New online platform allows you to ‘auction’ your loan to the lowest bidder
There can be little doubt that the world of finance and lending has become more competitive. Imagine, though, a bidding war where lenders fight between themselves to give you the best deal on your mortgage, car or personal loan. That’s actually a reality with a new online platform that allows you to “auction” the loan you want to the lowest bidder. Lodex began operating in Australia in November. Co-founder, Mic Phillipou, describes it as an auction-style marketplace where banks and brokers bid for your business. “I guess it’s a paradigm shift. As opposed to you having to go out and seek the best offer or rate from a bank or […]
The search for bitcoin’s founder: who invented cryptocurrency?
The identity of the pioneering cryptocurrency’s founding father(s) has remained a mystery since a whitepaper published by a programmer going by the pseudonym Satoshi Nakamoto surfaced in 2008. However, there are plenty that have worked with the bitcoin founder to make it a success. Satoshi Nakamoto ‘What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party’ – Satoshi Nakamoto, 2008. For a cryptographically secured digital currency built on a system that requires no central authority, it is unsurprising that its creator has stayed in the shadows. […]
Ignition Wealth appointment flags fintech future
The new chief executive of Ignition Wealth’s Ireland business is keen to deliver the next generation of fintech to Irish institutions. Named in the top role on Wednesday, Alan Quinlan said his appointment marks a “well-timed opportunity to raise the bar on what’s possible in fintech in Ireland.” “We are working to evolve technology for financial services, bringing a global perspective to development, compliance and customer experience,” Quinlan said. Quinlan’s background includes senior roles at BT Financial Group in Australia and Mercer Ireland. Ignition Wealth added that Mark Fordree now becomes group chief executive. Fordree said the firm is deploying a multi-currency and multi-language platform in Ireland. The Ireland business […]
AUSTRAC plans counterterrorism codeathon
The Australian Transaction Reports and Analysis Centre (AUSTRAC) plans to hold a codeathon in March to help solve challenges associated with countering terrorism financing. The ASEAN-Australia Codeathon is expected to bring together more than 80 experts including counterterrorism financing experts, software developers, programmers, analysts, designers and engineers. Participants at the Sydney event will be given 32 hours to develop solutions to challenges that will be unveiled on the first day of the event. Up to six members will be permitted per team. AUSTRAC is inviting participation from ASEAN and Australian FinTech, RegTech and start-up companies, financial institutions and financial intelligence units. The codeathon begins on 14 March. Prizes will be […]
Big opportunity for insurance fintech startups
DXC SpringBoard is looking to reward innovative companies that are developing systems for the insurance industry. IT services company DXC Technology, in collaboration with fintech accelerator Stone & Chalk, is running a national competition for late-stage startups developing systems that will benefit insurers. DXC SpringBoard has two categories, one for systems that work with DXC’s digital insurance as a service platform, and the second for standalone products. The expectation is that entrants will have a focus on prevention, remediation and customer engagement. Workshops – including technical tutorials, business guidance and sales coaching, led by DXC Technology and Stone & Chalk – will help entrants prepare for the final presentation and […]
Why Bitcoin’s price is so volatile
In 2017, Bitcoin’s value soared from $1,000 to just under $20,000 before dropping down to around $13,000 at the end of the year. Since then, it’s value has risen and dropped sporadically from day to day, dragging smaller cryptocurrencies like Ether and Ripple along with it. If you’re new to cryptocurrencies, this kind of volatility can be dizzying (and painful if you invest at the wrong time), but if you take a closer look it starts to make sense. Here’s why Bitcoin’s price keeps changing so drastically, and why it may get more stable in the future. Bitcoin Is Still Very New Bitcoin was first released in 2009, but it […]
Macquarie adopts open banking solution
Macquarie customers will be one of the first to test the new open banking regime with the help of a fintech. Retail finance solutions provider Zip Co, which operates under its zipPay and zipMoney brands, will allow Macquarie customers to add banking and credit card accounts via personal financial management app Pocketbook. Zip Co acquired Pocketbook in 2016 and currently has more than 400,000 users. The app integrates with Macquarie’s open banking platform, giving customers the option to connect and manage personal finances. Zip co-founder and chief executive Larry Diamond said as momentum for this type of innovation is quickly growing, the integration with Macquarie Banking and Financial Services Group […]
‘I actually don’t quite care’: Australian bitcoin investors hang tough
Australian bitcoin investors are refusing to be spooked by the cryptocurrency’s wild volatility, saying its steep drop in value was a “healthy step” in the virtual currency’s brief history. Bitcoin – the world’s largest digital coin – fell below $US10,000 ($A12,500) on Wednesday, continuing its month-long slide. Bitcoin peaked in December, at nearly $US20,000 but has since dropped by 50 per cent. Wednesday’s price drop was sparked by a record sell-off after the South Korean government flagged a crackdown on cryptocurrency trading. South Korea is one of the world’s biggest cryptocurrency markets. Bitcoin is one of nearly 1400 different types of cryptocurrency. China has also recently flagged a crackdown on […]
