a niche asset class into a fully regulated part of Australia's financial system."

Domestically, late last year ASIC labelled most digital assets, including wrapped tokens, stablecoins, tokenised securities and digital asset wallets, as financial products, which will require businesses distributing these products to obtain an Australian financial services licence.

In a statement to Financial Standard, Ninety One's portfolio manager and co-head developed markets specialist credit Darpan Harar said a few key companies are behind the surge.

"Most of the issuance has come from large, investment-grade 'hyperscalers' - the likes of Alphabet, Amazon, Meta - which are now funding a sizeable amount of their AI capex with record-sized bond deals," he said.

An article by BetaShares head of fixed income Chamath De Silva noted the capex numbers hyperscaler companies and AI labs are committing to in terms of infrastructure buildouts are demanding unprecedented amounts of debt financing.

According to reports referenced by De Silva, tech-related bond issuance will dramatically surge in 2026 and beyond, with some projections suggesting over $2 trillion in annual AI-related capex by 2029.

De Silva told Financial Standard: "In our view, AI capex-related debt issuance will be the big story for credit markets in 2026 and will drive a gradual widening in credit spreads more broadly as the market absorbs this supply."

"We're seeing the technology and communications sectors underperform, with spreads widening on a relative basis, in both US investment grade and high yield, so capex-related issuance is already having an impact at the margin."

In his article, De Silva explained that US yields have increased over the last five years, and annual AI-related capex is expected to grow from US$400 billion to over US$2 trillion by 2029. The bond market's capacity to accommodate for this spike in issuance is a major concern, he said.

"We believe that the biggest constraint to the capex spending commitments being reached is not the debt market yet, but rather energy and power," he said.

"The cost of debt capital is still low in absolute terms, credit spreads tight, and big cap tech's balance sheet health is still very good. For these reasons, we see no major barriers for a significant levering up by the hyperscalers."

Morgan Stanley provided a comprehensive breakdown of the opportunities and risks promised by AI across fixed income markets from 2025 to 2028.

Based on global capex data centres, the research estimates US$2.9 trillion as of 31 October 2025.

Breaking this number down, the findings identified US$1.4 trillion would be from hyperscaler cash flow, US$200 billion from corporate debt insurance and US$150 billion from securitised credit insurance.

Also, US$800 billion in opportunities for private credit through asset-based finance and debt funding, and US$350 billion from other capital sources, the research indicated.

As the new year unfolds, the question at the forefront of this technological revolution is whether debt markets can finance a technological revolution whose revenue model remains unproven.

A dissonance is emerging between bond investors who are being asked to finance the AI buildout with uncertain returns, and AI companies in need of enormous upfront capital with no proven revenue model, De Silva explained.

Harar commented: "AI-linked issuance is clearly rising at a meaningful pace - but this still represents a much smaller share of global credit markets than their weight in equity indices."

"That said, we expect dispersion to increase within credit markets, with clearer winers and losers in AI-exposed areas - particularly in the leveraged finance markets where the tech/software sector is a larger share of the market."

Harar and De Silva agree credit markets are facing mounting pressure from every angle, including: compounding refinancing needs from previous debt cycles, increased competition US Treasury issuance, and concerns that the bond market can handle the spike in issuance while maintaining quality standards.

"The expected surge in bond issuance, partly driven by AI-related capex, is likely to weaken the strong technicals that have supported markets such as USD investment grade for some time," Harar said.

"Against that backdrop, we expect higher levels of dispersion both between and within sectors. [...] Overall, a more dispersed environment favours credit managers with a bottom-up, global and unconstrained approach."

Frontier Advisors' latest Frontier AI Index report, which is based on 210 responses from local and international respondents, found that Australian (55%) and global (51%) equities fund managers see AI as an "important additionality" to their research process.

However, more than a quarter (27%) of global equities managers said it is becoming an integral part of their research, while only a minority of Australian counterparts (18%) admitted to this.

Australian equities managers appear to be the group furthest behind when allocating resources to dedicated AI development. About a quarter of them (27%) reported to having no resources in this role. Almost half (46%) have allocated less than 1% of their resources to AI integration, while 64% expect to spend less than 5% of their previous year's budget on AI integration.

Among the other asset classes, private markets managers (26%) said AI is also becoming more prominent in their research process.

Fixed income managers (22%) and others (24%) have the highest proportion of managers viewing AI as a "nice to have," indicating a more cautious or exploratory approach to adoption, the survey found.

In terms of actual progress, Australian equities managers are in the "exploring/proof of concepts" stage (24%) compared to other asset classes, reflecting a slower pace of adoption.

"Among those who are scaling across multiple functions, it is actually fixed income managers leading the pack (27%) driven by AI's application in credit risk assessment and macroeconomic forecasting. Private markets exhibit a higher proportion of early deployments (16%), with AI being used for deal screening and due diligence. However, scaling across functions remains limited," the report read.

As a whole, productivity and saving time are the most cited expected benefits of generative AI for nearly 40% of respondents.

Speed to insight was the second most significant benefit for 23%, with Australian equities managers specifically rating it highly at 27% versus 22% for all other asset classes on average.

Fifty four percent of fund managers are utilising a combination of private and public applications.

Public SaaS models, such as OpenAI, Anthropic and Google, are the second most popular, chosen by 18% of respondents ahead of private-only models at 16%.

Copilot and ChatGPT are the most popular among global and Australian equities managers. Copilot is the leading platform for fixed income managers.

"Despite its utility, AI adoption faces challenges such as hallucinations (proposing outcomes which are not reflected of credible, vetted data sources), bias in outputs, and the need for robust validation processes to ensure accuracy and reliability," Frontier said.

"The majority of organisations use AI in a supportive capacity, with humans remaining the final decision-makers in investment processes."

Apex said the strategic lift-out enables it to integrate Mercer's experienced administration team and operational capabilities directly into its own business, enhancing service delivery and continuity for clients.

The transaction, subject to Australian Competition & Consumer Commission (ACCC) and Foreign Investment Review Board (FIRB) approval, is expected to complete around the end of the first quarter of 2026.

"Australia offers strong growth potential for us. The superannuation technology and servicing sectors are a key strategic focus for Apex Group, and by combining innovative technology with high-quality service, we are committed to delivering market leading superannuation administration to funds and their members," Apex Group chief executive and founder Peter Hughes said.

"We aim to expand our operations in Illawarra and across Australia, creating more opportunities for staff and increasing our presence."

Mercer Pacific chief operating officer Antony Proksa said Mercer's decision to transition its stand-alone superannuation administration business aligned with its strategic objective "to focus on growing our core wealth businesses in superannuation and investments, alongside Mercer Workforce Solutions and Mercer Marsh Benefits".

Mercer recently lost its administration mandate with NGS Super, with the fund transitioning to GROW Inc. It also lost a mandate with Australian Ethical and, in 2023, ANZ Staff Super.

Apex has been ramping up activity in Australia in recent years. In January last year, Iress entered into a binding agreement to sell its superannuation business to Apex. Iress said the decision to divest the superannuation business followed a strategic review as part of the company's transformation program.

The year prior, Apex Super partnered with Novigi for super data and technology services. Also in 2024, Apex received $1.6 billion from Carlyle Group and Goldman Sachs to execute its growth strategy.

Apex Group currently has 400 employees in Australia providing a range of administration services to more than 800 funds within the industry.

As at July 2025, statistics from the Australian Custodial Services Association show Apex Group had about $300 billion in assets under administration (not held in custody) in Australia.

The new campus lifts AirTrunk's total planned investment in Victoria to more than $7 billion, while further aligning with the government's National AI Plan to draw more investments into infrastructure and artificial intelligence (AI).

It will also enable "smarter" government services, faster business innovation, and stronger human connection, AirTrunk said, while creating opportunities for local talent and suppliers.

Victorian Premier Jacinta Allan hailed the announcement.

"Victoria is leading Australia's digital transformation, and investments like this will strengthen our state's position as a hub for cloud and AI innovation, create thousands of jobs, and deliver sustainable infrastructure that supports our growing technology ecosystem," Allan said.

MEL2 is set to bring over 354 megawatts (MW) capacity, adding more than $5 billion in new direct investment and lifting AirTrunk's total deployable capacity in Melbourne to over 630 MW.

The new site will also complement AirTrunk's existing Australian sites, including SYD1 (121 MW+), SYD2 (158 MW+), SYD3 (330 MW+), MEL1 (276 MW+) and MEL2 (354 MW+) - delivering a combined capacity of more than 1.2 gigawatt (GW).

Further, MEL2 will create over 4000 jobs during the multi-phase construction and over 200 direct jobs once operational, while creating in excess of 1000 full-time jobs to support its data centres.

It comes as the data centre sector is generating $12.6 billion in gross value added per terawatt-hour of energy consumed, outperforming sectors such as mining and manufacturing, it said.

Data centres also consume less than 0.1% of Australia's water, and by 2030, the sector will have invested up to $1.1 billion in recycled water infrastructure.

Since 2020, the industry has invested $3.1 billion in grid infrastructure, with total investment expected to reach $7.2 billion by 2030, AirTrunk said.

The acquisition follows last week's announcement of a new hyperscale campus in Osaka (OSK2), delivering up to 100 MW of IT load and a $3 billion of new direct investment in Japan.

Commenting, AirTrunk founder and chief executive Robin Khuda said: "Australia has set bold ambitions to become a global AI hub, and demand for AI-ready infrastructure continues to grow. MEL2 is part of our response."

"Working closely with Invest Victoria, we're expanding in Melbourne to support Australia's AI future while creating new opportunities for local businesses and communities.

"AI data centres require significant upfront investment, and AirTrunk's strong balance sheet and proven regional track record help give global AI customers confidence in reliable, on-time deployment in Australia."

OSK2 and MEL2 - which will become AirTrunk's 14th and 15th data centres respectively - will deliver a total capacity in excess of 2.6 GW across Australia, Singapore, Japan, Malaysia, Hong Kong and Saudi Arabia, it said.

The partnership marks the first Australian bank or wealth management company to offer access to the platform.

