Can Australia drive Bitcoin and FinTech Development in the Southeast?
After the 1st of July 2017, Australian blockchain and Bitcoin-related businesses that have relocated abroad can return. Coinidol.com contacted experts from Australia and asked them about the problems that the government should solve for the cryptocurrency and blockchain markets during the next year. Australia takes an important step toward Bitcoin and cryptocurrency acceptance with the government’s decision to drop the double goods and services tax (GST) starting July 2017. Double taxation – problem for the whole cryptocurrency industry Most countries have no problems with double taxation and GST being applied to Bitcoin purchases. And Australians often had to buy cryptocurrency overseas, which also blocks the development of a local cryptocurrency […]
Square’s payment ecosystem is now fully evolved
Everyone knows Square for their card readers and payment systems, but did you know Square has a fully evolved payment ecosystem to help your business in more ways than you thought? Square Country Manager Ben Pfisterer outlines seven features you may have missed. Virtual Terminal Virtual Terminal allows a business to enter a customer’s credit or debit card information without the need for a card reader or app. Simply log in on your computer and start taking payments either over the phone or in person. You can give employees access to take payments from their computers, too. You get your funds as fast as the next business day. […]
Aussies getting ‘fleeced’ by major banks, says HashChing
A recent analysis conducted by the online mortgage marketplace has claimed that borrowers with the big four are paying up to $90,000 more than they need to for their home loans. By comparing the fixed and variable rates offered by the big four banks with those available through the HashChing platform, the analysis revealed it was possible to save up to $90,000 over the life of a home loan. HashChing pointed out that according to the RBA, one-third of borrowers have less than a month’s worth of breathing room around their mortgage, with millions of Australians at risk of falling behind on their payments. Commenting on the findings, HashChing CEO […]
Budget’s big bank levy could open the door for fintech lenders
In the 2017 Budget announcement, Treasurer Scott Morrison announced a 0.06% annual levy on key funding sources for Australia’s major banks – a cost that could be passed on to Aussie borrowers and may drive them toward alternate lending sources. The levy will apply to funding sources such as corporate bonds and large deposits and will only affect banks with debts above $100 billion – effectively limiting it to big players the Commonwealth Bank, Westpac, NAB, ANZ and Macquarie. “This represents a fair contribution to the community from our major banks, is consistent with other advanced countries and helps foster competition from smaller banks,” according to budget papers. If it […]
Bitcoin rises to record high in blockchain-related boost
Digital currency bitcoin hit a record high overnight as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator. Bitcoin hit a record $US1760.40 on the BitStamp platform and was last at $US1747.89, up 6 per cent on the day. So far this year, bitcoin has surged nearly 80 per cent. Bitcoin’s market capitalisation overnight soared to $US52.5 billion, according to data from coinmarketcap.com. Aside from being an asset that can […]
Banks and fintechs want robust data-sharing standards
Both big banks and fintech start-ups want robust governance standards created to ensure customers can move data from one financial services provider to another without exposing the sector to cyber attacks. Banks are preparing for new legislation that will give their customers the right to request transaction data be given to a potential competitor under a new data access regime the Productivity Commission said this week could “reinvigorate competition policy”. The Productivity Commission’s final report on data use and availability, published on Monday, set out aggressive timelines for the creation of a “comprehensive right” in a new law designed to empower individuals and businesses throughout the economy to make better […]
SocietyOne welcomes proposed changes to an open banking and data regime
SocietyOne, Australia’s pioneering and leading lending marketplace, has welcomed the Turnbull Government’s commitment to introduce an open banking regime which could transform customers’ control over their own data and stimulate competition in the country’s financial services sector. Coming after the release of the Productivity Commission’s report into data availability and use of public and private sector data, Jason Yetton, SocietyOne’s Managing Director and CEO, said the initiatives, announced in last night’s Federal Budget, would put consumers in a better position to negotiate more advantageous deals with their credit provider. The changes – likely to result from an independent commission which is due to report by the end of […]
Fintech platform Stake wants to make investing in US stocks as easy as online shopping
There are a few particularly popular niches within the Australian fintech space, with online small business lenders to platforms allowing consumers to find and negotiate the right home loan particularly hot areas. Another is investment, with offerings popping up to target a breadth of consumers. From the likes of Acorns, which is gathering up a user’s ‘loose change’ and investing it for them, through to Brickx allowing users to invest in property brick by brick, and Stockspot using AI to help better invest its customers’ money, the choice for the consumer is vast. Adding another option to the mix is Sydney startup Stake. Founded by Matthew Leibowitz, Jon Abitz, and Daniel […]
