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Australia Post Names New Chief Information Security Officer


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Australia Post Names New Chief Information Security Officer | TechBest

Australia Post Appoints New Chief Information Security Officer

Quick Read

  • Adam Cartwright will start as the Chief Information Security Officer (CISO) at Australia Post in August.
  • Cartwright formerly occupied top cyber security positions at Asahi Beverages, Commonwealth Bank of Australia (CBA), and ANZ Banking Group.
  • Glenn Stuttard leaves after 11 and a half years with Australia Post.
  • Stuttard intends to pause for a while before exploring new prospects.

Australia Post names its next CISO

Australia Post has revealed that Adam Cartwright will be stepping in as the new Chief Information Security Officer (CISO) beginning next month. Cartwright takes over from Glenn Stuttard, who is departing the organisation after more than 11 years of service. Stuttard’s exit signifies the conclusion of a notable chapter in Australia Post’s cyber security history.

Adam Cartwright’s Background

Adam Cartwright has a strong background in cyber security management and has joined Australia Post. Before this position, he was the Group General Manager of Cyber Security and Risk at Asahi Beverages. Cartwright has also served in significant roles like Deputy CISO at Commonwealth Bank of Australia (CBA) and Head of Cyber Security at ANZ Banking Group.

A spokesperson for Australia Post stated, “Adam will contribute extensive knowledge to Australia Post from his experience in cyber security across various sectors.”

Glenn Stuttard’s Departure

Glenn Stuttard, after serving Australia Post for 11.5 years, announced his resignation on LinkedIn last week. In his farewell message, Stuttard looked back on his journey with a sense of pride, highlighting the team’s achievements in protecting one of Australia’s most trusted brands. He also stated that he intends to “recharge before seeking new opportunities.”

Transition Period

The transition phase is anticipated to be seamless, with Cartwright taking over to uphold the strong security infrastructure founded during Stuttard’s tenure. Australia Post believes that Cartwright’s substantial experience will improve their cyber security practices even further.

Summary

Australia Post has named Adam Cartwright as the new Chief Information Security Officer, following Glenn Stuttard’s departure after 11.5 years of service. Cartwright’s broad expertise in cyber security within multiple sectors is anticipated to offer a new outlook on Australia Post’s security measures.

Q: Who has been appointed as the new CISO of Australia Post?

Adam Cartwright is set to begin his new role as Chief Information Security Officer at Australia Post next month.

What professional experience does Adam Cartwright have?

Adam Cartwright formerly served as the Group General Manager of Cyber Security and Risk at Asahi Beverages. Additionally, he held the roles of Deputy CISO at the Commonwealth Bank of Australia and Head of Cyber Security at ANZ Banking Group.

Why is Glenn Stuttard departing from Australia Post?

Glenn Stuttard is departing after 11.5 years at Australia Post to take a break and rejuvenate before seeking new opportunities.

How will this new leadership affect Australia Post?

The transition is anticipated to be seamless, as Adam Cartwright brings extensive expertise in cybersecurity to enhance Australia Post’s security framework.

When is Adam Cartwright scheduled to begin his position?

Adam Cartwright will begin his position as Chief Information Security Officer in August.

Australia is preparing to implement pioneering anti-scam legislation aimed at tech giants this year.


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Australia’s Pioneering Anti-Scam Legislation Aiming at Technology Giants

Quick Read

  • Australia is set to implement legislation that requires internet companies to block scams.
  • Severe penalties for failing to comply could amount to $50 million or higher.
  • The ACCC and the treasury are seeking input from multiple industries to develop a code to combat scams.
  • Advertisements for cryptocurrency scams that use Andrew Forrest’s name have led to substantial financial losses.
  • Meta is facing a lawsuit for not effectively controlling misleading ads.
  • The recent legislation seeks to make technology giants responsible, which might lead to clashes with United States laws.
Australia to bring anti-scam law targeting internet giants this year

Australia’s New Anti-Fraud Legislation

By the end of the year, Australia intends to implement a pioneering law that will require internet companies to actively prevent the hosting of scams or risk substantial fines. The Australian Competition and Consumer Commission (ACCC), alongside the treasury department, is presently engaging with internet, banking, and telecommunications companies to develop a compulsory and enforceable anti-scam code.

The Importance of This Legislation

This action follows significant financial losses for Australians due to cryptocurrency scam advertisements featuring high-profile individuals such as mining tycoon Andrew Forrest. Forrest has initiated legal proceedings against Facebook’s parent company, Meta, in California, after failing to compel the company to take action within Australia. Government statistics show that Australians’ losses from scams have surged from $900 million in 2020 to $2.7 billion in 2023, reflecting a global trend worsened by the increased online activity driven by the pandemic.

Consultation with Industry and Code Creation

The ACCC and the Treasury seek to create an anti-scam code mandating internet platforms to take reasonable measures to safeguard users. This encompasses providing efficient complaint services. At present, only telecommunications providers in Australia are subject to specific anti-scam regulations.

Possible Disputes with Major Technology Companies

The enactment of this law might provoke another clash between Australia and major tech companies. Historically, internet platforms have depended on U.S. legislation that mostly absolves them from accountability. The ACCC has previously required internet firms to pay media organizations licensing fees for content links, causing Meta to contemplate blocking media content on Facebook in Australia. The new anti-scam legislation could exacerbate these tensions by imposing legal liability on these platforms.

