Bitcoin on the map in Sydney’s city
Cryptocurrency has been hailed as the way of the future — digital assets which can be deposited, spent and exchanged for real world goods. Operating outside of central banks, cryptocurrency has increased in popularity since the concept found form in bitcoin — claimed to be the first of its type — just under a decade ago. At the end April last year the total value of all existing bitcoins exceeded $2.5 billion Australian dollars, millions of which are exchanged each day — including in the heart of Sydney’s CBD. Coinmap, a heatmap of registered businesses and ATMs which accept bitcoin, shows 30 locations in the City of Sydney — including […]
Ookami and National Currency eXchange to share IP, produce new digital asset technology
Ookami (ASX: OOK) has edged further into the cryptocurrency space after securing a collaboration agreement with National Currency eXchange Group, with the duo to share intellectual property to develop new synergies and technologies. According to Ookami, the collaborative agreement complements its business model to develop technological solutions that encompass blockchain technologies, smart contracts, anti-money laundering, identity management and verification, data markets, digital asset wallets and exchange platforms, security and encryption, among others. The National Currency eXchange is a platform for investors to trade cryptocurrencies such as Bitcoin and Ethereum. As part of the collaboration, Ookami and National Currency eXchange will create a “preferred” client model which enables people to use […]
Equity crowd-funding up and running to open new investment doors
FROM gin distillers to energy-boosting mouth strips, opportunities are popping up for investors to grab stakes in start-up Australian businesses with as little as $50. The Australian Securities and Investments Commission last month licensed seven online platforms that let anyone pump money into emerging businesses, and despite a slow start there is expected to be a surge in opportunities online soon. It’s equity crowd-funding, where individuals buy shares in businesses well before they list on the stock exchange. This early-stage investment potentially delivers them the biggest profits but also carries the greatest risks. One of the seven licensed companies, Equitise, is currently raising money for Xinja, Australia’s first independent digital […]
Bitcoin finds a bottom as risk aversion grips global markets
What’s supposed to be the most volatile asset in the universe is proving to be a bastion of stability compared with wild swings and carnage in global equities this week. Bitcoin clawed its way back from the four-month low of $US5922 it touched on Tuesday, rebounding almost 45 per cent to $US8500. The S&P 500 Index and the Dow Jones Industrial Average both fell more than 5 per cent this week, wiping out gains for the year. Emerging markets stocks and currencies also plunged, while shorter maturity US Treasuries climbed as investors fled from risky assets to safe-havens. Bitcoin’s supporters are quick to extol the cryptocurrency’ virtues as an asset […]
Asia-Pacific fintech market to reach US$72 billion by 2020, finds Frost & Sullivan
Active support and initiatives by financial regulators such as the Monetary Authority of Singapore, Bank Negara Malaysia and Bank Indonesia has enabled the Asia-Pacific Fintech ecosystem to grow significantly in 2017. New innovations are expected to radically transform the way consumers shop, pay perform banking transactions and purchase insurance. The wave of new Fintech technologies is also changing customer behaviour and interactions today. Frost & Sullivan presented its annual Fintech Outlook at The Swissôtel The Stamford in Singapore on 8 February. The event was attended by over 70 senior management and C-suite executives, marking the start of an exciting year ahead for the industry. The Fintech industry in the Asia-Pacific […]
The fintech revolution: who now assesses your personal loan application?
In an age of rapid technological disruption, Aussie banking practices are constantly changing and there is now a piece of technology that could be responsible for assessing your creditworthiness when you apply for a personal loan. In an age of rapid technological disruption, Aussie banking practices are constantly changing and there is now a piece of technology that could be responsible for assessing your creditworthiness when you apply for a personal loan. Personal loan provider, Harmoney, kicked off the new year by teaming up with DataRobot, an automated machine learning platform, in the hopes of improving both the speed and accuracy of its application process. “With our deployment of DataRobot, […]
Scott Morrison says data sharing regime will ‘revolutionise’ banking
Treasurer Scott Morrison said new rules to give bank customers control over their data will disrupt the major banks’ “stronghold” on information and encourage a new wave of fintech innovation. He said stringent security and governance rules along with safeguards to protect customer privacy would be be at the core of the federal government’s regime, due to start on July 1, 2019. Mr Morrison will release a report by King & Wood Mallesons partner Scott Farrell on Friday that will guide the Turnbull government’s approach “to giving consumers greater access to, and control over, their data”. The so-called “open banking” regime will allow customers, including small businesses, to instruct their […]
Australians essentially are trading with one hand behind their back
The CEO of a fintech start-up has said Australian traders need to consider exposure to international markets, arguing that those who do so are “several steps ahead”. Speaking to Nest Egg, the CEO of the self-described “shop for shares”, Stake’s Matt Leibowitz, said while it always comes down to strategy, Australian investors who limit themselves to local opportunities tend to be “playing with one hand tied behind your back”. Reflecting on this week’s markets volatility, he said traders need to have the tools to be able to profit from opportunities like down-turns, whether traders predict such down-turns to be a fluctuation or a trend. “Whether you want to trade long, […]
