JPMorgan Chase to create digital coin using blockchain
JPMorgan Chase plans to launch its own digital coin, called “JPM Coin”, that customers will be able to use for instant transfer of payments over a blockchain network. The largest US bank by assets said customers, on depositing money at the bank, will be issued the cryptocurrency that can be used for transactions over the network with other JPMorgan clients. The coin can be redeemed for a US dollar, so its value will largely remain stable, the bank said. When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of US dollars, reducing the typical settlement time, the bank […]
Valentine’s Day for start-ups: The perils of dating the co-founder
Aleks Svetski and Chantelle de la Rey, co-founders of digital currency exchange Amber, observe a rule: they don’t call each other babe at work. The pair had been dating for four months when they founded their company in late 2017. While scaling the business in a highly volatile market, the couple agreed to a series of measures – from keeping Sundays work-free to separating how they communicate at work and home – to protect their fledgling relationship. “These things are never smooth. We’re in a relationship and on a crusade to help more people get access to bitcoin,” Mr Svetski said. Amber, which swaps spare change from daily purchases to […]
ASX tech upgrades hit their stride and pay
The Australian Securities Exchange (ASX) has continued its all-out push to achieve regional digital superiority as a multi-pronged trading technology platform, revealing a major foray into analytics, machine learning alongside its migration to blockchain for settlements. The Australian market operator on Thursday added substantial icing to its cake alongside its push into distributed ledger technology that has become widely regarded as a global leader in real-world application of the technology. While the rollout of the new DLT settlements platform, where the ASX has partnered with Digital Asset Holdings, was earlier pushed-out by around six months to March/April 2021, analysts were ravenous for detail on the opportunities down the track once […]
Shadow banks swoop as five lenders quit sub-prime home loans
Digital home-loan lender Tic:Toc is launching into the sub-prime mortgage market targeting small business owners as five other lenders quit the sector claiming “industry changes”. Tic:Toc’s move follows stakes being taken in the online lender by Genworth Mortgage Insurance Australia and La Trobe Financial, which is part of the US investment giant Blackstone Group. Other major lenders, including Commonwealth Bank of Australia and Bank of Queensland, pulled out of the sector to be replaced by regulation-lite shadow banks, including Pepper Money and Resimac. Adelaide Bank, Perth-based Bluebay Home Loans and Resolve Finance’s mortgage division are also quitting the sub-prime sector blaming changing marketing and funding conditions. The move comes amid […]
Has Bitcoin entered a new normal?
Bitcoin has been experiencing low volatility recently, which could fuel greater adoption by enabling the cryptocurrency’s use as a medium of exchange. As for whether this will actually materialize, analysts have offered mixed views. Nigel Green, founder and CEO of independent financial consultancy deVere Group, forecasted that bitcoin’s modest price fluctuations will probably prompt greater use of the digital currency. While the digital currency’s price fluctuations have been “relatively modest” as of late, “volatility will return again,” he predicted. “However, there is a growing sense that crypto sector will have less extreme swings moving forward,” emphasized Green. “This is likely to further drive mass adoption.” To read more, please click on the link below… […]
Praemium upgrades and rebrands platform
Praemium has announced a major technology upgrade and a new rebrand for its global investment platform. In a statement, Praemium said the upgrade will expand its addressable market from the $62 billion managed accounts segment to the $860 billion overall platform market. Praemium said it will deliver its Unified Managed Accounts (UMA) solution, through the combination of: its existing Separately Managed Accounts (SMA) solution; the expansion of its Individually Managed Account (IMA) solution across a wide range of investment assets; and its Virtual Managed Account (VMA) reporting solution for non-custodial holdings. As a result, financial advisers will have an expanded investment universe of 1,300 domestic and international model portfolios and […]
Zip Co welcomes Chemist Warehouse to the platform
Digital payments platform, Zip Co (ASX:Z1P) has today announced a partnership with Chemist Warehouse retail group. Chemist Warehouse is Australia’s largest pharmacy retailer with revenue in excess of $5 billion and stores in 400 locations across the country. It’s expected that Zip will be live throughout Chemist Warehouse stores within the next two months. Zip CEO Larry Diamond says, the company is excited to partner with one of Australia’s top 10 retailers and expand their digital payment offerings. To read more, please click on the link below… Source: Zip Co welcomes Chemist Warehouse to the platform | Finance News Network
How the Banking Royal Commission will affect the auto-financing industry
The recent release of the banking royal commission’s interim report has highlighted that responsible lending practices need to be extended to the auto-finance industry. The implications of this for entities making car loans is significant as 90% of all car sales are currently arranged through finance, many of which have fallen short of responsible lending provisions. According to the report it is not enough just use ‘likelihood of default’ as a measure of loan suitability. Prior to making an assessment on whether a loan is suitable, the licensee must now take a number of steps to ensure responsible lending provisions are met. These necessary steps include: “making reasonable inquiries about […]