Expected Implementation Timeline

“We anticipate the implementation of these measures throughout this period and by the end of the year,” stated ACCC chair Gina Cass-Gottlieb. The ACCC maintains that clear and enforceable legal requirements are essential. Non-compliance with these new regulations could lead to penalties of up to $50 million, triple the profit obtained from the misconduct, or 30 percent of the revenue at the time the violation took place.

Ongoing Legal Proceedings and Potential Consequences

The ACCC is taking legal action against Meta for not preventing the display of deceptive advertisements that include well-known Australians. Meta has been defending itself since March 2022, and the case remains in the pre-trial phase. Cass-Gottlieb contends that a compulsory code would lessen the reliance on “retroactive” and lengthy court procedures for enforcement.

Meta has chosen not to provide comments regarding the timing of the anti-scam code. However, the company has previously expressed a preference for a voluntary code, arguing that a mandatory code could result in a focus on compliance rather than innovation.

Summary

Australia is poised to implement a groundbreaking anti-scam legislation by year’s end, aimed at holding internet companies responsible for preventing scams. Both the ACCC and the treasury are engaging with different industries to develop a regulatory anti-scam code. This initiative is intended to combat the increasing financial losses due to scams in Australia but might result in additional disputes with major tech companies such as Meta.

What is the main goal of Australia’s new anti-scam legislation?

The main goal is to require internet firms to take preventive measures against hosting scams and to offer efficient complaint services, thereby safeguarding users.

What are the potential fines for businesses that do not comply?

Companies could be subject to penalties amounting to $50 million, triple the advantage obtained from the misconduct, or 30 percent of their revenue at the point of the violation.

Why might there be a possible conflict with U.S. laws?

U.S. regulations generally shield internet platforms from liability for content created by users, whereas Australia’s recent legislation seeks to make these platforms legally responsible.

What has driven this recent legislative proposal?

The rising financial losses resulting from scams during the pandemic, which led to Australians losing $2.7 billion between 2020 and 2023, spurred this legislative action.

Who is in charge of developing the anti-scam code?

The mandatory anti-scam code is being developed under the leadership of the Australian Competition and Consumer Commission (ACCC) and the treasury department.

Q: Which types of scams have been most common in Australia?

Cryptocurrency scam ads featuring high-profile individuals such as Andrew Forrest have been especially common, resulting in considerable financial losses for Australians.

How could this new legislation affect technological innovation?

Certain technology firms, such as Meta, contend that enforcing a compulsory anti-fraud code might compel them to emphasize adherence at the expense of innovation.

Q: When is the law anticipated to take effect?

The ACCC aims to implement the new anti-scam codes by the end of this year.

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Apple Allows Competitors to Utilize Tap-and-Go Payments in Significant Policy Change


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Apple Allows Rivals to Use Tap-and-Go Payments in Significant Policy Change

Apple Expands Tap-and-Go Payment Options to Include Competitors in Significant Policy Change

Apple opens tap-and-go payments to competitors in major policy shift

Quick Read

  • Apple is allowing competitors to use its tap-and-go mobile payment system.
  • Action driven by EU antitrust rules outlined in the Digital Markets Act (DMA).
  • Apple is subject to three investigations related to the DMA.
  • The European Commission’s decision mandates adherence for a decade.
  • Over 3000 banks and issuers across Europe provide Apple Pay.
  • The ruling permits developers to utilize Apple’s NFC technology.
  • The Norwegian application Vipps MobilePay is pleased with the decision.

The Apple and Digital Markets Act

The Digital Markets Act (DMA) seeks to create fair competition among major technology companies and provide users with more options. Apple is currently facing scrutiny through three active investigations. The company’s App Store policies and recent contractual terms for developers have been called into question. EU antitrust regulator Margrethe Vestager has stated that Apple has not yet adhered to these rules.

Opening NFC Technology

In a major policy change, Apple is set to grant access to its near-field communication (NFC) technology to competitors. This choice is the result of a four-year investigation conducted by the European Commission. Apple’s proposal will be effective for 10 years, enabling developers to create payment applications that use Apple’s NFC technology. The goal of this initiative is to enhance competition within the mobile wallet market.

Effects on European Programmers

Apple’s concessions will let European developers incorporate tap-and-go payments into a wide range of applications, such as car keys, transit systems, corporate badges, home keys, hotel keys, merchant loyalty/rewards, and event tickets within their iOS apps. This adjustment is anticipated to make Apple’s NFC technology more accessible and foster innovation among competitors.

Feedback from Industry Stakeholders

The Norwegian mobile payment application, Vipps MobilePay, which had previously raised concerns regarding Apple Pay’s limitations, embraced the recent change. This advancement permits Vipps MobilePay and other service providers to compete on an equal footing with Apple, potentially resulting in a wider array of consumer-friendly choices within the market.

EU Antitrust Penalties

In March, Apple encountered its inaugural EU antitrust fine—a substantial 1.84 billion euros (AUD 2.96 billion) for limiting competition from Spotify and other music streaming competitors through its App Store regulations. This penalty highlighted the EU’s dedication to addressing anti-competitive actions by major tech firms.

