Bitcoin: Westpac, NAB and ANZ hold off on CBA-style credit card ban
ANZ, Westpac and NAB have confirmed they do not currently plan to emulate the Commonwealth Bank’s ban on the use of its credit cards to purchase Bitcoin and similar cryptocurrencies. “Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies,” CBA announced earlier this week. Bitcoin’s value has swung wildly in recent months, dropping from US$19,000 in late 2017 to close to $6000 earlier this month. Coinmarketcap currently pegs it at just over $10,000. CBA said that customers could still purchase Bitcoin as well as other digital currencies by using their debit cards […]
Is it worth mining bitcoin in Australia?
The fluctuating market for bitcoin and cost of producing coins mean players in the market need to think about whether mining is worth the cost. With the price of bitcoin moving through peaks and troughs almost every week and energy costs on the rise, the question of whether it’s worth mining bitcoin needs to be addressed. It’s possible that trading coins that are already in the market is a better strategy that expending the energy to mine your own coins. Reporting on data collated by Elite Fixtures that was sourced from Blockchain.info and reported by CNBC, bitcoin mining is most expensive in South Korea with Venezuela being the least expensive […]
Why parents are worried about children’s digital money habits
OUR rapid transformation to a cashless society is concerning many parents and increasing the need for new ways to pay children pocket money. Mums and dads are worried about their children’s understanding of digital money, yet four out of five parents still pay kids using physical cash. As digital spending surges with apps, tap-and-go technology and other cashless methods, 39 per cent of parents say they are concerned their kids don’t know enough about it, according to new research from financial technology and education business Spriggy. However, 78 per cent pay cash pocket money, which Spriggy co-founder Mario Hasanakos describes as “such a disconnect”, given that Reserve Bank data shows […]
Payments fintech startup Sniip, launches first ever digital bills with push notifications
Toowoomba Regional Council is leading Australia in digital billing, by partnering with Australia’s first bank-agnostic payments and billing app, Sniip, to launch a patented “m-billing” function that will alert ratepayers of Council rates and water bills via push notifications directly on their smartphones. Ratepayers can opt into the function by registering for m-billing in the Sniip app, from which point they will receive future bills directly into the app via push notifications and can pay in a few simple clicks, without inputting any extra data or leaving the app. The end-to-end paperless solution is expected to drastically reduce the Council’s overheads and carbon footprint by helping them transition […]
Funding.com.au links borrowers to Real Estate-backed loans
The Benzinga Global Fintech Awards are a yearly showcase of the best and brightest in fintech. In preparation for its biggest installment yet in May 2018, we’re profiling the companies competing for the BZ Awards. Our next feature is on Funding.com.au. What does your company do? What unique problem does it solve? Jack O’Reilly, managing director: Funding.com.au is a financial technology platform that provides real-estate secured loans to borrowers, and attractive mortgage investments to investors. The company currently assists borrowers seeking short to medium term mortgages through its end-to-end online loan application process. As the direct lender, it can assist borrowers with a quick, easy and cost effective settlement – […]
Sydney Fintech Market Update
At Tier One People, we get to work with some amazing startups in FinTech and InsurTech. 2018 has got off to a flier, so here is the first Tier One People FinTech jobs update of 2018. There is an air of optimism that FinTechs are finally in a position to challenge banks, not just partner with them. Scott Morrison recently announced plans to legislate open banking, essentially customers will own their data and have far greater control. Great news for consumers and for FinTechs. And with the NPP (New Payments Platform) set to go live any day now, the landscape is set for more competition to enter the Australian Financial […]
Prospa named as #1 high-growth company in APAC on FT 1000 list
The Financial Times, in partnership with Statista, has identified Asia-Pacific’s top 1,000 high-growth companies. With high growth a signal of underlying demand, the FT 1000 list, which was published this week, highlights the major players driving economic growth within the APAC region. Sydney-based online small business lender, Prospa, has been identified as the top high-growth company in Asia Pacific. The list is dominated by technology companies, suggesting innovation and disruption are key drivers of growth across the regions key markets. Countries included in the research are Japan, South Korea, India, Australia, Hong Kong, Taiwan, Singapore, New Zealand, Malaysia, Indonesia and the Philippines. 138 companies from Australian and New Zealand make […]
What’s coming for Fintech lending in 2018
Continued Growth The alternative finance industry had a strong period of growth last year as borrowers become increasingly aware that there are financing options outside of the banks. The 2nd Asia Pacific Region Alternative Finance Industry Report conducted by The University of Cambridge in conjunction with Monash University and Tsinghua University released in September 2017 showed 53.3% growth from 2015 to 2016 in the Australia Alternative Finance market. The largest market sub segment was balance sheet business lending, followed by peer-to-peer (Marketplace) consumer lending, and invoice trading. Discussions with lenders across both consumer and SME sectors indicate higher growth rates for 2016-2017. The loan enquiry levels across the sector have […]
