Open banking start-up Basiq snares funding from Westpac and NAB
The venture capital funds of Westpac Banking Corp and National Australia Bank have co-invested in Basiq, a start-up that scrapes financial data from bank webpages to help fintechs compete with incumbent banks. Taking advantages of the government’s moves to create an economy where data moves more openly, it plans to morph into a new banking platform that uses “application programming interfaces” (APIs, or software connecting computers) to improve customer experience of financial services. The seed investment by Reinventure Group, Westpac’s venture capital fund, and NAB Ventures comes after Treasurer Scott Morrison said in last month’s budget an “open banking” regime would be created, liberating customer banking data. The Productivity Commission, […]
Instant payment possible for grain growers
Any delays between delivering grain and being paid for it could become a thing of the past, but Australia will need to develop a digital currency to make this happen. That’s according to AgriDigital co-founder Bob Mckay. His company successfully completed a world-first last year by executing the settlement of an agricultural commodity on a blockchain, a public ledger of digital currency transactions. In December last year AgriDigital’s software used real-time data of a grain sale between a Dubbo grain grower who delivered wheat to meat processor Fletcher International, and executed this transaction on a blockchain. AgriDigital has computer software that connects buyers, growers and storage providers. Mr McKay, who […]
AEVI and Moroku partner to mobilize small merchants
AEVI and Moroku today announced a partnership to distribute Moroku’s all-in-one small merchant POS software Marrakash on AEVI’s Global Marketplace; a B2B app store for smart Point of Sale (SmartPOS) devices. Marrakash is designed with the next generation of banks in mind, delivering a single solution for small merchants that seamlessly integrates their business, products, customers and payment systems into one easy-to-use platform. The partnership will leverage AEVI’s open solutions, payments and global support infrastructure to target multiple vertical markets including the hospitality, food and drink, health and wellness, retail and financial service industries. Based in Sydney, Australia, Moroku is a pioneering Fintech firm that provides the finance industry with […]
DigitalX secures new funding
DigitalX Ltd (Company or DCC) is pleased to announce that it has entered into a conditional subscription agreement and converting loan agreement with Blockchain Global Limited, an Australian incorporated company operating in the Bitcoin and Blockchain space internationally, to invest approximately $4.35m at 2.7 cents per share to acquire an interest in approximately 40% of DigitalX on a fully diluted basis. The price of the investment represents a 28.5% premium to the VWAP of DigitalX’s shares over the last 5 days in which shares were traded prior to the date of this announcement. The investment is conditional upon the satisfaction of specific conditions precedent, which are outlined below. Under […]
Bitcoin and Ethereum are hitting record highs
Bitcoin just surged to a new record above $US2,800. It tops the previous high of $US2,799, with the cryptocurrency reaching a peak earlier today of $US2,854.40. A short time ago, Bitcoin was trading at $US2,800.20, a gain of just over 4%. The latest surge shows that speculation in the market shows no signs of abating, after prices for Bitcoin dipped back below $US2,000 at the end of May. Prices for the world’s second largest cryptocurrency ethereum have also ripped higher, a short time ago up more than 5% to $US256.16. To read more, please click on the link below… Source: Bitcoin and Ethereum are hitting record highs | Business […]
Data61 reports blockchain will have a profound impact on the economy
A scientific study of blockchain by the CSIRO’s specialist Data61 unit has found the management of supply chains, including trade finance and insurance, as a “highly promising” use case for the emerging technology, which will enhance productivity across the agriculture, banking, healthcare, logistics and public sectors and help business and government manage the deluge of data about to be unleashed by the internet of things. But two reports to be released on Wednesday also point to various limitations of the much-hyped technology, warning it could compromise privacy, breach confidentiality, and create security concerns should encryption ever be broken by faster computing power. Data61’s reports are the product of almost a […]
SBS Bank has partnered with Sandstone Technology to deploy a new digital banking platform
SBS Bank has partnered with Sandstone Technology to deploy a new digital banking platform to facilitate an anywhere, anytime banking experience for the bank’s Members. The recent project is the first step in what promises to be a long and exciting relationship between the rapidly growing New Zealand Member bank and the FinTech, which was co-founded by New Zealander Bob Hall. The banking platform, developed in collaboration with Sandstone partner Liferay, will soon be extended to create an online sales channel supporting the origination and fulfilment of Member applications for accounts and investments. Approved deposit product applicants will have immediate access to their online banking facilities. Shaun […]
Fintech startup MoneyMe hits $100 million loans; sets eyes on niche loans market
Fintech startup, MoneyMe Financial Group, has this week broken through the $100 million loan mark, after record daily compounded growth of 2,747 per cent in its medium amount and personal loans offerings drove its lending volume exponentially in the past few months. This rapid acceleration, combined with record low default and customer complaint rates, now sees MoneyMe set to launch a series of niche loan products over 2017, all designed to provide greater financial inclusion for the growing Australian millennial market. “To have reached this exciting milestone so quickly really is validation that the millennial market is actively looking for financial alternatives to the big banks and their […]