Microsoft’s Antitrust Settlement

Independently, Microsoft finalized an agreement with cloud services entity CISPE to resolve an antitrust grievance, therefore evading an EU probe. Vestager characterized this resolution as a “promising outcome,” mirroring the EU’s overarching strategy to encourage fair competition in the technology industry.

Summary

Apple’s choice to allow competitors access to its tap-and-go mobile payment system is a significant development in the technology sector, compelled by stringent EU antitrust laws. By granting rival developers access to its NFC technology, Apple aims to enhance competition and innovation within the mobile wallet market. This action aligns with the goals of the Digital Markets Act and illustrates the growing regulatory pressures on major tech firms to maintain a fair and competitive environment.

Q&A

Q: What led Apple to unlock its tap-and-go payments service?

A:

The decision was driven by continuous investigations and regulatory pressures from the EU under the Digital Markets Act (DMA), which seeks to promote fair competition among large technology companies.

Q: Could you explain what NFC technology is?

A:

NFC is an abbreviation for near-field communication. It facilitates contactless payments by enabling devices such as smartphones and smartwatches to interact with payment terminals when they are in close range.

How long will Apple’s proposal to make its NFC technology accessible remain effective?

A:

Apple’s proposal will remain in effect for a decade, allowing developers to utilize its NFC technology for creating payment apps.

How many banks and issuers are presently providing Apple Pay services in Europe?

A:

Presently, over 3000 banks and issuers across Europe provide Apple Pay as a payment method.

Q: What effect does this have on developers?

A:

This modification enables developers to develop and provide tap-and-go payment solutions utilizing Apple’s NFC technology, thus promoting competition and innovation in the mobile wallet industry.

Q: What penalty did the European Union impose on Apple?

A:

In March, Apple received a fine of 1.84 billion euros (equivalent to AUD 2.96 billion) from the EU due to its App Store policies, which were deemed to restrict competition from Spotify and other music streaming competitors.

What was the response of other companies to Apple’s decision?

A:

The Norwegian mobile payment application, Vipps MobilePay, expressed approval of Apple’s decision, as it enables them to compete fairly with Apple and other mobile wallet service providers in the market.

What role does Microsoft play in this situation?

A:

Microsoft and cloud services group CISPE have reached a settlement, resolving an antitrust complaint and sidestepping an EU investigation. This action forms part of wider regulatory efforts to maintain fair competition within the tech industry.

Samsung Galaxy Z Fold 6 Finally Addresses Its Major Flaw


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Samsung Galaxy Z Fold 6 Addresses Its Major Weakness at Last

Quick Read

  • The Samsung Galaxy Z Fold 6 now boasts a larger 6.3″ cover display.
  • The device is the thinnest and lightest in the Galaxy Z series.
  • Powered by the Snapdragon 8 Gen 3 Mobile Platform for improved performance.
  • Intelligent features for enhanced productivity, such as Note Assist and Composer.
  • Enhanced resilience with Armor Aluminum and Corning Gorilla Glass Victus 24.
  • Enhanced cooling solution featuring an expanded vapor chamber.
  • Available in Australia beginning July 31, with pre-orders starting from July 11.

Introduction

Samsung hosted their Galaxy Unpacked event for 2024 overnight, revealing several new hardware announcements. A standout was the Galaxy Z Fold 6, which tackles one of the main criticisms of the Galaxy Z Fold 5: the front display size.

Broader Cover Screen: A Game Changer

The Samsung Galaxy Z Fold 6 features a broader 6.3-inch cover screen, offering a more natural viewing experience. This enhancement ensures that content in apps is displayed more naturally, addressing the problem of the Fold 5’s excessively narrow front screen.

Samsung Galaxy Z Fold 6 Finally Tackles Its Biggest Flaw

Design and Durability

Samsung keeps pushing the boundaries in foldable technology, producing the thinnest and lightest Galaxy Z series to date. The symmetrical structure with straight edges gives it a refined appearance, and the updated cover screen ratio delivers a more natural bar-style viewing experience.

Designed for robustness, the Galaxy Z Fold 6 incorporates a dual rail hinge design bolstered by a reinforced folding edge. Improved layers on the primary display ensure durability, and the device is fortified with Armor Aluminum and Corning Gorilla Glass Victus 24 for increased protection.

Efficiency and AI Assimilation

The Galaxy Z Fold 6 and Flip 6 feature the Snapdragon 8 Gen 3 Mobile Platform, delivering outstanding performance in CPU, GPU, and NPU, specifically enhanced for AI tasks. The cooling system has been improved with a larger vapor chamber in the Fold 6 and, for the first time, a vapor chamber in the Flip 6.

Productivity Features

The Galaxy Z Fold 6 is equipped with AI-driven features designed to boost productivity.

  • Note Assist: Provides translation, summaries, and automatic formatting for meeting notes.
  • Composer: Generates text based on simple keywords for emails and social media posts.
  • S Pen Integration: Enhanced S Pen functionality with Galaxy AI, featuring Sketch to Image capability for generating AI-created images.

Enhanced Communication

Galaxy AI improves seamless communication on the Galaxy Z Fold 6. The distinct dual-screen design facilitates Interpreter mode, allowing easy translations across both screens. Live Translate provides instant phone call translations directly on your device.

