Australia cites Blockchain in ‘Digital Economy’ strategy launch
Australia’s government is plotting an ambitious new Digital Economy initiative, citing the country’s previous work with blockchain and its future potential in a new public consultation call. The scope of the project is outlined in a new paper published this week by the The Department of Industry, Innovation and Science, which also includes a series of questions aimed to spur public debate around digitized businesses and services. Though none of the questions explicitly mention blockchain, the document highlights the technology in several areas, and signals that the government in Australia sees a prominent role for blockchain in the future. As the paper explains in one passage: “The next phase of […]
No reason why Australia should not be a global leader in the fintech sector
by Scott Morrison MP, Federal Treasurer Digital disruption in financial services is changing the world. The opportunities that spring from this disruption, in a region with an Asian middle class increasingly empowered by choice, are there for our taking. Recently I travelled to Beijing to lead our representation at the Strategic Economic Dialogue with the Chinese government, and meet with major Chinese firms who are investing in Australia. Among the encouraging signs of China’s pursuit of sustainable economic growth, the prudency in which it is addressing debt and its continued openness to trade and investment, is the pace of digital change within their economy. While Silicon Valley, London or Singapore […]
RBA, ACCC want more competition in banking
The Reserve Bank of Australia and the competition regulator have endorsed the government’s budget policies to boost banking competition including the regime that will force incumbent banks to provide data to customers to allow them to shop around for better deals. In a submission to the Productivity Commission, the Reserve Bank said competition in banking is being restricted by bundling of products, particularly with cross-subsidisation “obscuring the pricing of individual products”, which makes customers less willing to switch banks. The central bank said it backed the push towards “open banking”, “comprehensive credit reporting” and recent moves to increase transparency around banks setting interest rates via oversight by the ACCC. The […]
One-month P2P investments popular with Millennials and Gen X
Data has revealed Millennial and Gen X peer-to-peer lending investors utilise the one-month market more than any other. Analysis of the $150 million invested in peer-to-peer lending (P2P) platform RateSetter since its 2014 launch shows over 70% of Millennial and Gen X investors on the platform have invested in the one-month market. For the one-year market, this figure was only 40% for Millennial investors and 42% for Gen X investors. CEO of RateSetter Daniel Foggo said the one-month market provides a “stable, attractive return of around 4% p.a.” with ready access to money. “Far from wasting money on avocado toast, these young investors are seizing the opportunity to make their […]
Older Aussies ‘lack’ confidence with financial technology
It’s not that older Australians lack the capacity to engage with modern banking technology, but that they lack the confidence, a major Australian bank has said. New data from the Commonwealth Bank shows that older Aussies are “increasingly” using technology to stay on top of their finances. However, while the bank noted that this group has “strong ATM usage” and has seen a “big uplift in online banking”, they nevertheless lack confidence. The head of retail sales strategy and projects at CBA, Anna Mankiewicz said: “What we find in our everyday interactions with older customers is that, when it comes to keeping up with the fast evolution of technology, it […]
Australian Fintech finalists at the Optus My Business Awards
Congratulations to all the Australian Fintech companies and leaders who have been nominated as finalists in this year’s Optus My Business Awards: Business Leader of the Year Andrew Murray, Curve Securities Young Business Leader of the Year Larry Diamond, zipMoney Mandeep Sodhi, HashChing Finance Business of the Year zipMoney Fintech Business of the Year Curve Securities ezyCollect Maestrano MAUS Business Systems MoneyMe Financial Group NowInfinity Practice Ignition SelfWealth Sniip zipMoney Information and Communications Technology (ICT) Business of the Year Maestrano Innovator of the Year Practice Ignition Pocketbook
Woolworths & Apple alliance set to increase Aus digital wallet use
Customers of Australian grocery giant Woolworths will soon be able to acquire and redeem rewards points through Apple’s Wallet App. The retailer has made an agreement with Apple to store its loyalty cards within their digital wallet. The decision is tipped to significantly increase the uptake of digital wallets within Australia. With about 10 million members, Woolworths is said to boast the largest customer loyalty reward scheme in Australia. Though not every member will have an iPhone, nor be inclined to use Apple’s digital wallet. Reports state Apple and Woolworth will announce the agreement this week, prior to a launch in mid-October. Paul Monnington, Woolworths’ Head of Digital and Payments, states the decision is […]
‘Banking for blockchain’ platform raises AUD$37m in pre-ICO round
ASX-listed blockchain solutions company DigitalX has announced Bankera has successfully closed its Pre-Initial Coin Offering (ICO) round by raising €25m (AUD$37m). Bankera, a digital fintech solution platform based in Europe, has closed €25m via the sale of 2.5 Billion Banker (BNK) tokens at €0.01 each. Bankera is building a regulated bank for the blockchain era, so it means it will be a digital bank with traditional banking services (eg, giving out loans) and will support both cryptocurrencies and regular currencies. With DigitalX as its corporate advisor, it held the token sale to fast-track the development of a ‘digital bank’ for consumers operating in the blockchain era. “This announcement is an […]
