Here’s how banks can save big with blockchain
In the aftermath of the 2008 financial crisis, investment banks faced rising regulatory burdens, rising compliance costs, and a consequent shrinking of innovation budgets. However, in Q4 these banks reported large profits, suggesting that they are finally on the path to recovery; we have also seen major players renew their focus on digital transformation. Now, a new report by consultancy Accenture and benchmarking firm McLagan suggests an area particularly deserving of incumbents’ attention. The study, using data for eight of the world’s largest investment banks, looked into the potential benefits that blockchain adoption might deliver. It found that blockchain could save these banks $8 billion to $12 billion annually and […]
One country dominates the global bitcoin market
Almost all bitcoin trading is done in China. The share of the cryptocurrency that’s traded via China’s mainland currency escalated over the past few years, overtaking the US dollar as the dominant currency. From less than a 10% share in January 2012, the yuan now makes up nearly 100% of all bitcoin trading. Bitcoin surged 120% last year, outperforming every other currency in the world. It kicked off 2017 by rising above $1,000 for the first time since 2013.Those moves were made possible largely because of China. Volumes of bitcoin trading increased as China’s foreign reserves shrank, by about 8% to $3.05 trillion in 2016. Meanwhile, the yuan weakened against […]
US fintech SoFi targets mortgage lending in Australia
One of the best-funded financial technology companies in the US, SoFi, is preparing to launch in Australia to offer mortgages in direct competition with the banks. In recent days, the San Francisco-based SoFi has used LinkedIn to advertise for a manager of mortgage operations, based in Sydney, along with an operations manager and a marketing manager. The pending opening in Sydney would be SoFi’s first office outside the US, where it has funded more than $US7 billion in student loan refinancing, personal loans and mortgages since it was founded in 2011. Over the past two years, SoFi, which used to be called Social Finance, has raised $1 billion in new […]
Government urged to test blockchain’s potential
Blockchain technology might help prevent a repeat of the Centrelink data-matching disaster, says investment banker turned business professor Christine Helliar. Blockchain is the technology behind cryptocurrency Bitcoin, but is increasingly viewed as having applications elsewhere in business and government. In simple terms, blockchain is a tamper-proof digital ledger that keeps a continuous record of all transactions that take place. Each transaction is time stamped and stored as part of a detailed history that builds up over time. The information can be shared among a network of computers.Professor Helliar, who works for the University of South Australia, said blockchain could be used to link all tax and welfare payments, reducing the […]
Australian FinTech will exceed AUD $4 Billion by 2020
A new report has found that FinTech revenue in Australia is predicted to grow at a compound annual growth rate (CAGR) of 76.3 percent and exceed A$4 billion by 2020. The research, Australian Fintech, Forecast for 2020, found that this increase was down to a reduction in taxes on investments in startups, tech-savvy digital individuals, and a rise in mobile payments. According to Research and Markets, in 2015 the Australian FinTech market produced A$247.2 million with 2016 generating further growth and 2017 predicted to continue the upward trend. The research found that there are three areas that financial technology services are focusing on in Australia that will grow by 2020: […]
ANZ moves closer towards ‘virtual’ credit cards
ANZ is moving a step closer towards “virtual” credit and debit cards, through new changes to automatically upload replacement cards for those that are lost onto customers’ smart phones. As part of its push to drive greater use of digital wallets, the bank is revamping the technical and security processes triggered when a customer reports a card as lost or stolen. About 670,000 cards are lost or stolen at the bank each year. Previously, replacement cards needed to be sent to customers before they could be used, a process that often takes several days. Under the changes, people who have uploaded their credit card details onto a digital wallet on […]
Investec funding for H2’s fintech accelerator backed by NSW government
Niche lender Investec has increased its funding facility for the fintech accelerator H2 Ventures by $4 million, in a deal that has been partially underwritten by the NSW government, which says it is willing to provide more guarantees to encourage venture capital funding. H2 Ventures says it remains committed to raising an unlisted, $30 million fintech investment fund this year, after it was forced to pull the ASX float of H2Ocean last October despite the backing of high-profile technology industry investors when it failed to raise minimum subscription levels. The unlisted version will invest in several of the 40 new fintech start-ups that will enter the H2 accelerator over the […]
FinTech: UK Vs Australia
by Matthew Parker, The MitchelLake Group Having recently moved from the UK to Australia, I have been excited to observe and experience first-hand some of the differences between the UK FinTech ecosystem and that of its Antipodean cousin. I do not, by any means, pretend to be an expert, but I have had the privilege of working with and alongside some of the most exciting FinTech businesses and individuals across multiple markets. Any observation I am able to draw comes from a place of passion and sincere enthusiasm as well as a helpful dose of experience. So without further ado, let’s compare and contrast. The UK hit its stride at […]
