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Stake Obtains New Australian Financial Services License

David Leane on July 6, 2024

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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.

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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Government Achieves 20,000 myGov Passkeys Milestone in Only One Week

Vanessa May on July 5, 2024

Australian Government Rolls Out myGov Passkeys: 20,000 Users in the First Week

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Quick Read

More than 20,000 myGov users set up passkeys in the first week after the launch.
Passkeys leverage biometrics or PINs in place of conventional passwords.
The government seeks to improve security and decrease phishing threats.
myGov is among the initial digital government services to implement passkeys on a global scale.

Australian Government Launches myGov Passkeys: 20,000 Users in the First Week

Government reaches 20,000 myGov passkeys in a week

Introduction of Passkeys

At the end of last year, Minister for Government Services Bill Shorten announced plans to introduce passkeys for myGov, intending to eliminate the use of conventional username-password credentials that are frequently exploited by phishers. This new feature was officially rolled out at the close of the past month.

What is the Mechanism Behind Passkeys?

On the user’s end, passkeys utilize the biometric functions of the user’s device or necessitate a PIN or screen swipe pattern. Alternatively, passkeys may be a physical USB device that is either plugged into or kept near the device being used to log into myGov.

Global Expertise in Digital Solutions

Shorten highlighted that myGov “is one of the pioneering digital government services globally to adopt passkeys.” He expressed pride in myGov’s leading role in improving security for Australian government services.

Improved Protection Against Fraudsters

“Shorten stated that utilizing a passkey and disabling the myGov password sign-in option increases the difficulty for scammers to breach accounts using stolen usernames and passwords. After creating a passkey, users can sign into myGov in the same manner they unlock their devices, which may include methods such as fingerprint or facial recognition, a PIN, or a swipe pattern.”

Quick Uptake by Users

In just a few days after passkeys became available on myGov, more than 20,000 Australians had already set up a passkey for their myGov accounts. This rapid uptake reflects a clear user preference for improved security measures.

Summary

The Australian government’s launch of passkeys for myGov accounts has experienced swift adoption, with more than 20,000 users embracing the new system within a week. This cutting-edge strategy boosts security by substituting traditional passwords with biometric or PIN-based verification, thereby making it harder for scammers to access accounts.

Q&A Section

Question: Can you explain what a passkey is?

A:

A passkey provides a secure way to log in by using biometric data (like fingerprints or facial recognition) or a PIN instead of the conventional username and password approach.

What prompted the Australian government to implement passkeys for myGov?

A:

The government implemented passkeys to improve security and minimize the threat of phishing attacks on username-password credentials.

Q: What steps should I follow to set up a passkey for my myGov account?

A:

You can generate a passkey by adhering to the guidelines provided on the myGov website and configuring either biometric authentication or a PIN on your device.

Q: Are passkeys more secure compared to conventional passwords?

A:

Yes, passkeys are typically more secure as they depend on distinctive biometric information or hardware tokens, which substantially increases the difficulty for fraudsters to obtain unauthorized access.

Is it still possible to use my password to access myGov?

A:

Although you can continue using your password, it is advisable to disable password sign-in options for better security.

Q: Which devices are compatible with passkeys?

A:

Many contemporary smartphones, tablets, and computers equipped with biometric features or USB ports for hardware tokens are compatible with passkeys.

Denon PerL Pro True Wireless Earbuds Review

Matthew Miller on July 5, 2024

Denon PerL Pro in-Ear True Wireless Earbuds with Personalised Sound

Services Australia’s expenditure on VMware licensing and support has surged to $94 million.

Matthew Miller on July 5, 2024

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Quick Read

Services Australia extends VMware licensing and support contracts for approximately $94 million spanning a three-year period.
The updated agreement shows a 20% rise in expenses relative to earlier contracts.
Broadcom’s purchase of VMware has resulted in higher licensing costs.
Services Australia is conducting a comprehensive architecture assessment to enhance its systems.