Creative Tools

The AI-driven ProVisual Engine enhances creative potential on the Galaxy Z Fold 6. Photo Assist makes it easier to create professional-quality content, and Portrait Studio provides diverse portrait styles like 3D cartoon and watercolor. The Instant Slow-mo feature enables the creation of extra frames for smoother video playback.

Gaming Experience

The Galaxy Z Fold 6 enhances the gaming experience with its advanced chipset and expanded vapor chamber. Ray Tracing enables vibrant, realistic graphics on a brighter 7.6-inch display, offering a more immersive gameplay.

Technical Specifications

Spec Details
Main Screen 7.6-inch QXGA+ Dynamic AMOLED 2X Infinity Flex Display with a resolution of 2160 x 1856 and an adaptive refresh rate ranging from 1 to 120Hz.
Cover Screen 6.3-inch HD+ Dynamic AMOLED 2X Screen (2376 x 968), 120Hz variable refresh rate (1~120Hz)
Dimension & Weight Closed: 68.1 x 153.5 x 12.1mm; Open: 132.6 x 153.5 x 5.6mm; Mass: 239g
Cameras 10MP front-facing camera; 4MP camera beneath the display; triple rear camera setup (12MP ultra-wide, 50MP wide-angle, 10MP telephoto)
Processor Snapdragon 8 Gen 3 Mobile Processor for Galaxy
Memory and Storage 12GB of memory available with choices of 256GB, 512GB, or 1TB of internal storage
Battery 4,400mAh dual battery
OS Android 14 One UI 6.1.1
Sensors Capacitive fingerprint sensor (side), accelerometer, barometer, gyroscope, geomagnetic sensor, hall sensor, proximity sensor, light sensor.
Sims One Nano SIM card and one eSIM.
Colours Silver Shadow, Pink, Navy; Exclusive colors: Crafted Black, White

Availability

The Galaxy Z Fold 6, Z Flip 6, and Galaxy Buds3 series can be pre-ordered in Australia starting July 11, with general sales commencing on July 31. The Galaxy Z Fold 6 comes in Silver Shadow, Pink, and Navy. The Galaxy Z Flip 6 provides more color choices: Silver Shadow, Yellow, Blue, and Mint. Exclusive colors like Crafted Black, White, and Peach are available exclusively online at Samsung.com.

Summary

The Samsung Galaxy Z Fold 6 tackles key problems of its forerunner by incorporating a wider cover screen and upgraded functionalities aimed at productivity, communication, creativity, and gaming. Boasting increased durability and sophisticated AI integration, it establishes a new standard in the foldable smartphone industry.

Q&A Section

Q: What is the most notable improvement in the Samsung Galaxy Z Fold 6?

A: The most notable improvement is the larger front display screen (6.3 inches), offering a more comfortable viewing experience than the narrower screen of the previous model.

What enhancements has Samsung made to the durability of the Galaxy Z Fold 6?

Samsung has improved durability by integrating a dual rail hinge design, fortified with a strengthened folding edge, and utilizing Armor Aluminum along with Corning Gorilla Glass Victus 24 for additional protection.

Q: Could you list some of the productivity features on the Galaxy Z Fold 6 that are powered by AI?

Key AI-enhanced productivity tools feature Note Assist for translating and summarizing meeting notes, Composer for creating text from keywords, and improved S Pen integration for producing AI-generated images.

How does the Galaxy Z Fold 6 improve communication?

The device improves communication with features such as Interpreter mode for dual-screen translations and Live Translate for real-time phone call translations directly on your device.

What enhancements have been introduced to the gaming experience on the Galaxy Z Fold 6?

The gaming experience is enhanced by a robust chipset, an enlarged vapor chamber for superior cooling, Ray Tracing compatibility for more vibrant graphics, and a brighter display that reaches up to 2,600 nits.

Insignia Financial Reveals Ambitious New Cybersecurity Plan for a New Beginning


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Insignia Financial Introduces New Cybersecurity Initiative | TechBest

Insignia Financial Unveils New Cybersecurity Plan

Quick Read

  • Insignia Financial embarks on a new chapter in cyber security investment.
  • An ASX-listed superannuation fund is looking for a new head of cyber security.
  • Allocated budget and operational framework for the new cybersecurity strategy.
  • The existing cyber team is crucial in protecting assets.

Insignia Financial, a superannuation fund listed on the ASX, is making substantial progress in its cyber security initiatives by allocating resources to a thorough upgrade of technology and procedures. This ambitious action marks the onset of a renewed dedication to enhanced security and resilience within the company.

New Cyber Security Leadership

Insignia Financial is seeking a new head of cyber security strategy and governance as part of its forward-thinking approach. The chosen candidate will be responsible for designing the company’s cyber security framework, with the support of a dedicated budget and an approved operating model.

The job listing emphasizes this position as a chance for a new beginning, allowing the incoming leader to influence the future direction of cyber security at Insignia Financial.

Existing Cybersecurity Framework

Appointed as the general manager of cyber security in October, James Ng is currently spearheading the overall strategy. His leadership ensures that the cyber team plays a crucial role in protecting the organisation’s information assets and reducing cyber risks.