The Aladdin Wealth platform allows JBWere's advisers to model the potential impact of macroeconomic events and market scenarios like pandemics or the recent gold price spikes on client portfolios, guiding them to make informed decisions.

The advanced risk management and portfolio construction capabilities are set to complement the tailored advice services the business provides, JBWere said.

Head of Aladdin Wealth tech APAC James Verner explained what advisers can achieve with the new integration.

"Through the Aladdin Wealth platform, JBWere's advisers will gain access to advanced tools for analysing, monitoring, and customising their clients' portfolios. This will provide deeper portfolio insights, richer risk analysis, and greater transparency and reporting for clients," Verner said.

"Wealth management continues to evolve to be more personalised and advisory driven, and we are delighted to be supporting JBWere, our first Australian wealth management client on this journey."

Meanwhile, JBWere chief executive Michael Saadie said BlackRock's proprietary technology is something that the business has been seeking for a long time.

"Clients have been asking for deeper insights into their investment portfolios around risk and performance analytics, and we're pleased we'll deliver the capability with BlackRock's Aladdin Wealth platform," Saadie said.

"While many things have changed since stockbroker Jonathan Binns Were founded JBWere in 1840, the need for trusted and timely advice and analytics hasn't.

"Our advisers will use the Aladdin Wealth platform to provide clients with more robust and sophisticated portfolio analysis, scenario modelling, and value-at-risk calculations, which are critical for understanding the potential impact of market events on client's investment portfolios across public and private holdings."

BlackRock head of wealth Australasia Chantal Giles added that JBWere will now have access to institutional-quality data and insights to better support their clients.

"This collaboration builds on our strong relationship with NAB as we work together to deliver more innovative solutions for Australian investors," Giles said.

Aladdin Wealth was created over 30 years ago and is serving some 1100 of BlackRock's clients globally to date.

The paper said global demand, especially from APAC investors, and regulatory permissibility are key drivers for the move to 24x5 equity trading.

The convergence of securities and crypto brokerages is also influencing expectations for near continuous access, it said.

DTCC released the whitepaper, The shift to 24x5 trading: What It Means for U.S. Equity Markets, along with EY, outlining the industry's transition toward near-continuous trading, operational and risk implications, and strategic considerations for market participants in preparation for the change.

Firms have been encouraged to assess their readiness, participate in industry forums, enhance risk management and operational capabilities, and critically evaluate their global footprint and vendor dependencies.

"As interest in near round-the-clock trading of US equities grows, we are meeting this demand by extending our clearing hours to support our clients and further strengthen the safety and soundness of the markets," DTCC managing director and head of equities solutions Val Wotton said.

"DTCC is committed to leading large-scale, industry-wide initiatives that deliver positive change for the industry and the investing public. We look forward to continuing to work collaboratively across the industry towards a successful implementation."

EY US principal and capital markets strategy and market structure leader Mark Nichols said extending trading hours would represent a significant step for US equity markets, aligning market structure with the expectations of an "increasingly global, always-on investor base".

"Through this collaboration with DTCC, we aim to equip market participants with clear, actionable insights on navigating the complex firmwide implications and operating model considerations of a 24x5 trading environment - helping the industry collectively build a more accessible and resilient marketplace," he said.

Findings from the whitepaper showed that most firms expect a gradual increase in overnight trading volume over the next several years. According to DTCC's survey, most clients expect 1%-10% of total volume to shift to overnight sessions by 2028.

The whitepaper said as the industry moves to extended trading hours, the locked-in agreement process will be expanded to cover overnight sessions. DTCC said it will provide clear guidance and timelines to support the transition.

Firms anticipate a steady increase in overnight volumes over the next three years, with 63% of survey respondents predicting volume increases by 2026 and 74% expecting changes by 2028.

As the market evolves, the survey suggested that while retail demand will drive initial volume, institutional engagement will follow as infrastructure matures and safeguards strengthen, shaping the trajectory of extended trading in US equities.

Additionally, survey feedback indicated nearly 60% of firms plan to upgrade risk management, technology, and operations for 24x5 trading.

"Extended trading hours help exchanges compete with continuously operating digital venues and create opportunities for new products, such as overnight futures, and improvements in clearing, settlement, and risk management," the whitepaper said.

"This competitive dynamic accelerates industry innovation and strengthens the market ecosystem. However, scaling distributed ledger technology remains challenging, making regulatory compliance and industry coordination essential."

"ASX apologises for the disruption from this event and we are seeking to resolve this as soon as possible," an ASX spokesperson said.

"Companies that lodged price sensitive announcements were placed into a trading halt and were contacted directly by ASX. As at midday, we understand approximately 80 companies had price sensitive announcements. Halted securities will only resume trading once the associated announcement has been published."

Financial Standard understands there were no issues with clearing or settlement and the outage was just a publication issue.

This comes after the Reserve Bank of Australia (RBA) and ASIC calling out the exchange numerous times throughout the year for poor practices.

In September, the RBA released its 2025 Assessment of the ASX Clearing and Settlement (CS) Facilities, slamming the market operator for continued failures.

The RBA determined the ASX has "considerable work to do" to meet the central bank's expectations for an operator of critical market infrastructure.

The RBA pointed to recent shortcomings in risk management - particularly the December 2024 CHESS batch settlement incident - which it said highlighted that ASX must "make foundational changes to its governance, culture and risk management processes".

The RBA said the ASX must also accelerate its uplift of operational and financial risk management, while meeting key milestones for its major technology projects.

"ASX is not currently meeting the regulators' expectations for an operator of critical national infrastructure. Resilient and secure CS facilities are crucial to the stability of the Australian financial system," RBA assistant governor (financial system) Brad Jones said at the time.

"We are expecting meaningful progress over the coming year and will consider further regulatory responses if necessary."

In October, the ASX announced Phillip Lowe would chair the newly formed Advisory Group on Corporate Governance (AGCG).

Per the recommendations made in an October expert review panel's report, the AGCG was established to replace the ASX Corporate Governance Council.

The initiative will streamline high quality graduates and job seekers into the Entireti's network of member firms, including Akumin, Fortnum and Personal Financial Services (PFS).

The collaboration also leverages Striver's technology platform which features a range of education and training resources, as well as facilitating connections between employers and candidates.

Entireti chief executive Neil Younger described the program as a step in the right direction to addressing the prolific demand and supply challenges of the financial advice profession; an issue which requires greater attention from all stakeholders including government, tertiary education institutions and service providers to the industry, he added.

"We need more advisers to meet the advice needs of Australians and close the advice gap, and that includes investing in the next generation," Younger said.

"As one of the largest advice business services providers, Entireti has the infrastructure and scale, and also a mandate, to invest in programs that will underpin the long-term growth and success of our advice businesses and the broader profession."

Akumin chief executive Matt Lawler said that attracting and developing new entrants was in the group's heritage, as many firms within its network have mentored professional year (PY) advisers.

He described the partnership as a reflection of the group's desire to take on a leadership role in growing adviser numbers and improving the capacity of advice businesses to serve more clients.

"We're here to help advice businesses grow and achieve their objectives, which involves attracting and retaining talent, and identifying future leaders," Lawler said.

"We are excited to partner with Striver to connect employers and candidates and create pathways for people to pursue a rewarding career in financial advice."

Meantime, Fortnum and PFS chief executive Matt Brown said the partnership with Striver would enhance communication between employers and providers, creating career pathways for new advisers.

For his part, Striver founder and chief executive Alisdair Barr said the partnership will help Entireti advance its objectives of making financial advice more accessible and supporting 5000 new advisers over the next decade.

"We've been successful at placing talent inside Akumin businesses for a number of years, leading to this opportunity to support the broader Entireti group, which we are extremely excited about," he said.

A spot poll conducted on day one of the annual event showed only 30% of more than 220 advisers are 'very confident' about scaling their practice without hiring more qualified advisers.

Forty-two percent of advisers are 'somewhat confident' and 27% are 'not confident at all'.

Hosting the session on the race to scale by 2030, Marin Wealth managing director Pedro Marin Ramirez said the most feasible way to do this, as well as meet the booming demand for advice in the short term, is by embracing the latest tools in artificial intelligence (AI).

"By the end of the decade, every Baby Boomer will be retired. There are currently 7.32 million Australians aged over 55 and the average age at the moment of retirement is 57. Of those, 1.36 million people are actively looking for an adviser," he said, citing Adviser Ratings data. Currently, about 10% of Australians have an adviser.

Taking 1.36 million and dividing it by the number of active advisers of about 15,500, this equates to potentially adding 90 new clients to the books, Marin Ramirez said, noting that the adviser population has not increased for some time.

"I cannot think of another profession that is in our position... because there's just not enough of us, and a humongous number of humans are going to need our services," he said.

"So, don't think that scaling is not an option. Think that scaling is a must. We just don't have the choice."

Poll results also show where AI can most add value. About half of advisers take 16 to 25 hours to deliver advice from gathering information, analysing, drafting documents to delivering advice. Some 27% take more than 25 hours while 3% said it takes less than eight hours.

The biggest bottleneck in the advice process is the preparation of the Statement of Advice for 38% of respondents. An equal portion of 23% said onboarding and fact finding, and compliance and documentation are onerous. The remaining 15% find modelling and strategy development takes the longest.

One example where some advisers are making progress in the speed to deliver is via Copilot's researcher agent. Advisers can feed it clients' budget and expenses, and it will spit out a cash-flow analysis in less than five minutes.

Retrac director Travis Carter, who co-hosted the session, said not only does it save time, but it provides a level of service to clients who may have not received a cash-analysis before.

"Five years from now to 2030 what does the industry look like? What does our technology stack look like? If we don't change the way we're doing financial advice now, then we're not going to be able to keep up with an unmet demand," Carter said.

"This is an income opportunity and revenue opportunity for each adviser, if we [start looking] at our processes and automate. The question is not, should we change? But it's how fast we can do it?"

FAAA SafeID, an end-to-end client identification and verification platform, will be available on December 10.

The tool conducts immediate ID verification, politically exposed person (PEP) and sanctions checks. It also provides a report product providers can use to rely on the result of these checks.