The Expenses for VMware Licensing and Support for Services Australia Increase Substantially

Services Australia's VMware licensing and support renewal amount rises to $94 million

Services Australia has revealed the extension of its long-term licensing and support contracts with VMware, resulting in a significant outlay of nearly $94 million for the upcoming three years. This latest agreement marks a 20% rise in costs relative to the former contracts, which collectively amounted to $78 million.

The New Agreement

The new agreement that was recently signed takes the place of two individual three-year contracts that Services Australia previously held with VMware for the licensing period from 2021 to 2024, as well as for maintenance and support. Services Australia stated that this contract guarantees the ongoing provision of essential software, support, and associated services for the agency’s key service delivery programs, such as Centrelink and Medicare. Additionally, it merges several expiring contracts into a more efficient arrangement.

Effects of Broadcom’s Purchase

The notable rise in VMware licensing expenses is linked to Broadcom’s purchase of VMware, a transaction worth US$61 billion (AUD$86 billion) in 2022. This acquisition has apparently caused a surge in license renewal fees for VMware, mainly because customers are being transitioned to a new per-core subscription model. VMware has recognized “pricing challenges” for some of their long-standing customers, further increasing the financial strain on organizations like Services Australia.

A Long-standing Relationship

Since at least 2009, Services Australia, formerly the Department of Human Services, has upheld a software licensing enterprise agreement with VMware. Over time, several licensing agreements have been established under this ongoing arrangement, with the latest one amounting to an impressive $44 million, covering both hardware and software solutions.

Upcoming Initiatives: Comprehensive Evaluation of System Architecture

Considering these financial factors, Services Australia is planning to initiate a comprehensive end-to-end architecture review this year. Chief Information and Digital Officer Charles McHardie stated that the review would concentrate on assessing each significant system within the agency. The aim is to gain a clearer understanding of which systems are new and which have become outdated over the years, thereby guiding future investments and technology enhancements.

Summary

Services Australia is poised to invest nearly $94 million to renew their VMware licensing and support agreements over the next three years, representing a substantial 20% increase compared to past contracts. This cost escalation is primarily driven by Broadcom’s purchase of VMware and the resulting increase in licence fees. To meet future requirements and refine their system architecture, Services Australia intends to conduct a comprehensive review of its major systems.

Why has the price of VMware licensing and support gone up for Services Australia?

A:

The cost has risen as a result of Broadcom’s acquisition of VMware, which has introduced higher license fees under a new per-core subscription model.

What is the monetary worth of the new contract between Services Australia and VMware?

A:

The new contract is worth nearly $94 million over three years.

Which programs will gain advantages from this updated agreement?

A:

The updated agreement will facilitate key service delivery initiatives like Centrelink and Medicare.

Q: For how many years has Services Australia maintained a licensing contract with VMware?

A:

Since at least 2009, Services Australia has maintained a licensing agreement with VMware.

Q: What is the objective of Services Australia’s comprehensive architecture assessment?

A:

The purpose of the review is to assess each key system within the organization to identify potential future investments and technology enhancements.

What was the aggregate value of the prior contracts for VMware licenses and support?

A:

The earlier agreements had a total value of $78 million.

Who is Charles McHardie?

A:

Charles McHardie holds the position of Chief Information and Digital Officer at Services Australia.

To read more articles similar to this one, go to [TechBest](https://techbest.com.au).

Huawei executive refutes claims that advanced chip scarcity will hinder China’s AI ambitions.

Vanessa May on July 5, 2024

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A Huawei executive dismisses claims that a shortage of advanced chips will hinder China’s AI goals.

Huawei Executive Dismisses Notion that Advanced Chip Shortage Will Hinder China’s AI Goals

Quick Read

A senior official from Huawei downplays worries about AI chip shortages impacting China’s objectives for artificial intelligence.
US restrictions have curtailed China’s ability to obtain cutting-edge AI chips such as those produced by Nvidia.
Huawei’s Ascend AI chips have less computing power than Nvidia’s products.
Huawei promotes pioneering strategies, emphasizing cloud computing and an integrated approach to technology infrastructure.