Insignia Financial plans 'fresh start' for cyber strategy

A New Beginning for Cyber Resilience

The newly appointed head of cyber security will play a crucial role in developing a strong framework that enhances resilience against cyber threats. This position involves not only upholding current standards but also advancing the company’s abilities to tackle future challenges.

The company’s proactive approach underscores its commitment to upholding the highest standards of security and safeguarding its members’ information and assets.

Summary

Insignia Financial’s commitment to a new wave of cybersecurity signifies a major advancement in boosting resilience and defense. By recruiting fresh leadership and designating specific resources, the firm is well-prepared to tackle and surmount upcoming cyber threats adeptly.

What is the primary objective of Insignia Financial’s newly implemented cyber strategy?

The primary objective is to enhance security and resilience by updating the organization’s technology and procedures.

Who is currently heading the cyber strategy at Insignia Financial?

James Ng, the general manager of cybersecurity, has been leading the overall strategy since October.

What kind of support will be available to the new head of cybersecurity?

A: The new leader will receive a specific budget and an authorized operating model, allowing them to establish a strong cybersecurity structure.

Why has Insignia Financial decided to invest in this new strategy?

The goal of the investment is to enhance resilience against cyber threats and to protect the organization’s information assets effectively.

Q: In what ways does this approach advantage the members of Insignia Financial?

By strengthening the security framework, the company guarantees improved safeguarding of members’ data and assets against possible cyber threats.

Where can an individual submit an application for the role of head of cyber security?

Interested candidates can apply via job portals like Seek by looking up CISO positions or visit TechBest for the latest information.

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Stake Obtains New Australian Financial Services License


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Stake Obtains New Australian Financial Services License

Stake, a widely-used trading application that became well-known as Australians looked for affordable methods to invest in U.S. firms like Tesla (TSLA), is excited to reveal a significant achievement.

Beginning on July 29, 2024, Stake will begin operating under its very own Australian Financial Services Licence (AFSL). This marks an exciting advancement in its mission to assist Australians in managing and expanding their wealth.

Quick Read

  • Stake will begin operating under its own Australian Financial Services License (AFSL) starting July 29, 2024.
  • Change from serving as an authorized representative of Sanlam Private Wealth Pty Ltd and Airwallex Pty Ltd.
  • There are no significant changes for customers; funds will be entrusted to Stakeshop AFSL Pty Ltd.
  • Revised Terms and Conditions and Financial Services Guide taking effect on July 29, 2024.

What is an Australian Financial Services License (AFSL)?

An AFSL is a license issued by the Australian Securities and Investments Commission (ASIC) that permits the holder to operate a financial services business within Australia.

To secure an AFSL, firms are required to prove they adhere to rigorous standards in aspects like financial resources, compliance, and internal training.

What Has Been Stake’s Mode of Operation So Far?

So far, Stake has offered financial services as an authorized representative of Sanlam Private Wealth Pty Ltd and Airwallex Pty Ltd, both of which possess their own AFSLs.

Starting Monday, July 29, Stake will begin providing services as an authorised representative of Stakeshop AFSL Pty Ltd (AFSL no. 548196), another entity within the Stake group of companies.

Stake Secures New Australian Financial Services License

What Are the Implications for Stake Users?

For the majority of users, moving to Stake’s own Australian Financial Services License (AFSL) will be straightforward. However, there will be an alteration in the way AUD customer funds are managed. By legal requirement, all customer funds must be held in trust by an AFSL holder, usually at a bank.

At present, the AUD funds belonging to Stake customers are held in trust by Sanlam with an authorised deposit-taking institution (ADI). After the transition, these funds will be managed in trust by Stakeshop AFSL Pty Ltd, in a new account with the same ADI.

Customers will still have their individual account numbers and BSBs, enabling them to handle their finances as they normally do.

Stake Secures New Australian Financial Services License

Where can you find additional information?

Stake has revised its Terms and Conditions along with the Financial Services Guide, with these changes set to be enforced starting July 29, 2024. Customers with inquiries or needing additional information are advised to reach out to Stake directly.

This change highlights Stake’s dedication to offering strong and dependable financial services, thereby reinforcing its status as a top trading platform for Australian investors.

Additional details can be found at https://hellostake.com/au/legal/financial-services-guide-from-29-july-2024.

If you’re not currently a Stake customer, you can sign up through our referral link – https://hellostake.com/r/jasonc456

Summary

Obtaining its own Australian Financial Services Licence (AFSL) is a major achievement for the Stake trading app. This development improves Stake’s capability to independently deliver financial services and assures the secure management of customer funds. The transition is designed to be smooth for users, with no major adjustments to their accounts or how the platform operates. This advancement reinforces Stake’s dedication to offering dependable financial services.

Q: What does AFSL stand for?

A:

A licence known as the Australian Financial Services Licence (AFSL), issued by the Australian Securities and Investments Commission (ASIC), permits companies to operate financial services businesses within Australia. This licence enforces strict standards across various domains like financial resources, regulatory compliance, and internal training.

Before acquiring its own Australian Financial Services License (AFSL), how did Stake function?

A:

Prior to acquiring its own Australian Financial Services License (AFSL), Stake functioned as an authorised representative of Sanlam Private Wealth Pty Ltd and Airwallex Pty Ltd, both of which possessed their own AFSLs. Consequently, Stake delivered financial services under the regulatory framework of these firms.