"With technology and support managed by financial crime prevention experts KordaMentha, FAAA SafeID offers digital verification with bank-grade security, matching client identity documents to a range of government and other data verification tools, within a cyber-secure online environment," FAAA chief executive Sarah Abood told the 2025 FAAA Congress in Perth.

Over the last few weeks, Abood pointed to a "big win" for the advice sector following two years of closely working with the Attorney-General's Department and AUSTRAC on the new AML/CTF reforms.

"The win here is that financial advisers will retain their less onerous obligations under item 54 of the regulations, and they will not be captured unreasonably by the new Tranche 2 designated service definitions," she said.

From 2026, significant changes to the AML/CTF regime will impact financial advisers and licensees.

According to AUSTRAC, the new laws expand its regulation into new industries that are recognised domestically and globally as "high-risk for criminal exploitation."

"Next year is going to be huge for AML/CTF. From July, lawyers, accountants, real estate agents, conveyancers and precious metal and stone dealers will be pulled into the regime. They'll be required to complete customer due diligence, keep records and report suspicious matters," she said.

AUSTRAC will begin regulating these services from 1 July 2026.

"Financial advisers still need to have awareness of these changes and those involved in multi-disciplinary businesses may well be more affected. But overall, it's a great win for financial advice," Abood said.

According to Capgemini's World Cloud Report - Financial Services 2026 report, which includes responses from global financial institutions including ANZ and TAL Australia, AI is playing an increasingly important role yet only 10% of organisations having adopted AI at scale, including across capital markets, P&C insurance, and retail banking segments.

Wealth management and life insurance companies have the lowest rate of adoption, with 17% and 13%, respectively, refusing to leverage agentic AI in their businesses.

"With increased adoption, AI agents can transform financial services operations - enabling intelligent automation, proactive service delivery, and adaptive decision-making across business functions," the report said.

"By identifying the most suitable business processes for agent adoption and overcoming potential barriers, firms can optimise the AI value proposition for their own enterprise - in the form of efficient, fast, and personalised services."

It comes as over half (51%) of executives are planning to reduce their reliance on physical service hubs in the future.

Contributing to the paper, Volkswagen Financial Services UK head of architecture, technology and enterprise data Takhliq Hanif said AI adoption does not necessarily come at the cost of replacing humans.

"The industry is moving beyond tech-first approaches. There's a growing consensus that AI adoption must be value-driven-balancing efficiency with human impact. The future lies in augmenting human capabilities, not replacing them," Hanif said.

"Responsible AI means ensuring that both employees and customers benefit from innovation, creating a sustainable and ethical operational model."

Meanwhile, Generali France chief innovation officer, strategic transformation Emmanuel Néré clarified agentic AI is not just another wave of technology but a "foundational shift".

"Its ability to support experts and automate interactions is redefining how enterprises think about productivity and scale," Néré said.

Further, Ameritas chief information officer Shreejit Nair said cloud platforms and AI are no longer separate strategies.

"Cloud provides the scale, observability, and resilience, while AI brings intelligence, automation, and acceleration. Together, they form the foundation for next-generation enterprise transformation," Nair said.

Iress said the technology solution will enable financial advisers to better serve their clients as they approach retirement.

The solution will be built on Iress' existing Xplan infrastructure, using its current capabilities for an integrated advice journey specifically for lifetime retirement income products, with an initial focus on the decumulation phase.

It will encompass factfinding, product selection, income stream calculations, strategy modelling, advice generation and the advice review processes.

Iress chief executive - wealth APAC Kelli Willmer said the demand for retirement advice will grow as the number of Australians entering retirement is set to increase exponentially.

"Currently, financial advisers face a range of challenges when trying to determine the right solution for their clients - including a fragmented advice process, inconsistent product information and complex regulatory requirements," Willmer said.

"We're delighted to be partnering with Challenger to address these issues and provide a more integrated and streamlined advice process by facilitating an industry solution that transforms awareness and ease of access to retirement income products."

Willmer said that by fully integrating products throughout the advice journey and leveraging Xplan's market, data and insights, advisers can be better prepared to serve their clients.

"We hope that in time other providers will also sign up to provide a whole-of-industry picture when it comes to the lifetime income market," she said.

Challenger chief executive Nick Hamilton added: "We're proud to launch an industry-first partnership with Iress that empowers financial advisers with the tools to better navigate the complex risks Australians face in retirement. This includes unlocking the power of lifetime income as a building block of smarter, more resilient retirement strategies.

"Retirement is not a single life event, it's a decades long journey where a retiree's needs will continue to evolve, which is why developing a system that supports every stage of retirement is so important.

"We hope this partnership paves the way for more participants across the industry to work with Iress to ensure guaranteed income becomes a building block of retirement plans for millions more Australians -giving them the confidence to enjoy a secure, dignified, and fulfilling retirement."

Macquarie sold Aligned Data Centers to a consortium comprising BlackRock's Global Infrastructure Partners and the Artificial Intelligence Infrastructure Partnership, which is backed by the likes of Microsoft and Nvidia.

Macquarie first acquired a stake in Aligned in April 2018, which was increased in July 2020. In the time since, the company has grown from two operational facilities in the US to 50 data centres across the US, Mexico, Brazil, Chile and Colombia.

The deal has an enterprise value of $61.5 billion (US$40bn) and is expected to close in the first half of next year. It marks the largest transaction in the data centre space to date; Macquarie also broke records in November 2024 when it offloaded AirTrunk. That sale was valued at $24 billion (US$16bn).

Head of Macquarie Asset Management Ben Way said the transaction underscores the institution's ability to identify key thematics early and opportunities that create value for clients and partners.

"The scaling of Aligned Data Centers from two locations to 50 in seven years is representative of our approach to working with great companies and teams to support their rapid growth and deliver positive impact," he said.

Meantime, Aligned chief executive Andrew Schaap said: "The Aligned story is one of genuine partnership and foresight, and we appreciate the incredible collaboration with Macquarie Asset Management on our growth journey."

"We are proud of what we have achieved together in expanding our footprint and bringing our innovative solutions to our core customers, and we are excited about our next chapter in fuelling AI expansion."

At the same time, Macquarie increased its ownership of London City Airport, taking a further 50% stake off the hands of Ontario Teachers' Pension Plan.

The deal was done via the Macquarie European Infrastructure Fund 7 and brings Macquarie's ownership of the airport to 75%.

London City Airport sees more than 50,000 flights each year, flying to over 30 destinations across the UK and Europe.

"Our additional investment in London City Airport underscores our commitment to the UK's aviation sector. Britain's airports are a key driver of economic growth and demand for air travel continues to increase year-on-year," Macquarie Asset Management EMEA managing director Sara Sulaiman said.

"We look forward to working in partnership with London City Airport's management team and Wren House Infrastructure, who will remain as shareholder, to support the airport in meeting future demand as it increases the number of passengers, launches new routes to destinations across the UK and Europe, and further enhances the experience for passengers."

The solution aims to help financial advisers create transparent and timely reports for custody and non-custody asset investments.

HUB24 said advisers spend 57% of their time engaging in client-facing activities, while still using manual reporting processes.

HUB24 said the platform automates data collection and verification across multiple systems, using interactive visuals and client-specific data insights.

Other features include the ability for advice practices to add market commentary, tailor templates, use their preferred wording for asset classes and categories, and customise reports and presentations with their own brand.

The technology aims to help advisers to communicate portfolio progress more effectively, visually enhance client communication and improve understanding of long-term investment strategies.HUB24's general manager of product development Aydin Mustafa said: "Client meetings are often a once-a-year key opportunity for financial advisers to build trust and engagement, and with Engage, these reviews become more impactful by using innovative technology to present data clearly and enhance the client experience."

The launch of Engage was flagged by HUB24 in its full year results in August. At the time, it flagged operating expenses were up 18% for the year due to variable expenses related to a jump in FUA and the addition of more full-time staff as part of its increased investment in technology, product and operations.

The software, PEARL, will enable Aware Super to expand its analysis of investment decisions across all individual funds within its portfolio, improving decisions within each option as well as comparing performance across them.

Aware Super will also further integrate currency strategies within its funds by using PEARL 9.3's updated currency overlay attribution capabilities, which effectively analyses the funds' hedging against currency fluctuations and actively managing their currency positions.

Aware Super function head of investment analytics Kendal Mogg said the addition of PEARL will significantly benefit Aware Super with real-time data and insights.

"The addition of decision-based and currency attribution across the complete fund structure represents a significant uplift in Aware Super's ability to provide timely and data driven insights and in turn provide the best possible outcome for our 1.2 million members," Mogg said.

Meanwhile, Ortec Finance head of Australia and client services, APAC Michelle Li added: "We are delighted to reach this significant milestone and look forward to continuing our support for the team."

"With PEARL's analytics and automated workflows, we are confident that Aware Super will deliver better analytics while facilitating a cohesive and streamlined approach to their reporting frameworks."

The implementation follows Aware Super's launch of a new digital advice tool to help members with retirement planning.

The super fund said the tool can provide members with estimates of how much money they will have to spend in retirement and how long it is expected to last in various scenarios.

Aware Super also confirmed its merger plans with TelstraSuper yesterday, signing a Heads of Agreement to create an entity with nearly $235 billion in assets.

With MST Financial, CFS will debut Sandstone Insights, a premium research platform. This program will equip advisers with ASX 200-listed equity research and streamlined tools, facilitating more efficient delivery of insights and greater value to clients.

Through the new platform, financial advisers will be able to create personalised watchlists with alerts; view comprehensive company ratings with monthly updates; receive insights on short- to medium-term opportunities for trading based on market trends or significant events; as well as access, buy, hold, or sell notes for all companies under research coverage.

Executive director of managed accounts Frances Taylor said: "In an environment flooded with market data, this collaboration helps advisers cut through the noise - offering clear, digestible research to support confident conversations with clients about Australian shares."

Manager for MST Financial's Sandstone Insights John Meagher said: "We are delighted to be partnering with CFS as they continue to innovate and develop new ways to help advisers deliver the best possible outcomes for their clients' investment portfolios."

CFS is also innovating its digital infrastructure. The planned launch of new digital reporting options on CFS Edge and CFS FirstChoice in October will enable more dynamic and data-rich conversations with clients on managed accounts, it said.