Huawei exec rejects idea that advanced chip shortage will hamper China's AI ambitions

Amidst stricter US limitations on the export of advanced AI chips to China, including a prohibition on sales from companies like the American giant Nvidia, Zhang Ping’an, the CEO of Huawei Cloud, made comments.

“Undoubtedly, China is experiencing constraints in computing power… However, relying exclusively on AI chips with advanced manufacturing process nodes cannot be the sole bedrock for AI infrastructure,” Zhang mentioned at a forum during the World AI Conference in Shanghai, a three-day event.

“If we think that lacking the latest AI chips will prevent us from being at the forefront of AI, then we must reconsider this perspective,” Zhang stated.

Effects of US Regulations

Because it is listed on the US Entity List, Huawei is prohibited from acquiring advanced chips from American companies. This has posed notable challenges for Huawei and other Chinese enterprises striving to enhance their AI technologies. Consequently, these restrictions have driven Huawei and other Chinese businesses to create their own technologies, such as Huawei’s Ascend AI chip.

Creative Strategies and Resolutions

While the Ascend AI chip presently has less power compared to Nvidia’s products, Zhang emphasized the significance of innovation to address these shortcomings. He suggested prioritizing cloud computing and a unified technology strategy that combines cloud, edge, and network solutions to enhance efficiency and lower energy usage.

Huawei Cloud’s Role

Based on Zhang’s statements, Huawei Cloud leads in offering innovative solutions to address the challenges posed by advanced AI chip shortages. Utilizing cloud infrastructure, Huawei seeks to ensure efficient AI training and operations even in the absence of the latest chips.

Summary

A high-ranking executive at Huawei has dismissed worries that a lack of advanced AI chips will hinder China’s goals to dominate the field of artificial intelligence. He advocates for creative strategies centered on cloud computing and an integrated approach to technological infrastructure. Despite restrictions imposed by the US, which limit access to advanced AI chips such as those from Nvidia, Huawei is promoting alternative methods to maintain their AI progress objectives.

Q&A

What did the Huawei executive comment regarding the shortage of AI chips?

A:

The executive downplayed worries that the lack of advanced AI chips would obstruct China’s AI goals but stressed the importance of innovation to tackle the problem.

How have United States restrictions impacted China’s ability to obtain AI chips?

A:

The United States has implemented stricter regulations, including a prohibition on the sale of advanced artificial intelligence chips to China by firms such as Nvidia, thereby restricting China’s access to state-of-the-art technology.

What approach is Huawei taking to address the chip shortage?

A:

Huawei is concentrating on groundbreaking strategies such as cloud computing and a unified technology framework that combines cloud, edge, and network solutions to make up for the absence of cutting-edge AI chips.

How does Huawei’s Ascend AI chip stack up against Nvidia’s products?

A:

The Ascend AI chip is generally seen as having less computing power compared to Nvidia’s products, yet it remains in use by numerous companies in China for AI model training.

Q: What is Huawei’s rationale for considering innovation crucial even in the face of the chip shortage?

A:

Zhang contended that exclusive dependence on the latest chips isn’t essential for excelling in AI. Rather, pioneering computing structures and an emphasis on cloud solutions can address these constraints.

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Nothing Ear (1) Review

Matthew Miller on July 5, 2024

Nothing Ear 2024 Black, 45 dB Smart ANC, 24-bit Hi-Res Audio, Up to 40.5 Hours Playtime,11 mm Dynamic Bass Boost, ‎Microphone Included, ChatGPT Integration, Support 2.5W Wireless Charging

ANU Aims to Develop Quantum Computer with Ambitious Initiative

Matthew Miller on July 4, 2024

Quick Read

Australian National University (ANU) plans to establish an on-campus quantum computer.
Fujitsu Australia will partner with ANU to accomplish this objective.
Researchers from ANU will gain access to quantum systems and simulators in Japan.
Fujitsu and RIKEN are working on a quantum machine with 256 qubits, aiming to finish by March 2025.
There are plans underway for a future machine with 1000 qubits.
The project emphasizes progressing research in cryptography, materials science, and quantum simulations.
The partnership seeks to improve higher education and cultivate quantum computing expertise in Australia.