Will this transition result in any changes for customers?

A:

The switch to Stake’s own AFSL will be mostly smooth for customers. The main difference will be in the management of AUD customer funds. These funds will now be held in trust by Stakeshop AFSL Pty Ltd at the same authorized deposit-taking institution (ADI), ensuring ongoing consistency.

Where can customers look for further details regarding these updates?

A:

Customers can obtain additional details in Stake’s revised Terms and Conditions and Financial Services Guide, which will be effective from July 29, 2024. For any questions or more information, they may reach out to Stake directly. More information can be found on Stake’s Legal Information Page.

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ADHA Reveals Strategic Plan to Enhance Adoption of Healthcare Identifiers


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ADHA Reveals Strategic Plan to Promote Healthcare Identifier Implementation

Quick Read

  • The ADHA has unveiled a five-year plan to boost the implementation of healthcare identifiers.
  • Since 2010, healthcare identifiers have been utilized, but their application remains inconsistent across different sectors.
  • The plan focuses on addressing problems such as delays in data retrieval, incorrect identification, and obsolete technical standards.
  • The effort is included in the Connecting Australian Healthcare – National Healthcare Interoperability Plan for 2023-2028.
  • The strategy will utilize artificial intelligence and advanced analytics to optimize data quality and performance.
  • My Health Record will be updated with new legal requirements for providers of diagnostic imaging and pathology services.

The ADHA’s New Five-Year Plan: Essential Information

ADHA new five-year strategic roadmap

Peter O’Halloran from the Australian Digital Health Agency (ADHA).

Overview of Healthcare Identifiers

Unique Healthcare Identifiers (HI) were introduced in Australia in 2010 to distinctly identify patients, healthcare professionals, and organizations within the health system. However, their implementation across health, disability, and aged care sectors has been inconsistent, limiting their potential advantages.

The Necessity for an Updated Roadmap

Per the Australian Digital Health Agency (ADHA), the inconsistent utilization of healthcare identifiers has resulted in various problems, such as delays in accessing patient data, risks of incorrect identification, and privacy issues. Furthermore, the existing technical specifications and standards do not facilitate real-time usage and do not provide cost-efficiencies to all levels of the Australian government.

Converting HIS into a System with Interoperability

To tackle these challenges, the ADHA has introduced a new five-year plan focused on evolving the Healthcare Identifier Service (HIS) into an integrated and interoperable health network. This evolution will allow healthcare providers to utilize identifiers when inputting information into My Health Record and other healthcare systems.

Primary Goals of the Roadmap

The plan highlights multiple primary goals:

  • Enhancing the precision and quality of HIS data.
  • Improving functionality and increasing awareness of the service outside of healthcare.
  • Utilizing artificial intelligence for sophisticated analytics and efficient integration of patient data.

Peter O’Halloran’s Vision

Peter O’Halloran, the Chief Digital Officer at ADHA, highlighted that healthcare identifiers are crucial for ensuring safe, secure, and smooth information exchange within the nation’s healthcare system in almost real-time. He stressed their importance in the advancement of digital health, stating that they will enable Australian healthcare consumers to receive continuous care.

The National Plan for Healthcare Interoperability

The roadmap is included in the extensive Connecting Australian Healthcare – National Healthcare Interoperability Plan for 2023-2028. This initiative seeks to support data quality and ensure interoperability among different health and care services.

Government Programs and Legal Mandates

Following this roadmap, the government revealed last year that My Health Record would be revamped and updated. This update involves imposing legal requirements on diagnostic imaging and pathology providers to upload their reports to My Health Record by year’s end.

Summary

The ADHA has introduced a new five-year plan designed to boost the use of healthcare identifiers throughout Australia’s healthcare system. The initiative targets existing problems like outdated technical standards and inconsistent implementation, aiming to establish a more cohesive and interoperable health environment. By utilizing AI and advanced analytics, the plan ensures better data quality, functionality, and awareness. In alignment with wider governmental initiatives, My Health Record is also scheduled for major enhancements.

Frequently Asked Questions: Essential Information

Q: What are healthcare IDs?

A:

Healthcare identifiers are distinct numbers allocated to patients, healthcare providers, and organizations within the Australian health system to ensure precise identification and data handling.

Q: What is the reason for requiring a new roadmap?

A:

The inconsistent application of healthcare identifiers currently results in problems such as delays in data retrieval, risk of misidentification, and reliance on outdated technical standards that do not support real-time usage.

Q: What are the primary goals of the new roadmap?

A:

The plan seeks to enhance data quality and accuracy, improve functionality and raise awareness of Health Information Systems (HIS) beyond the healthcare sector, and utilize artificial intelligence for sophisticated analytics.

Q: How does this align with the overall National Healthcare Interoperability Plan?

A:

The roadmap is included in the Connecting Australian Healthcare – National Healthcare Interoperability Plan 2023-2028, with the goal of improving data quality and interoperability among diverse health and care services.

Q: What modifications are being implemented to My Health Record?

A:

The My Health Record system is scheduled for reconstruction and modernization. By the close of this year, diagnostic imaging and pathology providers will be legally required to upload reports to the system.

What advantages will this roadmap provide for patients?