CFS has also rapidly grown its managed accounts, with options from 59 portfolio managers and plans to launch its eighth international option in November with the inclusion of Fidelity Group Top 50.

Taylor said: "Our ambitious roadmap is focused on providing advisers with managed account solutions that provide them with efficiency, transparency and enable them to deliver better outcomes for their clients."

Implementation of this new technology will improve personalisation and efficiency of service delivery across all Insignia Financial applications, enhancing experiences for its 1.5 million customers nationwide.

Chief technology officer Damien O'Donnell said: "Our expanded use of Google Cloud demonstrates Insignia Financial's ongoing focus on AI adoption and strategic innovation. This collaboration enables us to be more efficient, leveraging our data and intellectual property to deliver better outcomes for clients."

O'Donnell said that incorporation of Google Cloud's agentic AI capabilities in Insignia Financial's seamless data layer will empower customer service teams to tailor experiences for each member.

The consolidation of Insignia's previous VMware environments from three data centre tenancies onto Google Cloud will also significantly reduce its physical presence and associated costs while improving data security and streamlining information navigation.

Through the platform, it will issue its stablecoin at 1:1 against Australian dollars held in trust with a big-four Australian bank.

It comes as ASIC recently announced an exemption to allow secondary distribution of AUDM, a stablecoin issued by Catena Digital.

Under the partnership, the Catena leadership team will transition to senior management of Macropod's day-to-day, led by Drew Bradford as chief executive.

Bradford is the chair of JellyC, a digital asset investment manager and corporate authorised representative of TAF Capital.

Meanwhile, MHC will provide supporting capital, strategic expertise and infrastructure, including trading, settlement and liquidity rails through their trading platform, MHC Markets.

The platform will include 1:1 reserves held in segregated trust accounts at an Australian authorised deposit-taking institution, real-time APIs for simplifications in issuance and redemption of AUDM, as well as a "multi-chain" support, spanning from Ethereum to the Australian-built Redbelly.

It will also be able to provide extensive regulatory oversight, including a fit-for-purpose Australian financial services licence (AFSL) and Digital Currency Exchange registration with AUSTRAC.

The venture builds on MHC's partnership with Circle, issuer of USDC, to expand institutional access to digital dollars across Australia and APAC.

MHC Digital Group founder and chair Mark Carnegie noted that the implementation is the "missing piece" of digital infrastructure advancement in Australia.

"Macropod is the only team in the market with the licences, partnerships and infrastructure to compliantly scale a stablecoin in Australia," Carnegie said.

"Launching at a time of accelerating global adoption, we are providing the country with a trusted onshore option to meet surging demand. Together with Catena, this partnership is building the foundation for Australia's digital asset economy."

Bradford added: "Our mission is to create the leading institutional-grade stablecoin for Australia - fully licensed, fully reserved, and fully aligned with regulators."

"By combining Catena's licensing and banking expertise with MHC's leading digital assets platform, Macropod is uniquely positioned to drive the next phase of digital finance in this country."

Stablecoins continue to gain traction globally; Japan recently approved a licensed yen-backed token (JPYC), while in the US, the Genius Act continues to underscore stablecoins' role in the financial system, Carnegie noted.

"Stablecoins are already the fastest-scaling asset class in financial history, and demand from exchanges, wealth platforms and fintechs for compliant Australian dollar rails is at an all-time high," Carnegie said.

"Macropod will deliver the trust, scale and connectivity institutions have been waiting for."

Unlike commonly known cryptocurrencies like Bitcoin, a stablecoin, where some are considered a financial product under the current general definitions, is a cryptocurrency that has a relatively stable price. In this instance, the stablecoin selected for the exemption is AUDM issued by Catena Digital.

Catena Digital was granted an AFSL about two months ago when it launched the Australian dollar-denominated stablecoin.

According to ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631, the instrument provides an exemption to intermediaries to hold separate AFSL, Australian market, or clearing and settlement facility licences when providing services related to stablecoins issued by an AFSL.

The relief will take effect once registered on the Federal Registration of Legislation.

However, intermediaries benefiting from this relief must make the exempt stablecoin's product disclosure statement (PDS) available to their clients, where the issuer has prepared one, ASIC said.

The market regulator will continue to explore extending the relief to other stablecoins when they become eligible.

The announcement follows ASIC's consultation on its guidance on crypto and digital assets in December last year, which was noted in consultation paper 381 (CP381).

CP 381 proposed a range of updates to provide greater clarity about the current law, including adding practical examples of how the current financial product definitions apply to digital assets and related products.

Stablecoins, as well as other types of cryptos, were included in the paper.

ASIC is also working closely with Treasury to implement regulation for digital assets, including a framework for payment stablecoins.

In July 2025, ASIC provided regulatory relief for participants of Project Acacia, a three-year project to test the central bank digital currency.

It doesn't bode well, given cybersecurity risks are increasing. Constant advancements in artificial intelligence (AI), increased digitisation of operations, and inadequate digital personal security measures are just some of the factors driving this.

As we enter a more volatile and insecure ecosystem, many businesses are still yet to fortify their cybersecurity infrastructure, according to HLB Mann Judd partner Kapil Kukreja.

In recent times, there have been several cyberattacks on Australian organisations, with superannuation funds increasingly targeted given the mounting honey pot of retirement savings they oversee. This highlights the urgency of strengthening "basic cyber hygiene" within their operational and management systems.

According to the HLB Cybersecurity Report, 39% of businesses around the world reported a rise in the number of attacks on their systems, with a further 29% experiencing more "severe consequences" from cyberattacks in the past year.

Despite the urgency, Kukreja says that many businesses are still underinvested in security measures with only 29% implementing AI-related security and governance controls, and just a quarter (24%) running cyber awareness training.

Still, companies are generally confident in their ability to recover from a cyber incident.

In the same report (Figure 1), 28% were 'very confident', 47% were 'confident', and 16% were 'slightly confident' they'd recover quickly from a cyberattack. Only 3% displayed a lack of confidence in this instance.

Could this be why businesses remain relatively lax in improving their cybersecurity?

For organisations like super funds, this can have an opposing effect as they are the most prominent players in managing their members' retirement funds.

Although expectations and standards remain relatively high for these organisations, cybercriminals were still able to slip through the cracks earlier this year, stealing member information and money from the nation's largest super fund.

Super-sized risks

At AustralianSuper, a total of 10 members had a combined $750,000 transferred out of their accounts in a series of cyberattacks targeting super funds earlier this year. The attacks came in the form of what's known as 'credential stuffing', where cyber criminals attempt repeatedly to gain access to an online account using usernames and passwords obtained on the dark web.

The hackers were able to withdraw money from retiree members' accounts and, while the victims were reimbursed, many were baffled by how such a well-established institution, one of such scale, could allow such a breach to occur.

The answer? Well, in part, it was the lack of double verification requirements. The nation's largest super fund did not have multi-factor authentication (MFA) technology in place to verify transactions or changes being made on members' accounts were legitimate.

Naturally, this led to calls for super funds to implement industry-wide improvements in cybersecurity.

APRA's recently released 2025-26 Corporate Plan sets new standards, where, at a minimum, APRA expects entities to require MFA or an equivalent mechanism when members are altering their details, withdrawing funds, or using any other functionality that would be considered "high risk".

Conscious of the consequences from the series of attacks earlier this year, APRA brought forward the deadline for super funds to comply with the new security measures by 12 months, now due on August 31.

AustralianSuper has since implemented the mandatory MFA feature on its systems. CareSuper has also rolled out wider use of MFA, and smaller funds like Australian Food Super also adopted it.

Touching on whether regulators should attempt to unify legislation in cybersecurity for all financial institutions, Northern Trust head of Australia and New Zealand Leon Stavrou points out that this is already the case, to an extent.

Asset servicing banks and super funds are regulated by APRA, and these institutions must comply with Prudential Standards CPS220 Risk Management, CPS234 Information Security, and the recently enforced CPS230 Operational Risk Management, he says.

"And the recently released 2025-26 Corporate Plan builds on those instruments, as well, giving you a sense of what the regulator expects and believes will be important as an industry, what we can do to safeguard our clients, financial assets and retirement income savings," Stavrou says.

APRA's focused enforcement is also supported by the Association of Superannuation Funds of Australia (ASFA) chief executive Mary Delahunty.

ASFA established the Financial Crimes Protection Initiative in September 2024, which includes a cybersecurity toolkit to bring together the super sector in combating the growing threat of cyber and financial crime.

It has also partnered with JANA Investment Advisers to lead a "cross-industry" collaboration to update industry guidance on investment operational due diligence, adapted to the CPS230.

"It's a multi-faceted approach bringing together several pieces of work which will significantly uplift the super sector's united approach to keeping data and member funds safe," Delahunty says.

"We released the ASFA Cyber Security Toolkit in May 2025, to provide clear guidance on navigating obligations under CPS230, CPS234, and various legislation so funds and their providers can clearly understand what is required legally and from regulation.

"We've updated our Minimum Fraud Controls for superannuation funds, which are in line with APRA's requirement for multi-factor authentication or equivalent controls across high-risk activities."

Delahunty notes that cybersecurity is now a "core responsibility" for super trustees given the scale and sensitive data they hold, meaning that the stakes are immensely high.

She stresses that the super system must be ready for what's ahead.

"Superannuation funds and their providers take cybersecurity very seriously and the sector is laser-focused on making sure members' data and funds are protected," Delahunty says.

"Looking forward, we are developing a framework which has at its core bespoke platforms for real-time, secure intelligence sharing between funds.

"This will sit alongside industry-wide playbooks and coordination plans for cyber incident prevention and response."

But, independent of any industry guidance, there are also super funds that are taking proactive steps to protect their members.

Just days before the credential stuffing attacks, Commonwealth Superannuation Corporation (CSC) told Financial Standard how it had taken to surfing the dark web for members' stolen data. By notifying members of their data and passwords being compromised, the fund is also protecting itself from potential breaches.

Over the course of a year, the super fund was able to detect over 100 cases of compromised information, not only for its members but also for its employees.