ANU’s Quest for Quantum: Progressing Towards Tomorrow

The Australian National University (ANU) has made a notable advance in the technology sector by announcing its intention to build an onsite quantum computer. To achieve this ambitious objective, ANU has joined forces with Fujitsu Australia. This collaboration is anticipated to enhance Australia’s position in the international quantum computing field.

ANU lays out ambition to have a quantum computer

Strategic Partnership with Fujitsu Australia

In pursuit of its quantum computing goals, ANU has entered into a memorandum of understanding with Fujitsu Australia. This strategic partnership is intended not only to build an onsite quantum computer but also to give ANU researchers and academics access to advanced quantum systems and simulators in Japan. These resources will play a crucial role in bridging the interim period until the onsite quantum computer becomes functional.

Quantum Devices and Emulators

Fujitsu is collaborating with RIKEN, Japan’s national scientific research institute, to create a 256-qubit quantum machine, which is projected to be completed by March 2025. The collaboration also aims to develop a more advanced machine with up to 1000 qubits shortly thereafter. These advancements represent important progress in quantum computing.

Building Local Expertise

ANU has articulated its aspiration to possess an onsite quantum computer in the long term. This initiative is intended to cultivate local expertise and advance research in domains such as cryptography, materials science, and quantum simulations. The partnership with Fujitsu is anticipated to act as a driving force, nurturing a skilled workforce of quantum computing experts in Australia.

Nurturing Quantum Computing Talent

Lachlan Blackhall, a professor at ANU and the deputy vice-chancellor for research and innovation, remarked, “Our partnership with Fujitsu enhances and supports the ANU mission to advance higher education in emerging technologies such as quantum computing. This initiative will contribute to developing a skilled workforce of quantum computing experts in Australia.”

The collaboration will leverage ANU’s expertise in quantum optical physics and quantum algorithms, offering the potential for significant progress in these fields.

Summary

The Australian National University (ANU) is committed to creating an on-site quantum computer, partnering with Fujitsu Australia to achieve this objective. ANU researchers will have access to state-of-the-art quantum systems and simulators in Japan as they pursue their target. This effort aims to enhance Australia’s knowledge in cryptography, material science, and quantum simulations, while also nurturing the upcoming generation of quantum computing experts.

What is the primary objective of ANU in the field of quantum computing?

A:

The Australian National University (ANU) intends to establish an onsite quantum computer to promote research across multiple disciplines and develop local proficiency.

Who is collaborating with ANU for this project?

A:

ANU has collaborated with Fujitsu Australia to create the onsite quantum computer and offer temporary access to advanced quantum systems and simulators located in Japan.

Q: What are the main initiatives that Fujitsu is collaborating on with RIKEN?

A:

Fujitsu and RIKEN are working on creating a 256-qubit quantum computer, with plans to have it completed by March 2025, and subsequently aim to develop a more sophisticated machine with up to 1000 qubits.

Q: In what ways will this initiative be advantageous for Australia?

A:

This effort will strengthen Australia’s expertise in areas such as cryptography, material science, and quantum simulations. Additionally, it will assist in developing a proficient workforce in quantum computing.

Q: What scholastic advantages does ANU anticipate from this partnership?

A:

ANU anticipates that the partnership will advance higher education in cutting-edge technologies, with a focus on quantum computing, and enhance its initiatives in quantum optical physics and quantum algorithms.

When is ANU planning to establish its own quantum computer on site?

A:

Although ANU has announced plans to establish an onsite quantum computer, they have not disclosed a definite timeline for this initiative.

What function will the onsite quantum computer serve when it becomes operational?

A:

The quantum computer located on-site will facilitate advanced research in areas like cryptography, material science, and quantum simulations, aiding in the development of local expertise and promoting innovation.

