Fintech business lenders to self-regulate
A lack of transparency around fintech borrowing costs for small businesses has prompted the industry committing to adopt a code of conduct and standardised interest rate and fee disclosures. The fintech sector hopes moves to self-regulate will help start-ups win trust and avoid concerns that helped prompt the royal commission into the banks. The Australian Small Business and Family Enterprise Ombudsman, FinTech Australia and the Bank Doctor, an SME advocate, will drive start-ups to improve disclosures that will allow small business customers to compare total costs, understand obligations and penalties if payments are missed, and ensure disputes are dealt with quickly and fairly. The moves come after a survey of […]
Tax blitz to hit Bitcoin investors
Tax-dodging Bitcoin investors will be confronted by the full investigative powers of the tax office, which has revealed it will use anti-money laundering legislation due to come into force next month as the basis for a long-awaited blitz on cryptocurrencies. Under the legislation, the ATO will use compulsory 100-point identification checks for Bitcoin investors as part of its new arsenal, giving it the ability to roll out its data-matching techniques to take on the previously opaque cryptocurrency world. ATO deputy commissioner Will Day said the tax office would rely on “increased transparency” from the government’s anti-money laundering counter-terrorism financing rules to tackle cryptocurrency tax cheats. The escalation of the ATO’s […]
Matt Heine and Steve Tucker back fintech start-up
Artificial intelligence-enabled fintech start-up Nod has received a private capital injection from industry luminaries including Netwealth joint MD Matt Heine and Koda Capital chair Steve Tucker. In a statement, Nod announced it has raised $750,000 in capital as part of a funding round to support the its plans for expansion. The start-up, which “generates documents in real-time for finance professionals” using artificial intelligence, said it received the backing of a number of “key investors” including Mr Heine, Mr Tucker, Padua Financial Group executive chair Matt Esler, and venture capital firm H2 Ventures. Mr Heine said compliance-driven document generation had the potential to “save advice firms significant time, effort and expense” […]
What you need to know about Digital Currency security
Last year, the value of the major cryptocurrencies, led by Bitcoin, increased by over 2,000%, leading many investors to believe that digital currencies were truly the investment asset class of the present and future. However, there are many factors which have weighed on the minds of cryptocurrency traders and long-term investors this year such as future regulations, security issues, and real-world applications of digital coins. In fact, many of these factors are what caused the recent meltdown of cryptocurrency value at the beginning of 2018. While many cryptocurrency experts feel that regulation is key to legitimizing the digital currency markets, the security issues still pose a problem for them when […]
TTL chooses blockchain consultant
Transcendence Technologies Limited (ASX: TTL) has appointed DigitalX Limited (ASX: DCC) as its blockchain consultant. DCC will perform an audit of TTL’s current product offerings and provide advice to the company’s board and upper management. DCC will also be tasked with exploring how synchronised digital data offerings could integrate into TTL’s current business model. TTL operates the prominent E-Collate data management platform and has worked in collaboration with PrimeXConnect on the management of a wholesale trading and supply chain for meat products. DCC CEO Leigh Travers said, “Blockchain technology could help producers, sellers and consumers follow meat products in transit from paddock to plate, by tracking measurements such as temperature […]
NAB, CBA and Westpac continue to stall on Apple Pay deal
At least a quarter of Australian consumers are being prevented from making mobile payments on their smartphones thanks to little more than the self-serving stubbornness of Australia’s three biggest banks. If you’re an iPhone user who banks with the Commonwealth Bank of Australia, Westpac or NAB, then there’s no way around it: your so-called ‘digital wallet’ is completely useless. Given 45 per cent of us use iPhones, and 60 per cent of us bank with one of those three institutions, that means at least 27 per cent of us are shut out from using this cutting edge technology entirely. But if you’re not one of these 27 per cent of […]
Australian FinTech partners with Australia’s leading Crowdfunding platform OnMarket
In a movement to continue fostering a thriving environment for fintech, Australian FinTech is delighted to announce our official partnership with Australia’s leading IPO and Equity Crowdfunding platform OnMarket. This new partnership is a step towards growing the support network and shared knowledge between Australian fintech businesses. OnMarket has revolutionised the way wholesale and retail offerings into listed and unlisted companies are made available to investors by providing the world’s first free-access portal and app for capital raisings. OnMarket makes investing and capital raising an efficient, simple and transparent process that is accessible to everyday investors and innovative and growth stage businesses. As a marketplace platform, OnMarket acts as the […]
AML Accelerate launches a category defining AML/CFT compliance platform
Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) compliance requirements are being revised and new requirements are being introduced and enforced around the world, impacting more than 30 financial and non-financial industry sectors, with many being brought into AML/CFT for the first time. Industry sectors including lawyers, accountants, real-estate agents and dealers in high-value goods are soon to be subject to AML/CFT laws which are being progressively rolled-out with law practices in New Zealand the first required to comply by 1 July 2018. Non-compliance could result in fines, penalties, civil or criminal prosecution, loss of license and reputation damage. The estimated cost for an average business to achieve compliance […]