A:

Enhancing the utilization of healthcare identifiers will result in more precise identification, decreased delays in data retrieval, and improved privacy safeguards, thereby supporting consistent patient care across different healthcare settings.

Nokia Unveils Ambitious AU$3.6 Billion Offer to Acquire Infinera


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Nokia’s AU$3.6 Billion Offer for Infinera: A Tactical Decision in the Age of AI

Quick Read

  • Nokia reveals a AU$3.6 billion offer for the American optical networking equipment manufacturer Infinera.
  • The goal of the acquisition is to take advantage of the rapidly growing market for AI-powered data centers.
  • The agreement would position Nokia as the second largest supplier in the optical networking sector.
  • The acquisition is anticipated to result in €200 million in cost savings by the next year.
  • Nokia shares increase by four percent, reflecting shareholder optimism.

Nokia’s Strategic Initiative to Harness the AI Trend

Nokia has unveiled an ambitious AU$3.6 billion proposal to purchase the US-based optical networking equipment manufacturer Infinera. This strategic action places the Finnish telecom leader in a prime position to capitalize on the substantial investments flowing into data centres, spurred by the growth of artificial intelligence (AI).

Nokia makes AU$3.6 billion Infinera bid

Positioning in the Market and Competitive Advantage

Through this acquisition, Nokia intends to overtake Ciena and become the second-largest provider in the optical networking industry, capturing a 20% market share. This strategy positions Nokia just behind Huawei, which enjoys a dominant market presence due to the limited competition from Western companies in China.

Exploration of Alternatives in Light of Decreasing 5G Sales

Telecom equipment manufacturers, such as Nokia, are experiencing a decrease in sales for 5G products. Diversification into burgeoning sectors like AI has become strategically essential. By acquiring Infinera, Nokia can broaden its product range to cater to major tech firms like Amazon, Alphabet, and Microsoft, which are significantly investing in new data centers to enable AI initiatives.

Optimal Timing

“This is an excellent time for a deal like this, as it coincides with the anticipated market recovery,” Nokia CEO Pekka Lundmark stated in an interview with Reuters. “AI is fueling major investments in data centers… a major advantage of this acquisition is that it greatly enhances our presence in the data center sector,” he added.

Technological Harmonies and Cost Reductions

The acquisition is projected to result in cost savings of €200 million ($320.7 million) by the next year. While the purchase multiple may appear high given Infinera’s inconsistent growth, realizing these synergies will validate the investment. Infinera’s expertise in intra-data center communications complements Nokia’s extensive market reach, making this a mutually advantageous deal.

Summary

Nokia’s AU$3.6 billion acquisition proposal for Infinera represents a crucial strategic endeavor to leverage the AI-induced surge in data center investments. This purchase places Nokia as a strong competitor in the optical networking industry, coming in just behind Huawei. The acquisition not only broadens Nokia’s market presence amid decreasing 5G sales but also paves the way for technological synergies and potential cost reductions.

Q&A Section

Why is Nokia purchasing Infinera?

Nokia seeks to leverage the increasing investments in data centers spurred by AI, expand its market presence despite falling 5G sales, and solidify its standing in the optical networking sector.

Q: What advantages will this acquisition bring to Nokia?

The acquisition is anticipated to position Nokia as the second largest provider in the optical networking sector, enhance its presence in data centers, and result in substantial cost savings of €200 million by the following year.

Q: What are the financial details of the agreement?

Nokia plans to pay 70 percent of the AU$3.6 billion acquisition price in cash, while the remaining 30 percent will be paid in stock. The transaction is expected to be finalized next year, with anticipated cost savings of €200 million.

What effect will this have on Nokia’s stock?

Nokia shares increased by four percent after the announcement, signaling shareholder confidence in the potential advantages of the deal.

Q: In what ways does Infinera enhance Nokia’s current operations?

Infinera holds a significant position in intra data center communications. This complements Nokia’s broader market presence in Europe and Asia, rendering the transaction mutually beneficial.

Are any layoffs anticipated as a result of the acquisition?

It is premature to discuss possible layoffs since the main emphasis right now is on realizing synergies and cost reductions from the acquisition.

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OPPO Australia Introduces Reno12 Smartphones and Luxurious Watch X


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OPPO Australia is introducing its new Reno12 Series mid-range smartphones and Watch X with an attractive launch promotion from June 27 to July 25, 2024.

  • Orders for the Reno12 Pro come with a complimentary OPPO Watch X (valued at $699).
  • Purchasing a Reno12 entitles you to a complimentary OPPO Pad Neo worth $449.

OPPO Australia Introduces Reno12 Smartphones and Luxurious Watch X - techAU

Naturally, AI is highlighted as the trending term for 2024. OPPO stated that these gadgets signify their dedication to integrating AI functionality into mid-range smartphones and broadening their product ecosystem in Australia. The firm mentioned that AI characteristics might differ according to local regulations and necessitate an internet connection.

Quick Read

  • Pre-orders for the Reno12 Pro include a complimentary OPPO Watch X, which is valued at $699.
  • Pre-orders for the Reno12 come with a complimentary OPPO Pad Neo worth $449.
  • The Reno12 Series features a 6.7-inch OLED screen with a 120Hz refresh rate.
  • Both models are equipped with the MediaTek Dimensity 7300-Energy processor.
  • AI functionalities encompass AI Eraser and AI Studio.
  • The Watch X offers a battery life of up to 100 hours in Smart Mode and is certified with MIL-STD-810H standards.