Samsung Galaxy Buds2 Wireless Earbuds – Green Review

Matthew Miller on July 4, 2024

Samsung Galaxy Buds2 Wireless Earbuds – Green

Defense Enlists Contractors for Vital ERP ‘Practice Run’

Nicholas Webb on July 4, 2024

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Defense Recruits Contractors for Essential ERP ‘Practice Run’

Defense Seeks Expert Guidance for ERP Financial Management System Upgrade

Defence engages contractors for ERP financial management system rehearsal

Quick Read

The defense department seeks expert guidance for upgrading its ERP financial management system.
Concentrate on data transformations, trial runs, and preparation standards.
The ERP project was initiated in 2019 and involves transitioning to SAP S/4HANA in multiple stages.
The existing financial system manages a budget of $56 billion and has not been updated in two decades.
Expert guidance on accounting and ERP implementation is required to reduce financial risks.
An audit criticized the high number of contractors, and key decisions now depend on internal staff.

ERP Upgrade: A Prolonged Initiative

The Department of Defence has entered the concluding phase of its extended ERP upgrade initiative, enlisting contractors to conduct business readiness testing. The emphasis is on the financial management system segment of the ERP implementation. This effort is a component of a broader shift to SAP S/4HANA, which started in 2019.

Revamping the Financial Management System

This year, the department is focusing on tranche “1B,” which involves upgrading the financial management information system. This tranche also encompasses supply chain management, enterprise asset management, purchasing, finance, and human resources. The existing financial system, which hasn’t been updated in twenty years, supports operations for a complex $56 billion budget.

Call for Contractors

A Defense spokesperson disclosed that they are seeking contractors for “business readiness” tasks. These tasks comprise data conversions, practice operations, and establishing readiness criteria for go-live decisions. The aim is to ensure that all financial risks are mitigated to a high standard.

Specialist Advice Needed

According to Defense, implementing the ERP system requires considerable technical skills. Therefore, they seek consultants to collaborate with Defense CFO Steven Groves to enhance business preparedness and mitigate financial risks to acceptable levels.

Addressing Audit Criticism

The choice to seek external assistance comes three years after an audit criticized the extensive reliance on contractors at all levels of the ERP program. The department has promised that crucial decisions regarding the project will stay with internal employees to reduce any risks linked to contractor dependency.

Summary

The Department of Defence’s ERP upgrade project is designed to bring its financial management system up to date, after two decades without updates. To facilitate a smooth transition, the Defence Department is hiring contractors to conduct business readiness testing, with an emphasis on data conversions and other essential tasks. Although there have been past criticisms about the use of contractors, the department maintains that core decisions are controlled by its internal team.

FAQs

What is the primary objective of the ongoing ERP enhancement?

A:

The primary objective is to enhance the financial management information system under tranche “1B.” This encompasses supply chain management, enterprise asset management, procurement, finance, and core human resources.

Why is expert consultation being pursued for this project?

A:

Expert guidance is essential for thoroughly addressing all financial risks and for preparing for business readiness activities such as data conversions and dress rehearsals.

How long has the present financial system been operational?

A:

The existing financial system has been operational for two decades and manages activities for a budget of $56 billion.

Q: What are some of the critiques associated with using contractors?

A:

An audit found fault with the widespread reliance on contractors at all levels of the ERP program. The department now guarantees that primary decisions are handled by internal staff.

Q: Can you explain what SAP S/4HANA is?

A:

SAP S/4HANA is a unified enterprise resource planning (ERP) solution that utilizes in-memory computing to handle vast quantities of data rapidly and effectively.

What does tranche “1B” refer to?

A:

The term “Tranche 1B” pertains to the emphasis for this year’s Defence ERP upgrade, which encompasses financial management information systems, supply chain management, enterprise asset management, purchasing, finance, and foundational human resources.

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ASUS ROG Cetra True Wireless Gaming Earphones Review

Matthew Miller on July 4, 2024

ASUS ROG Cetra True Wireless Gaming Earphones – Low-Latency, Hybrid Active Noise Cancelation, Bluetooth, Fast Charging, Up To 27 Hours Battery, IPX4 Water Resistance, Wireless Charging Case