National Currency Exchange to launch
The National Currency Exchange, an Australian owned and operated cryptocurrency exchange, will commence operations in Q1 2018 following a private funding round raising $750,000 for the Australian and second exchange in Singapore. NCX, which will initially allow trading in popular cryptocurrencies Bitcoin and Ethereum before expanding the digital asset suite throughout 2018, differentiates itself from local and global peers by having 100% of controlled funds and digital assets managed in Australia, with the majority of NCX controlled digital currency kept in “cold storage”. It will generate revenue from trading fees and Fiat transfer fees and in future also expects to generate revenue from listing additional digital assets. To read […]
Australian startups share tips on how to raise early stage funding
The early stage funding could be challenging for several startups, including those from Australia. Some Australian startups admitted they did not have the expertise or knowledge of how to raise funds, a new survey has found. The new Startup Muster, a poll of the Australian startup ecosystem, showed that 12.9 percent said they did not possess the expertise to raise funds. SafetyCulture CEO and founder Luke Anear offered an advice, saying startups must not go to an investor meeting and ask for cash. Anear said the approach should be like in dating. A startup needs to know the investor first before accepting an investment. “You don’t get married on your […]
FinTech body seeks changes to APRA’s proposal to reduce market barriers to challenger banks
The Australian Government’s proposal to make it easier for digital-first challenger banks to compete against industry incumbents is could be improved, according to the peak body for fintech startups. FinTech Australia has lodged a submission with the Australian Prudential Regulation Authority (APRA) in response to its discussion paper, entitled “A phased approach to authorising new entrants to the banking industry”. The discussion paper proposes that new banking entrants, known as Authorised Deposit-taking Institutions (ADIs) can apply for a “restricted ADI licence”. Under the restricted ADI licence, new banking entrants may take up to $2 million in deposits with an individual limit of $250,000 per depositor over a maximum period of two years, […]
FinTech Indonesia signs collaboration agreement with FinTech Australia
The peak financial technology (fintech) industry bodies in Indonesia and Australia have signed a landmark agreement to help drive exchanges of talent and expertise between the two growing fintech markets. Signed in December, the memorandum of understanding between FinTech Australia and FinTech Indonesia is regarded as an important step to drive the mutual development and growth of fintech industries across both jurisdictions. The agreement was witnessed by Fithri Hadi, the Director of Financial Innovation from Indonesian Financial Service Authority (OJK) and Dan Thomas, Vice Chair of the Australian Department of Foreign Affairs and Trade. The agreement provides a platform to facilitate cross-border exchanges of talent, technology and capital and fintech […]
The world’s first cryptocurrency recruitment agency has opened in Sydney
A recruitment agency specialising in finding cryptocurrency and blockchain talent has opened in Sydney. Crypto Recruit has set up shop with the belief that it is the first in the world to offer such niche IT recruitment services, said founder Neil Dundon. “The idea was to get some first mover advantage in the market,” Dundon told Business Insider. “Nowadays there seems to be general pub talk [about cryptocurrencies] — people are just talking about it all the time and it’s just mental at the moment. So three or four months ago I had the idea: why don’t I couple my passion for cryptocurrency and blockchain… with my skills in recruitment?” […]
The time is now for financial advisers to embrace fintechs
Advisers need to think about fintech services as more than just potential competitors for their market and start thinking about how to capitalise on the sectors’ strengths, writes Sharesight’s Douglas Morris. Recently, the Financial Planning Association of Australia (FPA) released a white paper on fintech titled Mapping Fintech to the Financial Planning Process – Why Fintech is Not a Threat. “Not a threat” meaning fintech provides an opportunity for financial advisers as opposed to eating a financial planner’s lunch. The FPA has done a commendable job assessing the landscape, asking the right questions and separating out what really should concern financial advisers. Disruptive moments are paired with opportunity and they’ve […]
Sydney co-working institution Tank Stream Labs to open Perth office
One of the country’s oldest and most well-respected co-working space providers Tank Stream Labs has announced it will be expanding into Perth in a bid to help link the startup ecosystems on Australia’s east and west coasts. Faced with many alluring prospects when considering which Australian capital cities to launch TSL’s first every non-Sydney co-working space into, chief executive Bradley Delamare tells StartupSmart he picked Perth because of the potential for growth in the city’s startup ecosystem. “Melbourne has almost double the co-working spaces of Sydney, and Brisbane is small market already with some standouts like Fishburners and River City Labs,” he says. “Perth is an interesting one, and over […]
Traders brace for volatile bitcoin futures launch
The newest way to bet on bitcoin will arrive when futures of the cryptocurrency that has taken Wall Street by a storm begin trading. The first bitcoin future trades are set to kick off at 6pm New York time on Sunday (10AM AEDT Monday) on CBOE Global Markets Inc’s CBOE Futures Exchange. This has given an extra kick to the cryptocurrency’s scorching run this year. Bitcoin’s price soared so far this month, but it has made sharp moves in both directions in recent days, falling by almost a fifth on Friday after surging more than 40 per cent in the previous 48 hours. On Sunday, bitcoin was up about 3 […]