Outsourcing who?

One of the focal points of CPS230 is the use of outsourced service providers, especially those located offshore.

The prudential standard aims to ensure that an APRA-regulated entity effectively manages its operational risks, maintains critical operations through disruptions, and manages the risks arising from service providers, it states.

Under the standard, an entity engaging with offshore must notify APRA before entering any "material arrangement".

Thereafter, the entity is obliged to regularly review and report on compliance with the service provider's management policy.

To many, attaining service providers requires such comprehensive procedures, but many companies hire service providers to some extent to cut costs and leverage expertise. For example, according to ASFA's data nearly half (44%) of super funds outsourced member administration as of 30 June 2020.

At the time, ASFA noted that it expected the number of funds with in-house admin functions would grow as "funds look to increase their control", the super sector has since undergone an industry-wide consolidation where many smaller to mid-sized funds have merged into bigger players.

CareSuper, Meat Industry Employees' Superannuation Fund (MIESF) and TelstraSuper are among the few remaining that manage their administration internally; CareSuper and MIESF are set to merge on October 1, and TelstraSuper is in merger talks with Aware Super.

ASFA has previously said that an outsourced lower-cost service presents a false economy if members find they are transferred multiple times through a call centre when requesting information or making changes to their investments and insurance.

Furthermore, many may argue that offshore operators carry higher risks due to a lack of control, heightened third-party risks, as well as inadequate physical security. Stavrou believes, however, that if appropriately managed, outsourcing can, in some cases, reduce risk.

"When you outsource critical operations or processes, you're doing it because you believe that the third party can do it at scale with controls in place, and stand behind what they are providing you," Stavrou explains.

"That is part of what a lot of the asset servicing custodian banks' value proposition is, as well as other service providers as well.

"So, of itself, outsourcing doesn't necessarily increase or decrease your risk. However, [it's about] the way that you think about your service provider is critical, as an extension of your operations, and importantly the fact that you can outsource the process but you can't outsource the risk.

"As a fund, you own that risk, and it's incumbent on you through the legislation and prudential standards, to perform due diligence to ensure that your service provider is protecting you and doing the right thing across a number of areas, including things like cybersecurity."

However, HLB's report reveals that 37% of organisations experienced a breach through third-party vendor, while concerningly a further 20% are uncertain about their vendors'
security status.

Kukreja notes there are often challenges with third-party vendors, including around adherence to contractual obligations, lack of robust security measures, minimal staff training, and lack of awareness.

Not a competitive advantage

Everything has been laid on the table for super funds to improve, but what are some crucial next steps to ensure all risks are managed?

Stavrou says cybersecurity should not be seen as a competitive advantage among institutions. Instead, it should be tackled as an
industry.

Currently operating alongside several super funds in Australia, Stavrou notes that recent incidents have certainly highlighted how the industry is evolving, but he believes the issue will lead to a better outcome as the industry comes together.

"The entire industry needs to be protected, that's what I'm seeing more of, and I expect that to be further highlighted by the APRA industry stress test," Stavrou says.

"It's not just the super industry; it's the banking industry, as well, and the interconnectivity of those two.

"One thing to note with super as an industry is that financial services is comparatively quite mature when it comes to resiliency and security. That's because of the nature of what we do."

He highlights that asset safety is always the number one priority for them, as they constantly look for possible vulnerabilities, various forms of cyberattacks, and how they are being addressed.

Curious to see if the strength of cybersecurity may be a marketable feature for any of these organisations, Stavrou believes that should not be the case.

"That's not the way the industry thinks, and the reason for that is the trust and confidence that Australians have with the super sector," Stavrou says.

"If there is a wavering of that confidence because of a series of cybersecurity and data exfiltration incidents, as a systemic level it really doesn't matter which fund it was that people are going to lose confidence in the industry.

"We want to stay ahead of that game, ensuring that there is that confidence even when bad things happen that we're well-positioned to respond, recover and move forward.

"We want to compete on returns, service levels, products and innovation. We don't want to be competing on outages or cybersecurity
incidents."

That sentiment extends across the entire financial services industry, as Viola Private Wealth chief executive Sean Ward argues that if one fails to uphold the standard, it will affect the entire sector.

He also notes that financial firms remain prime targets, given the sensitive data they contain - implying that it is incumbent on every business operator to ensure they have the best protection in place.

"Encrypting communications not just externally but internally, using multi-factor authentication and utilisation specialist IT service providers are minimum ticket to the game these days," Ward says.

"I don't understand why advice firms grow their businesses in the darkness of night. We need to share best practices more between ourselves. Any data breach hurts us all.

"Cybersecurity is critical given it is a fundamental pillar supporting the firm's reputation, client relationships, and long-term viability."

Broken trust

It was mentioned that cybersecurity should not be used as a token for competing, but Ward warns that any kind of breaches will damage the relationship between organisations and their clients.

Russell Investments' latest Value of an Adviser Report further details the importance of trust between clients and advisers, as it emerges as the single biggest driver of client satisfaction.

"Building trust takes time, but more frequent, meaningful contact accelerates it. Most advisers (91%) still rely on in-person meetings, phone calls, and emails to connect with clients," the report states.

"Yet advisers who use secure portals and video calls tend to connect with clients more often, averaging five interactions per year compared with 3.6 interactions on average across the survey."

Trust between an organisation and its clients operates as a crucial catalyst, and once that is breached, it can irreparably harm a firm's reputation, leading to the loss of clients, Ward adds.

"The breaches we've all seen in the media and the countless others which likely haven't hit the media have us continually talking to our staff around safe practices," Ward explains.

"For a while now we've been running formal training sessions around ransomware, phishing and social engineering scams.

"We also run an education platform focused on cyber risks that all staff must complete as well as regularly testing staff, over and above all we have in place ensuring our staff are education and appropriately alert compliments our defence."

Furthermore, resetting a member's account can be much more complex than anticipated, as affected members will need to have their driver's licences and passports reissued, as well as reset login details for every account, Ward continues.

Therefore, it remains prudent to maintain that relationship while strengthening security from top to bottom for all organisations.

Furthermore, Kukreja believes that cybersecurity has now become a "strategic issue," as this aspect has been complicated by multiple layers, including AI, increasing attack frequency, and gaps in governance.

"Many organisations are still approaching cybersecurity as a one-off investment rather than a continuous, evolving discipline," Kukreja warns.

"The growing sophistication of cyber threats demands not only more innovative technologies, but a proactive mindset, embedding security into every layer of the business.

"The threat landscape is evolving rapidly, and businesses must evolve with it - including governance, operations, technology, and culture. Boards, executives, IT leaders and staff all have a role to play.

"Cybersecurity is no longer optional. It's foundational to business continuity, reputation, and trust. The organisations that act now will be far better positioned for the future."

Considering these emerging issues, Kukreja outlines some key recommendations for businesses looking to strengthen their systems, such as increasing the frequency of ongoing cybersecurity training, keeping systems patched and updated to prevent known vulnerabilities from being exploited, and testing incident response plans regularly to minimise disruption and recovery time.

"There can be a gap in governance due to a lack of commitment from senior management, which leads to inadequate processes for identification, reporting, remediating and monitoring of cybersecurity risks," Kukreja adds.

"Tone at the top is critical, and allocating the right level of resources (people, process and technology) on an ongoing basis is vital as the landscape is changing at a rapid pace."

Stavrou agrees, saying a risk culture within a business is essential.

"For any organisation, having a strong risk culture and governance is going to hold you in good stead," Stavrou says.

"That accountability for superannuation funds has recently been formalised via the Financial Accountability Regime from an accountability perspective, and I think that will shift the way that people think about their responsibilities but also how they demonstrate that they are meeting those objectives.

"The other cultural point is the third-party oversight and understanding of the role of the outsourcing and the oversight of the outsourcing provider. Conducting your due diligence and managing it to the expectations that the regulators have."

Binance hopes to combine its global trading infrastructure and investor reach with Franklin Templeton's expertise in tokenisation of securities.

"As these tools and technologies evolve from the fringes to the financial mainstream, partnerships like this one will be essential to accelerating adoption," said Sandy Kaul, head of innovation at Franklin Templeton.

US President Donald Trump recently signed the first major cryptocurrency law to build regulations around stablecoins, which is deemed to push the mainstream adoption of the asset class.

As investors look for opportunities in tokenised securities, Roger Bayston, executive vice president and head of digital assets at Franklin Templeton, said working with Binance can deliver breakthrough products that meet the requirements of global capital markets.

He adds that the goal is to move tokenisation from concept to practice for clients and help portfolio construction at scale.

"Our strategic collaboration with Franklin Templeton to develop new products and initiatives furthers our commitment to bridge crypto with traditional capital markets and open up greater possibilities," said Catherine Chen, head of VIP & institutional at Binance.

More details on the product launches will be shared later this year.

CA ANZ survey of 1000 Australian retail investors with more than $10,000 invested in the stock market showed almost half of the respondents use tools like ChatGPT or Co-Pilot to guide how they invest.

Ainslie van Onselen, CA ANZ chief executive, said AI is changing the landscape for retail investors.

Trust deficit, however, remains high with 43% of the investors saying they lacked confidence in the information produced, and 46% of respondents said they prefer to stick to tried and tested sources of information.

"We have seen adoption of AI grow rapidly for both personal and professional use, but it is interesting to see investors are using it to guide where their money goes," van Onselen said.

"The findings highlight the role of accountants as well as the urgency of adopting digital reporting technology in Australia."

In addition, the survey revealed younger investors aged 18-29 were more likely to use AI (78%), as well as male investors (15% of men compare to 9% of women).

Meantime, CA ANZ chief economist Richard Holden said despite global uncertainty, investors' confidence is buoyed by a strong domestic economy.

"Confidence in Australian capital markets and listed companies has risen significantly at a time of global uncertainty, along with confidence in auditors and financial statements," he said.

"For investors whose confidence has risen, this has been largely driven by the belief that the Australian economy will improve and that Australia will navigate the current global political landscape successfully.

A recent report by Chartered Accountants Worldwide (CAW) and Ipsos UK also revealed chartered accountants are rapidly adapting to AI and see their role evolve into 'Data Guardians'.

