From UNSW to Silicon Valley: young entrepreneur attracts major funding
One UNSW student’s experience with a startup company illustrates the unpredictable nature of entrepreneurship and the value of programs like UNSW Startup Launch. Last year, UNSW Sydney Computer Science and Engineering student Stefan Qin was accepted into the University’s Startup Launch pre-accelerator program for high-potential founders with innovative startup ideas. His start-up, Dime, went on to win first prize at a Startup Launch pitch night, with a concept that used blockchain technology to significantly reduce the cost and time delay of foreign exchange transactions. Now, the 20-year-old has closed a $US3.18 million funding round for his new business, Virgil Capital, a global venture in cryptocurrency trading and investment management in […]
Fintech slams aggregator “monopoly”
A heated statement by emerging fintech Hero Broker has accused major aggregator groups of working together and stacking the deck against newcomers to the industry. In a submission to the Productivity Commission’s Inquiry into Competition in Australia’s Financial System released last Wednesday (27 September), Clint Howen, founder of Hero Broker, called upon the commission to examine the role that aggregators play in the market. He recounted his experiences with the major aggregator groups, claiming that Hero Broker was denied entry into the market despite meeting the Australian Securities and Investments Commission’s (ASIC’s) compliance regulations. He claimed that there was a “collective discussion” between key figures within the mortgage industry to […]
Latitude Financial Services partners with Samsung Pay
Latitude customers can now tap and pay with their Samsung, Apple or Android smartphone. Latitude customers have a new way to pay as of today. Samsung Electronics Australia and Latitude Financial Services have joined forces to offer cardholders the convenience of Samsung Pay. This means that Latitude cardholders can now use their compatible Samsung device to make contactless digital payments instead of pulling out their card at the checkout. If you’ve never used it before, setting up Samsung Pay with your Latitude card is simple. You’ll just need to download and open the Samsung Pay app, sign in and take a photo of your card or enter the details manually. […]
Stone & Chalk leads FinTech Hub
FinTech Victoria’s former founding CEO, Alan Tsen, is spearheading the operations of the new hub, which will provide free office and in-kind support for start-ups in the finance and technology industries. Stone & Chalk says the first phase of the hub will link start-ups to the national and international marketplace, offer mentorship, talent and investment across Melbourne and Sydney. Stone & Chalk has corporate partners including ANZ, NAB, Findex, Genworth and Liberty Financial. Mr Tsen said the hub would be a helpful boost for start-ups to tap into the national and global FinTech space. “Melbourne FinTechs have found it hard to access affordable space, as well as mentorship, talent, business […]
Fintech startup InstaReM expands services to the EU
Cross-border payment firm InstaReM has announced a continued expansion across the globe – this time to the European Union. The company has come a long way since opening its very first corridor in Australia in 2014. With the issuance of the Electronic Money Institution license (EMI) from the Bank of Lithuania, InstaReM will be able to provide international money transfer services in Europe from Vilnius, which will be InstaReM’s seventh office globally. Operating out of Lithuania will not only allow InstaReM to grow its customer base exponentially throughout the EU, but will also play a significant part in developing Lithuania’s fintech eco-system. InstaReM aims to invest approximately 3 million euros […]
So what is an initial coin offering (ICO)?
An initial coin offering (ICO) is a concept that has been getting increased airplay in recent times, with estimates that more than $1 billion has been raised globally via ICOs. With some key decisions being made by regulators globally (including the US and China) – and with guidance from ASIC released last week – we thought it timely to provide an overview on the concept. So what is an ICO? ICOs generally operate as a blockchain-based funding process, allowing investors to use cryptocurrency (such as bitcoin or ether) to purchase coins or tokens relating to a specific product or project via the internet for a set period of time. The […]
Millennials could pay over $300,000 in super fees
Millennials in a Fat Cat Fund could lose over a quarter of their super balance to fees. Robo advice platform Stockspot has launched its fifth annual Stockspot Fat Cat Funds report, which analysed a record 4,102 super and managed funds and highlights the link between high fees and poor long-term performance. A Fat Cat Fund is one that has performed worse than others in the market by more than 10% over two, three and five years, and typically has fees of more than 1.5% p.a. This year’s report has shown the number of Fat Cat Funds has decreased slightly by 18%, from 638 in 2016 to 521 now. However, it […]
DigitalX advises Power Ledger on Australia’s first Initial Coin Offering (ICO)
DigitalX Ltd advises that it has been engaged as an advisor to Blockchain energy trading company Power Ledger for its Initial Coin Offering (ICO). Following a pre-ICO or “Token Generation Event”, in which Power Ledger raised the equivalent of AUD$17 million of digital currency, Power Ledger is offering 140 million POWR tokens as part of the main sale. POWR tokens will effectively be auctioned to the public, generating interest from solar developers, renewable energy projects, retail investors and speculators. “DigitalX is quickly becoming a market leader for ICO advisory services and we are pleased to be able to work in a strategic role to the Power Ledger project. “Power Ledger […]
