SETL wants to settle and clear equities in competition with ASX
The ASX is facing competition for clearing and settling equities, with blockchain start-up SETL pledging to build a post-trading system cheaper and to deploy it quicker than the replacement for the existing CHESS infrastructure, which is being developed by the ASX itself and US group Digital Asset Holdings. London-based SETL is raising capital from some Australian brokers and has retained local lawyers to prepare regulatory applications to approve its system. The move comes as the federal government considers whether to remove the ASX’s monopoly over equities settlement and clearing – the vital “pipes” that underpin the operation of Australia’s equity markets – later this year, if regulators can devise a […]
Brokers want ASX blockchain to do more
Stockbrokers have told the Australian Securities Exchange that to justify the costs of moving to a new technology to replace CHESS, a broad range of “system enhancements” should be added to the project, including eliminating paper processes that manage corporate actions and the transfer of securities. The ASX published on Monday its response to months of market consultation on the replacement of the CHESS equities settlement and clearing system, amid reports some stakeholders are unhappy with the process. ASX is considering replacing CHESS with a private blockchain it is developing with New York start-up Digital Asset Holdings, in which ASX has invested $US17.4 million for a 8.5 per cent stake. […]
Touchcorp, Afterpay merger worth $500m
Melbourne-based fintech start-up Afterpay has announced a proposed merger with Touchcorp, in a deal set to create a new ASX-listed software and payments firm valued at $500 million. Afterpay MD Nick Molnar said the two companies had been working together, and the proposed merger would help the combined entity rapidly scale into new markets and grow faster than otherwise possible. Founded in 2014, Afterpay is a retail payments outfit that facilitates commerce between retail merchants and end customers, offering a “buy now, receive now, pay later” service that does not require end customers to enter into traditional loan arrangements or pay upfront fees to the group. It landed on the […]
ASX targets ‘late 2017’ for blockchain decision
Ongoing negotiations with market participants about a potential blockchain replacement for the CHESS settlement system are likely to bear fruit later this year, says the ASX. Speaking at an ASX half-year result analyst briefing, chief executive Dominic Stevens said there is a high level of engagement in the post-trade sector about the proposed CHESS replacement. The ASX has an 8.5 per cent stake in US-based Digital Asset Holdings, which is working on developing a replacement for CHESS based on distributed ledger technology (DLT), also known as the ‘blockchain’. Mr Stevens said there has been a lot of engagement at the business committee level and the consultation process has seen a […]
Temenos announces proposal to acquire Rubik
Temenos (SIX: TEMN), the software specialist for banking and finance, today confirms that it has entered into a binding Scheme Implementation Deed to acquire Rubik Financial Limited (‘Rubik’), a leading software provider to the Financial Services sector in Australia, via a Scheme of Arrangement (“Scheme”). Founded in 2007, Rubik is a leading Australia–based, Australian Securities Exchange listed financial software company providing banking, wealth management and mortgage broking solutions, primarily in Australia, and also internationally across Asia and the Middle East. Rubik has more than 150 employees servicing 930 direct clients and 23,000 end-users in 12 countries. Temenos has a longstanding partnership with Rubik which dates back nearly 10 years. Rubik […]
Fintech disruptors hurting established players
As trends go, financial technology is a beauty. The prospect of nimble “fintech” ventures disrupting financial-service incumbents has whet investor appetites. An Australian fintech sector is rapidly emerging. Fintech has been a boom sector in the United States and United Kingdom as technology-based companies, with their capital-light business models, nibble at the market share of large firms. It happened in print media, publishing, music and education. Now the same trend, where new firms offer financial products and services using online platforms, is disrupting parts of banking, wealth management, insurance, payments, accounting and foreign exchange. There is, of course, much hype about fintech. But the financial-services sector looks a prime target […]
Mint Payments successfully completes $6m placement
Payments technology solutions provider Mint Payments (ASX: MNW) has successfully completed a placement of new shares to drive its aggressive expansion into South East Asia’s evolving payments landscape. The placement will be made pursuant to s708 (11) of the Corporations Act 2001, to raise $6.0M. Priced at $0.079 per share, the Placement represents a 3.7% discount to the last traded price of $0.082 per share. The capital raising will be undertaken in two tranches: a) Tranche 1 – comprising 50.6M shares, raising $4.0M pursuant to the Company’s existing 15% capital issue limit under ASX Listing Rule 7.1 ; and b) Tranche 2 – comprising 25.3M shares, raising $2.0M. […]
Australian FinTech launches International FinTech platform
The team behind the highly successful AustralianFinTech.com.au, this week launch their International platform, InternationalFinTech.com, aimed at connecting the FinTech industry on a global scale. Founder and CEO, Cameron Dart, says International FinTech has been born on the back of the highly successful Australian FinTech platform and growing demand from the global community to have a dedicated online presence for their sector. “International FinTech mirrors the Australian FinTech platform, including a dedicated industry newsfeed and a comprehensive directory of FinTech companies globally. “The site also aims to educate users of new financial technologies such as peer to peer lending and cryptocurrency, all presented in simple terms with no financial jargon” says […]