"The increasing use of AI tools in investment decision-making highlights the importance of having high-quality and reliable financial data for training these models, which support investors in making informed decisions," Holden said.

The latest Binance Australia User Survey revealed investors consider better consumer protection, tax clarity, and bank access as the top three areas of regulatory importance to themselves.

Banking remains a topical area for digital asset users, with 58% noting that they should be able to deposit funds on their cryptocurrency exchange freely and with no limits, and close to a quarter (23%) said they have changed banks to make buying crypto easier, Binance said.

Binance general manager Australia and New Zealand Matt Poblocki said providing seamless access to the digital asset ecosystem should be at the forefront of the regulator's agenda.

"De-banking adds significant friction to the buying and selling of digital assets, discouraging many, or worse still, sending others to transact in unregulated offshore jurisdictions," Poblocki said.

"It is important for the government, banks, and industry to come together to ensure Australian investors have seamless and secure access to the digital asset ecosystem, without unnecessary barriers that hinder fair participation."

The survey also revealed a significant number of investors believe Bitcoin's value will see further growth.

Twenty-seven percent expect the price of Bitcoin to surge past $229,000 (US$150,000) in the next six months, while almost half (47%) expect it to retain its current value.

Binance said Bitcoin has been one of the "best-performing" assets, almost doubling in value over the past 12 months, which has become increasingly helpful as a hedge, or a digital counterpart to gold, amid rising geopolitical uncertainty, inflation concerns and falling interest rates.

This bullish sentiment has led to half of the surveyed users (49.4%) planning to increase their holdings and purchase additional Bitcoin over the next six months.

"Bitcoin is riding a wave of momentum backed by strong tailwinds of increased institutional inflows, improved regulatory clarity, and more mainstream investor adoption," Poblocki continued.

"Bitcoin again set an all-time high this month and it is clear that users who responded to the survey expect the price of Bitcoin to retain its current level and potentially push even higher."

Further, Binance said other crypto assets tend to offer greater utility, with specific features including privacy, speed, or interoperability.

In relation, the survey found that nearly nine in 10 (86.1%) hold at least one other cryptocurrency asset outside of Bitcoin, and six in 10 (57.8%) plan to add to their altcoin portfolio within the next six months.

"While Bitcoin remains the bellwether for assessing confidence in the crypto sector, altcoins and stablecoins provide alternative access points that allow investors to diversify their holdings and seek other return opportunities," Poblocki added.

Despite most institutes refusing to add digital assets to their portfolios, AMP expanded its exposure to the sector late last year, noting that crypto has become "too big" to ignore.

At the time of reporting, digital assets accounted for 0.05% of its total assets under management.

The partnership will provide members pre-retirement personal advice tools, and a public-facing calculator. The solution is designed to help members better understand their financial position as they approach retirement.

Future Group general manager, partnership and advice Roshan Singappuli said he was excited about the partnership.

"We're thrilled to kick off this important initiative with Bravura. It's a critical step in supporting our members as they approach retirement," Singappuli said.

"The collaboration and shared innovation between our teams so far has been outstanding."

In addition, Bravura has partnered with AIA Financial Wellbeing to build its first digital insurance needs analysis tool.

Using Bravura's Midwinter technology, the tool will enable AIA Financial Wellbeing to provide a personalised, adviser-led insurance experience for its customers, including a digital fact find and real-time modelling to streamline the advice process for both advisers and clients.

"By integrating data with our advice technology, we're reducing duplication, saving valuable time, and significantly accelerating the path to a completed Statement of Advice," AIA Financial Wellbeing chief retail insurance and advice officer Pina Sciarrone said.

"This intuitive solution empowers advisers to help clients better understand and take control of their insurance needs, enabling them to visualise real-time outcomes in a way that builds confidence and clarity."

The new partnerships come as more superannuation funds look to provide digital advice offerings.

Bravura also said AMP, Aware Super and Rest have all ramped up Midwinter-based initiatives this year to support members with more accessible, real-time financial advice.

ASIC said the proposed changes aim to keep pace with continued developments in technology, including artificial intelligence (AI).

ASIC's proposed rule changes would extend the principles-based rules for trading systems to participants' development, testing, use and monitoring of their trading algorithms and require 'kill switches' to enable immediate suspension of unusual trading algorithm activity.

ASIC also proposes to repeal some obsolete rules and reduce complexity as part of its focus on streamlining the MIRs.

These include repealing the automated order processing annual notification to ASIC requirement.

ASIC said its proposals aim to streamline and reduce complexity by applying consistent rules to any trading systems used by participants; and harmonise trading system rules and safeguards across the securities and futures markets and align ASIC's rules framework with the International Organisation of Securities Commission principles and international best practice on algorithmic trading.

ASIC said that as trading systems are largely automated the guardrails in its market integrity rules also need to adapt.

"ASIC estimates that algorithmic trading in Australian listed equities markets comprises approximately 85% of all trading, while in the futures markets about 94% in SPI 200 futures trading and 46% in three-year Treasury bond futures trading," the financial regulator said.

"During periods of heightened volatility, financial markets may be especially vulnerable to risks from unexpected activity by trading algorithms or AI."

ASIC said these risks may be increased where AI is deployed with algorithmic trading, such as potential exacerbation of market volatility or 'flash crashes'.

"Also, the complexity and opacity of AI models can make it difficult to understand decision-making processes, increasing the potential for unintended consequences," it said.

The consultation closes October 22.

Released today, HUB24's annual results show the platform had $19.8 billion in inflows over the year, $4 billion of which came from large migrations. In the year, $5.3 billion was migrated from Equity Trustees and $1.3 billion came across when it took over ClearView WealthFoundations.

Statutory net profit after tax was recorded at $79.5 million, which is a 68% increase on the previous year. Underlying profits came in at $97.8 million, up 44%.

Operating expenses were up 18% for the year due to variable expenses related to the jump in FUA and the addition of more full-time staff as part of its increased investment in technology, product and operations.

The total group revenues were $406.6 million, with the platform achieving $323.3 million.

The group's total funds under administration sat at $136.4 billion as of June 30, rising 30% year on year. Of this, $112.7 billion is on the platform, though HUB24 said this has now increased to $118 billion.

"Our strong financial performance during FY25 has delivered underlying group EBITDA of $162.4 million - up 38% and fully franked final dividend of 32.0 cents per share resulting in total FY25 dividends of 56.0 cents per share, up 47%," HUB24 managing director and chief executive Andrew Alcock said.

Another highlight in FY25 was a marked increase in the number of financial advisers using the platform, HUB24 said. Over the year, it added 572 advisers - the largest increase since FY21. At that point, 16% of advisers were using HUB24, with it now having doubled to 33%, it said.

Over that time, funds under advice per adviser has also grown from $14 million in FY21 to $22 million today.

The transaction fees were undisclosed, and it is pending customary conditions and approvals.

Founded in 2000, Nexon is a digital and IT services provider headquartered in Sydney, offering end-to-end solutions in security, cloud and digital solutions.

Since July 2019, Nexon has grown from 150 employees to over 600 and registered more than five-fold growth in sales revenue, EQT said.

The company is also serving more than 1000 mid-market and enterprise customers in Australia.

EQT Private Capital Australia partner and co-head of technology, Asia Frank Heckes said he is proud to see how much Nexon has grown over the past six years.

"Together, we've built on Nexon's strong foundations, driving innovation, expanding its service offering, and strengthening its market position," Heckes said.

"We are proud of what has been achieved and are confident that the company is well-positioned for continued success in its next chapter."

Nexon Asia Pacific founder and chief executive Barry Assaf added that EQT's support was crucial in scaling the business.

"With EQT's support, we've grown to become one of Australia's leading IT services platforms, scaling our team, broadening our customer base and significantly expanding our capabilities across cloud, security and digital solutions," Assaf said.

"EQT has been a true partner in helping us execute our growth strategy, including acquisitions that have strengthened our service offering and market reach.

"As we look to the future, we're excited to build on this momentum and continue our journey with Adamantem Capital, driving even greater impact for our customers across Australia."

The group said private companies will be able to streamline private share registries, automate administrative tasks, and engage more meaningfully with investors.

Shareholders will be able to view and interact with their holdings in a transparent environment, it added.

"A company's registry isn't just a list; it's the bridge between a business and its most important stakeholders - its employees and shareholders," Sharesies Australia country manager Wade Ranford said.

"In an increasingly changing world, nurturing these relationships, fostering trust, and keeping shareholders engaged is crucial for companies to attract and retain patient supportive capital.

"We saw an opportunity to bring our expertise in delivering high-quality experiences to the private sector, to help companies strengthen that bridge."

It follows Sharesies' acquisition of private equity management platform Orchestra last year.

It currently works with more than 600 private and listed companies, and has more than 800,000 investor users across Australia, New Zealand, and the US.

Speaking exclusively with Financial Standard, MUFG Retirement Solutions (ANZ) chief executive Frank Lombardo said super funds that don't embrace emerging technologies risk "falling behind".

"... and not just from a security perspective, but also from a [member] experience perspective," Lombardo said.

"The transformation that comes from technology changes the way we work, it changes member online portals and mobile apps - and to leverage that technology is where the experience benefits come from."

New research commissioned by MUFG Pension & Market Services reveals that 77% of Australians are moderately to highly concerned about cyber incidents impacting their superannuation, with more than half saying they would consider switching funds if digital security or user experience falls short.

The research, detailed in the Protecting Australia's Retirement Savings in a Digital World whitepaper, called for an industry-wide uplift in digital identity and fraud protection capabilities.

As part of the whitepaper, MUFG Pension & Market Services detailed how it has been piloting biometric eKYC onboarding and exploring verifiable credentials, to expand its 'ALERT' fraud detection system, which it said actively protects more than 30 million accounts and recently prevented an estimated $21 million in attempted fraud.

Lombardo said MUFG is also embracing the use of artificial intelligence (AI) for its ALERT system to analyse over 450 million data points daily to present shareable data.

"AI is poring over that population of data and then providing insights that we share. So that's a really good example of where AI can be leveraged, and is being leveraged, in a real way to deliver insights that are helping us to look after our clients and look after their members," Lombardo said.

