Why Bitcoin is here to stay
The real game changer of Bitcoin is the underlying network of highly secure computers that support it. These computers run a new form of database called “blockchain.” Blockchain technology enables money and data to move without having to rely on a trusted middleman. It’s truly revolutionary. Already more than $3 billion a day is transacted across the Bitcoin network without the need for a central clearing authority. That has never happened before and it makes Bitcoin a unique asset. Software developers across the world are building applications designed to piggyback off this network. Over the next few years we’ll begin to see a host of new applications emerge for Bitcoin and the network […]
Fintech revenue growth surges: EY census
Local fintech start-ups are confident revenue growth will continue on the back of the banking royal commission and a majority are planning to expand overseas as more funding is pumped into the sector, although a mostly optimistic outlook is tempered by fears of a skills shortage. Access to developer talent is a concern to almost half of the nation’s fintechs, who also want better access to the government’s research and development (R&D) tax incentives to drive growth. The results are in the annual EY Fintech Australia Census 2018, generated from an online survey of 151 start-ups, which was released on Monday at FinTech Australia’s Intersekt festival attended by 500 people in […]
Bitcoin seems indestructible but another cryptocurrency might be about to take its place
Bitcoin was born out of the global financial crisis of 2018, but on the eve of its 10th anniversary the world’s first cryptocurrency may be facing a crisis of its own. Uncertain regulation, technological failings and infighting within its developer community mean another cryptocurrency could be on the verge of taking its place as the world’s leading digital currency. With a market cap of over $100 billion, bitcoin has established itself over the last decade as the world’s leading cryptocurrency, yet since its inception more than 3,000 other cryptocurrencies have since come into existence – each attempting to offer something that bitcoin can’t. After a decade of dominance, experts tell […]
Women shun financial advisers in favour of money advice from robots
Robo-advisers are reporting a substantial spike in the number of female investors, citing a “perfect storm” of the fallout from the banking royal commission and the empowerment of the #Metoo movement. Six Park reveals that accounts held solely by women have more than doubled in recent months to sit at 40 per cent, up from 20 per cent in January. The firm delivers financial advice online using algorithms and technology in place of a human financial adviser. The greatest number of Six Park accounts are held by 26-35-year-olds and 35-50-year-olds. Average account sizes are $31,761 and $43,342 respectively. Across all ages, the average amount invested by females is almost $55,000. […]
CBA ramps up blockchain
Commonwealth Bank is close to completing more blockchain projects, after it delivered the world’s first blockchain bond with World Bank in August. Speaking at SIBOS, Sophie Gilder who is CBA’s head of experimentation and commercialisation for blockchain, embodied AI and emerging technology said CBA has a portfolio of blockchain projects. Some of these are at very early stages where the bank is trying to determine if they are worthwhile to take forward or not. Others are at a pilot stage where the bank has been through successful proof of concept, has demonstrated the feasibility of the technology being applied to a particular problem and is taking the project to the […]
Women in senior leadership given the nod of approval
Award-winning Nod confirms its next major hire on their executive team will be a woman. Nod developed a patent pending algorithm that utilises AI to create real-time Statement of Advice for Financial Advisors and Accountants and today confirms they have appointed Kathryn Sforcina, an accomplished serial entrepreneur in her own right, as Head of Growth. Kathryn will bring the number of women on the Senior Leadership team up to 50% making Nod one of the few technology companies in Australia, if not the world, to have such a high representation of women in a senior leadership capacity. Joel Robbie, CEO, says the decision to actively seek true parity within their […]
Buzzing trend of Australian FinTech – ASX intends blockchain setup for settlements
There has been a five-fold rapid surge in the number of FinTech startups in Australia over the past 5 years and the sub-sectors encompassed have become more diverse, as per the reports of KPMG. Investment in the Australian FinTech sector has risen remarkably as the Australian FinTech ecosystem is becoming increasingly diverse. It is reported that on the successful launch of the world’s first blockchain-based fixed income product. The World Bank, Commonwealth Bank of Australia (CBA), and other investors made the initiative possible, which stemmed in the bond-i raising more than $80 million. While Australian Government’s 2018-19 budget has allocated $530,000 for blockchain research under the Digital transformation Agency (DTA) […]
Fintechs, Koch clash over branding
Personal finance brand-cum-TV commentator David Koch had some advice for today’s fintech leaders. They didn’t all agree with it. Koch, who launched Money Magazine, moderated a panel of seven speakers at a fintech event on Tuesday in Sydney. There, he commented that a big problem the financial technology industry is facing right now is that the consumer does not see another human being they can trust. “I’m not suggesting the Gerry Harvey or the John Symond model,” Koch continued, “but none of you put yourself up in the market [as if to say to clients that] there is a living human being looking after your interests in running the platform. […]