Reno12 Series Specifications

The latest Reno12 Series is available in two different models:

  • Models: Reno12 priced at $799 and Reno12 Pro priced at $999
  • Screen: 6.7-inch OLED, 120Hz refresh rate, 1.07 billion colors
  • Processor: MediaTek Dimensity 7300-Energy, 4nm
  • Battery: 5,000mAh with 80W SUPERVOOC rapid charging
  • Camera: The primary camera features a Sony LYT-600 sensor; the Reno12 Pro includes an additional 50MP telephoto camera and a 50MP front-facing camera for selfies.
  • Design: “Wavy Water Pattern” on the back panel
  • Colors: Reno12 – Astro Silver, Black Brown; Reno12 Pro – Nebula Silver, Nebula Black

AI Features

Artificial intelligence (AI) is a significant emphasis for OPPO in the Reno12 Series. The AI functionalities encompass:

  • AI Eraser: Eliminates undesired elements from images.
  • AI Studio: Generates digital avatars and artistic representations
  • Enhancements for group photos: Eye-opening and facial detail improvement

OPPO Watch X Specifications

The OPPO Watch X provides premium features:

  • Price: $699
  • Operating System: Wear OS version 4
  • Battery: Lasts up to 100 hours in Smart Mode and up to 12 days in Power Saver Mode.
  • Charging: VOOC Flash Charge for Watch (Full charge in 60 minutes)
  • GPS: Dual-frequency
  • Durability: Certified with MIL-STD-810H, IP68 for dust resistance, and 5ATM for water resistance
  • Processor: Dual-engine design (Snapdragon W5 Gen 1 and BES2700 MCU)

Services Australia Announces New Access to Veterans’ Services via myGov App


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Veteran Services Now Available on the myGov App, Announces Services Australia

Services Australia has recently enhanced the myGov app to include veteran services, thanks to a substantial funding increase in the federal budget. This addition aims to provide veterans with a more streamlined and efficient way to access crucial services.

Improved Digital Access for Veterans

In collaboration with the Department of Veterans’ Affairs (DVA), around 300,000 former military personnel can now access their veteran cards digitally via myGov’s digital wallet. These cards enable access to funded treatments for medical and mental health conditions, injuries, and other support services.

Comprehensive Service Management

The integration includes more than just digital wallets. DVA’s MyService platform, enabling veterans to apply for and manage pensions as well as submit health claims, is now accessible through myGov. This consolidated platform ensures veterans can manage all their service needs in one place.

Simplified Digital Wallet

Veteran cards—both white and gold—will be displayed alongside other essential services such as Medicare, Centrelink, and international COVID-19 vaccination certificates within the myGov app. This integrated approach simplifies the access and management of various government services.

Official Statements and Funding Details

During a recent doorstop interview, Minister for Veteran Affairs Matt Keogh described the integration as a “significant change” and noted that 250,000 veteran cardholders have already linked MyService to myGov.

The recent federal budget has allocated $580 million over four years for maintaining and developing myGov, which translates to about $145 million annually. This funding aims to provide ongoing stability and development for a key component of national service delivery infrastructure.

National Digital ID Initiative

Additionally, $288.1 million has been allocated for the rollout of a national digital ID. Minister for Government Services Bill Shorten highlighted the progress made recently but did not provide a specific timeline for when digital IDs would be integrated into myGov.

Summary

The recent updates to the myGov app mark a major advancement in providing streamlined digital services for veterans. The integration of veteran services into the app, supported by substantial federal funding, aims to simplify access to vital healthcare and pension management for former military personnel. Future developments may include the addition of a national digital ID, further increasing the app’s utility.

Q&A Session

1. What is the purpose of integrating veteran services into myGov?

The integration aims to provide veterans with easier and more efficient access to essential services such as healthcare, pension management, and support for injuries and mental health conditions.

2. How many veterans will benefit from this integration?

Approximately 300,000 former military personnel stand to benefit from this integration.

3. What services are available through the new integration?

Veterans can access their veteran cards digitally through myGov’s digital wallet and use DVA’s MyService platform to apply for and manage pensions and submit health claims.

4. How does this integration simplify service access for veterans?

By consolidating multiple services into a single platform, veterans can manage their healthcare and pension needs more efficiently without needing to navigate multiple websites or applications.

5. What other services are available through the myGov app?

Besides veteran services, myGov also provides access to Medicare, Centrelink, and international COVID-19 vaccination certificates.

6. What is the significance of the $580 million funding?

This funding ensures ongoing development and maintenance of the myGov platform, ensuring it remains a stable and essential element of national service delivery infrastructure.

7. What is the national digital ID initiative?

The national digital ID initiative aims to create a unified digital identity system that simplifies access to various government services. A funding of $288.1 million has been allocated for this rollout.

8. When will the national digital ID be integrated into myGov?

While significant progress has been made, there is currently no specific timeline for when the national digital ID will be integrated into myGov.

For more information on these updates and other tech news, visit [TechBest](https://techbest.com.au).