Lombardo said awareness and education will be the key to protecting Australians' superannuation assets from cyber-attacks and called on the sector to work together and share information.

"MUFG looks after 9.5 million Australians and that is a privileged position to be in. We understand the privilege that comes with that, but equally, it enables us to have a strong understanding of what's going on with 9.5 million Australians' accounts," Lombardo said.

"We've got to take some leadership and be sharing insights and be provoking thinking. We really welcome the conversation, whether it's with our clients or with our peers, especially in this area.

"It's an important area for us to not be too worried about competition, but to be open and transparent about what we're doing, because I think all of Australia lifting in this area is really important."

The report looked at how Australia can better harness the data contained in the financial reports that many large companies and organisations must prepare and submit.

The PC said Australia is one of the only countries that still requires companies to submit these reports in non-digital formats like hardcopy or PDF.

Th report said this makes extracting data from Australian financial reports expensive, time consuming and more prone to error.

The report recommended that the Australian Government make digital financial reporting mandatory for disclosing entities.

"The data in these reports informs countless financial decisions that affect almost all of us through our superannuation or the shares we own," PC commissioner Julie Abramson said.

"Digital financial reporting saves time and money but it could also lead to better, more profitable decision-making."

In addition, the report said Australia can unlock the benefits of data and digital technology with a growth-focused approach to regulating AI and new pathways to give people access to the data about themselves.

The interim report, Harnessing data and digital technology, is the third of five inquiries into productivity the PC is undertaking, presenting practical reforms to get Australia back on the path to growth.

"The average Australian today enjoys living standards three times higher than the average Australian in the 1960s, due in part to the productivity growth that new technology has delivered," PC commissioner Stephen King said.

"With the right policy approach, AI technology and innovations in data could help Australia get back on the path to growth."

Th report suggested that AI will likely add more than $116 billion to Australian economic activity over the next decade.

As a result, it recommended an approach to regulation that limits the risks that AI presents without stifling its growth potential.

The PC said the government should check for gaps in current regulation exposed by AI and, where possible, amend that same regulation to fill them. AI-specific regulation should only be considered as a last resort.

"Like any new technology, AI comes with risks. But we can address many of these risks by refining and amending the rules and frameworks we already have in place," King said.

"Adding economy-wide regulations that specifically target AI could see Australia fall behind the curve, limiting a potentially enormous growth opportunity."

The report also recommends the government establish simple, flexible regulatory pathways to give individuals and businesses greater access to data that relates to them.

The pathways would "meet sectors where they are" and be gradually implemented, starting with use cases where data sharing would have large benefits and low compliance costs.

"Businesses use data about us every day, but it's often more difficult than it needs to be for us to access that same data ourselves," King said.

"With better access to this data, we can get more value out of our products and services and get insights and advice that could help us make better decisions."

The report found improving people's ability to access data that relates to them could spur competition and innovation and deliver productivity gains worth as much as $10 billion a year.

The report also looked at data protections embedded in the Privacy Act, and found they are costing business, limiting innovation, and in many cases, not providing the protections consumers expect.

It found that parts of the Act are too focused on prescribing actions or procedures businesses must take, rather than outcomes, and can place the burden of privacy protection on individuals, rather than businesses.

"To use a product or service, consumers are often asked to acknowledge lengthy, complex privacy policies that few have the time to read. In many cases, this is not providing the protection consumers expect, and it can be costly and difficult for businesses to comply with," Abramson said.

The report recommended the government introduce an alternative compliance pathway for business to meet their privacy obligations, focused on outcomes rather than controls-based rules.

The PC is now accepting submissions on these reforms to inform the final report that will be released later this year.

The platform is designed to offer wholesale and professional investors institutional-quality access to private market investments, including private equity, private credit and real assets, through a managed account structure.

FinCap said the model combines the transparency and control of traditional managed accounts with the depth and diversification of private markets.

The technology powering the platform is based on OpenInvest's infrastructure used across the retail advice, stockbroking and asset management sectors and is being adapted by FinCap to meet the more complex demands of private market investing, including liquidity management, portfolio construction and institutional-grade reporting.

OpenInvest is a third-party investment platform provider which also has backing from Pinnacle.

"For over two decades, I've worked with advisers and investors seeking access to high-quality private market opportunities - without the friction of traditional fund structures. This platform reflects that demand," FinCap founder and chair Christian Ryan said.

"It combines deep private markets expertise, fit-for-purpose scalable technology, and a structure that resonates with advisers. Pinnacle's backing gives us the capability and confidence to lead in this segment."

Pinnacle founder and managing director Ian Macoun said the managed accounts sector, particularly in private markets, is still in its infancy in Australia.

"However, the pace of tech innovation in this area is accelerating and it will soon play a fundamentally important role in helping advisers deliver scalable, customised private market exposure, through structures that better align with client needs," Macoun said.

"FinCap brings deep experience and a clear strategic vision to this opportunity, so we're proud to support the launch of the managed accounts platform, and to back a solution we see as becoming increasingly important in delivering high quality private market investment capabilities to a broader set of investors."

FinCap's platform is designed to support a range of engagement models - spanning FinCap-branded offerings, white-label solutions, and bespoke implementations guided by research consultants and advisors.

The new managed accounts platform builds on FinCap's established presence in private capital markets.

Initial rollout will prioritise advisers, research houses, and intermediated private wealth groups seeking access to alternative investments.

Wealth Data provides insights on advisers, superannuation funds, and self-managed super funds (SMSFs).

Following the acquisition, Padua Solutions will receive enhanced wealth insights to enable more effective adviser support and client engagement, improved market intelligence to enhance advisers' decision-making and competitive advantage, and immediate client benefits by leveraging Wealth Data's existing relationships across platforms and institutions.

Wealth Data founder Colin Williams said he is pleased to join Padua Solutions.

"Joining Padua presents an exciting opportunity to further enhance how our data insights drive positive outcomes in financial advice and financial services," Williams said.

"Together, we will continue innovating to deliver unparalleled value and insights to the industry."

Padua Solutions co-founder and chief executive Matthew Esler said the acquisition marks a significant step towards delivering "powerful and actionable" insights to the financial services industry.

"Colin Williams and his expertise will significantly enhance our offering and our ability to support our clients' growth and success," Esler said.

"The strong response to our capital raise reflects confidence in our strategic vision, and we look forward to announcing additional acquisitions soon."

The transaction follows Padua Solutions' capital raise with the initial target of $5 million, which closed at $7 million - the capital raise was supported by funds managed by Acorn Capital as cornerstone investor.

Matthew Sheehan of Acorn Capital and a director of Padua Solutions said: "We believe that with its technology and data, Padua is poised to revolutionise the advice sector."

"The acquisition of Wealth Data is a step to achieving this goal and we are excited to continue to support Padua's ongoing growth and look forward to their continued success."

Wrkr and MUFG Retirement Solutions will work together to deliver a digital platform that will integrate AustralianSuper's clearing house, gateway and digital employer services in preparation for Payday Super.

The platform will support digital onboarding and contribution processing and reduce administrative complexity for employers, Wrkr said. Payday Super and Single Touch Payroll capabilities will be integrated, as will MUFG's core registry system to enable contributions data matching.

The agreement has an initial term of three years.

"We are proud to partner with Wrkr on this next-generation digital platform for AustralianSuper. This partnership reflects MUFG Retirement Solutions' commitment to putting our clients first, delivering world-class financial and retirement services through innovative technology and operational excellence," MUFG Retirement Solutions, ANZ chief executive Frank Lombardo said.

"By working with leading partners like Wrkr, we are strengthening capabilities for our clients and improving the experience for both employers and members. This partnership also supports the industry's transition to Payday Super, helping our clients to stay ahead of regulatory change and meet the future needs of the superannuation sector."

Equally, Wrkr chief executive Trent Lund said: "We are thrilled to be partnering with MUFG Retirement Solutions and AustralianSuper to deliver a cutting-edge, future-ready digital platform that will support AustralianSuper's vision of being Australia's leading superannuation fund for members."

"Our technology will enable AustralianSuper to enhance the employer and employee experience, optimise workflows and improve efficiency. This collaboration also underscores Wrkr's commitment to making compliance effortless from hire to retire, and we're excited about what is to come."

Just last month, Wrkr and MUFG Retirement Solutions successfully completed a pilot of Wrkr's employer services platform with Rest and the super fund will now move to implement the technology to ensure it's aligned with the Payday Super obligations.

The five-year strategic partnership is built on a co-investment model, with Microsoft providing AI capabilities at scale across MPMS operations in Australia, New Zealand, India, Hong Kong and the UK, focusing on key areas in member and investor experience.

MPMS will harness Microsoft's AI technologies to enhance and automate core superannuation processes, enabling faster, more accurate and personalised support, it said.

The leveraged AI capabilities will also "streamline" investor communications, reduce manual handlings and enable straight-through processing, presenting a more transparent experience for listed companies and their shareholders.

As part of the transformation, MPMS has rolled out Microsoft 365 Copilot and GitHub Copilot to embed AI literacy across its workforce for better efficiency in operation.

All AI and cloud initiatives are built to ensure compliance with data governance, privacy and regulatory requirements across jurisdictions, MPMS affirmed.

It also adds to MPMS's recent investments in cloud modernisation for better preparation in services for superannuation and investor ahead of the "next wave of transformation".

MPMS chief executive and managing director Vivek Bhatia said the collaboration will create smarter experiences for its clients.

"Whether it's using advanced AI to help a member access their pension or giving listed companies intelligent tools to better engage with shareholders, we're focused on solutions that remove friction and add value," Bhatia said.

"The scale and certainty of a five-year strategic partnership allows us to confidently leverage Microsoft's cutting-edge AI capabilities, modernise rapidly, and deliver innovations across the member and investor journey on behalf of our clients.

"It also allows us to invest in our people as we create the 'roles of the future' to deliver solutions that matter most to our clients."

Microsoft Asia president Rodrigo Kede Lima believes AI can "redefine" financial services.

"Our partnership with MUFG Pension & Market Services is a powerful example of how AI can be used responsibly and at scale to deliver meaningful outcomes for people - from simplifying pension access to modernising investor engagement," Lima said.

"We're proud to bring the full strength of Microsoft's technology and expertise to help MPMS lead with innovation across the markets they serve."

The cloud-based financial advice and investment management platform has signed a binding legal documentation with a new, undisclosed investor as part of an ongoing raise.

According to Bailador Technology Investments, a substantial shareholder of DASH, the new investment comes at a 59% higher valuation than its current equity investment.

DASH declined to comment on the raise.

Bailador's investment is structured as a $25 million equity investment and $5 million debt investment; the 59% uplift applies to the equity investment only, delivering a blended increase of 49% ($14.7 million) on the total carrying value which represents an increase in net tangible assets of $0.099 per share (pre-tax).

Bailador co-founder and managing partner David Kirk said: "DASH has made very pleasing progress since we invested 12 months ago. This new investment and valuation uplift is a reflection of that progress."

"Pleasingly, the business has put in place strong foundations for future growth and is well positioned in the wealth management industry which benefits from attractive tailwinds."

DASH has some $18 billion in funds under advice, which is significantly more than the $10.6 billion it had when Bailador last topped up its investment in October last year.

The platform has recently partnered with S64 to broaden private market investments channels for financial advisers and their clients.

Rest completed a trial of Wrkr's employer services platform alongside MUFG Retirement Solutions, Rest employers and their users.

The trial involved a production version of the platform being deployed for testing and feedback, using production data including the onboarding of new businesses and users and processing of numerous super contributions.

Rest was looking to not only upgrade the current experience but also align its technology to its obligations under the Payday Super reforms, expected to come into effect on 1 July 2026.

Having been successful, Rest is now negotiating final terms with MUFG Retirement Solutions to implement the technology.

Rest chief service officer Brendan Daly said the fund is very pleased with the results of the trial.

"We believe Payday Super will help many of our members - and millions of working Australians - achieve fairer retirement outcomes, particularly those who work in part-time and casual roles," he said.

"We strongly support these reforms, but we're also conscious of the potential impact they could have on employers and the need to upgrade administration infrastructure ahead of the changes.

"We are pleased with the success of the pilot and the encouraging responses we received from the participating employers, and we look forward to working closely with Wrkr and MUFG Retirement Solutions on the next steps to roll out the platform in the coming months."

Wrkr, which is an ASX-listed provider of digital workforce compliance services, will continue to work with Rest and MUFG Retirement Solutions on the implementation.

"We're delighted to have completed a comprehensive pilot with Rest and MUFG Retirement Solutions, which rigorously tested our industry-leading employer services platform in a real-world superannuation environment," Wrkr chief executive Trent Lund said.

"The participating Rest employers provided positive feedback about the platform's simple and intuitive user experience. This is a significant step forward in Rest's preparations in helping their employers prepare for Payday Super."

Wrkr's solutions are currently used by more than 70,000 businesses, including four super funds, including Aware Super and Commonwealth Super Corporation, and APRA and the ATO. It's also used by more than 28,000 self-managed super funds.

Qwrk was founded in 2010 as a paraplanning firm that transitioned into a full-suite back-office solutions provider. It has presence across Australia and the Philippines and is known for specialised support for financial services firms.

Qwrk will provide outsourcing roles to complement Fin365's software offerings, which includes the creation of integrated service model that combines both technology and human expertise.

Fin365's offers Microsoft-leveraged solutions such as Dynamics 365, Power Automate, Power BI and Copilot.

Commenting, Fin365 chief executive Stephen Handley said the acquisition is a "natural evolution" of an existing partnership.

"Qwrk has been providing outsourcing resources to Fin365 and our customers for over four years. To meet the growing demand, we've jointly designed a bespoke recruiting and development strategy, ensuring we attract and retain the right talent," Handley said.

"Through this collaboration, we've come to know the Qwrk team very well. They're great professionals who share our values and our vision of improving the access and affordability of financial services."

The acquisition comes as more are looking for technology consultation with "overwhelming" demand at the rapid rate of innovative developments in the space.

"... we have a situation where innovation is outpacing adoption, It's very difficult for our customers to keep up and ensure they're taking maximum advantage," Handley added.

"This has led to an increase in the need for technology consulting and resources such as CTOs, business analysts & software developers.

"However, our customers were finding it difficult to find service providers who combined the technical depth and financial services industry experience."

Fin365 general manager of sales and marketing Jess Bulafkin said the "one-stop-shop" approach can better track quality and customer satisfaction.

"It's quite unusual for a software provider to also offer technology outsourcing services. Generally, they prefer to refer to third-party consultants. For a variety of reasons, we've found this approach has generally failed to deliver the optimum outcome for our customers," Bulafkin said.

"By building an integrated software and services business, we can provide our customers a 'one-stop-shop' for a broader set of needs and ensure the highest level of quality and customer satisfaction."

Qwrk managing director and founder Jo Hall explained the nature of outsourcing is rapidly evolving.

"While demand for traditional outsourcing roles such as administration, paraplanning, and compliance remains strong, we're seeing even faster growth in the need for technology and data-focused roles," Hall said.

"Outsourcing today isn't about offloading unwanted tasks-it's about finding team members with the right skill sets and the right attitude, no matter where the talent is located.

"Merging Qwrk Outsourcing and Fin365 ensures our clients benefit from more integrated services, and our people benefit from being part of a shared vision and purpose."

As part of the transaction, Novigi scooped up over 100 specialised consultants, taking its headcount to nearly 400.

Apex regional managing director for Asia Pacific Nicholas Happell said that dividing the business in this way allows each entity to focus on its core competencies, ensuring that the acquisition of Iress' superannuation business will "deliver the best results for the industry."

Apex Super will spearhead Acurity's product development and administration services, while Novigi manages the underlying technology stack and services.

The two firms will also collaborate to develop their combined software applications into a "market-leading ecosystem," Happell said.

He said this will result in "simpler service" and "increased technology investment," "improving the experience for all software users, administration clients and members."

Novigi chief executive Ash Priest, meanwhile, said the transaction is a key part of the firm's growth strategy, demonstrating its commitment to strategic and sustainable growth.

Priest said the firm needs to providing leading services at scale around the most relevant technologies for the superannuation and wealth management industry.

He added that the Acurity software suite, which is "deeply embedded" in the wealth management sector, strengthens its ability to meet growing market demand.

He also said the firm looks forward to integrating a talented group into its operating model.

Novigi said the acquisition was another significant step forward in the close collaboration between the two firms.

Apex appointed Novigi as a data and technology partner in July last year in a bid to strengthen its proposition in superannuation administration and to expand market reach.

Syfe has raised $81.5 million (US$53m) in support of its Australian strategy, the bulk of which will be immediately directed towards enhancing the now-rebranded Selfwealth by Syfe. It will also be used to increase its local team and develop new affordable and tech-enabled investment and wealth offerings.

Syfe said it wants to roll out a "hybrid advisory model" which supports customers and financial advisers, including self-managed super capabilities.

It said it wants to help close the advice gap, offering services to more of the 12 million Australians estimated to hold over $100,000 in investable assets but don't receive financial advice.

"Selfwealth by Syfe was built to support the millions of Australians who sit between DIY platforms and expensive private advice, and who are currently underserved," said Dhruv Arora, founder and chief executive of Syfe.

"This funding enables us to bring better products to market faster, make strategic local hires, and scale our offering to deliver real impact for everyday investors."

He added that Australia is a core growth market for Syfe.

"This is a long-term play, and we are here to build," he said.

"Our mission is to empower more Australians to be in control of their wealth and future, and this raise will help us deliver on that promise."

The money raised was part of the company's Series C round, which has so far hit $123 million (US$80m).

Fundhost, which has $2 billion in assets under management, provides responsible entity, trustee, fund administration, registry, operations and support services to boutique Australian and international fund managers.

As part of this arrangement, Fundhost will leverage SS&C's proprietary platform to streamline its unit registry and fund administration operations.

To uphold service continuity and ensure a smooth onboarding process for its clients, Fundhost has moved 10 of its employees to SS&C's Sydney office.

SS&C said the agreement expands its presence in Australia and reinforces its commitment to supporting the local investment management industry.

SS&C head of transfer agency for APAC Euan McLeod said the firm is excited to welcome its new colleagues and to deepen its presence in the Australian market.

"As demand for business process outsourcing continues to accelerate, we remain committed to delivering market-leading services to fund managers, custodians, and responsible entities across Australia," McLeod said.

Meanwhile, Fundhost joint chief executive Drew Wilson said the firm selected SS&C for its expertise across private markets, hedge funds, active ETFs, and global infrastructure.

"With access to SS&C's technology and operational resources, we're well-positioned to broaden our capabilities while maintaining the high level of service our clients rely on," Wilson said.

New statistics from the OAIC show there was a total of 1113 notifications received about data breaches in the 2024 calendar year. In 2023, there was 893.

Of the 1113, 595 came in the second half of the year.

Malicious and criminal attacks were the main source of breaches. They accounted for 69% of the notifications received by the OAIC in the second half of 2024; 61% were cybersecurity incidents.

As for other sources, 29% were the result of human error and 2% were due to system faults.

In financial services, malicious and criminal attacks accounted for 30 of the 54 breaches reported. Twenty-one were due to human error, while the balance was the result of system faults.

Some 34% of all breaches took more than 30 days to be identified. Of those that were the result of a system fault, 37% took more than 30 days.

Interestingly, the most reports came in from the health services sector and the Australian government, with the OAIC saying the public sector significantly lags the private sector when it comes to identifying and notifying breaches.

Of the total, 63% impacted less than 100 people.

The record number of data breaches in 2024 highlights the significant threats facing Australians' privacy that organisations and agencies need to effectively manage, Australian Privacy Commissioner Carly Kind said.

"The trends we are observing suggest the threat of data breaches, especially through the efforts of malicious actors, is unlikely to diminish, and the risks to Australians are only likely to increase," she said.

"Businesses and government agencies need to step up privacy and security measures to keep pace.

"Australians trust businesses and government agencies with their personal information and expect it to be treated with care and kept secure."