Australians are turning to alternative types of investments
Australians unable to buy in an overheated property market are turning to other investments to boost their wealth. As property prices in capital cities particularly Sydney and Melbourne continue to soar and returns on cash in the bank remain around two per cent, many savers have had to look at alternative ways to grow their money. KILL your debts quicker than ever before Ray Corcoran, 29, who runs his own marketing consultancy has put off buying property and instead is investing his money through a Robo-adviser — an automated investment service. After having his savings in an online account collecting interest at a rate of 1.6 per cent he decided […]
Financial advisers should consider bitcoin as an asset class
There is no better way to understand blockchain technology than to invest in bitcoins, a digital currency that has outperformed traditional currencies in recent years, according to an industry expert. This week the cryptocurrency broke record-highs when it started trading above USD$1680 against the US dollar. As at May this year, the total market cap of the bitcoin market has more than doubled to US$23 billion since it hit the US$10 billion mark just three years ago. Australia-born chief executive of Silicon Valley-based blockchain outfit Wyre, Michael Dunworth, said for financial advisers who are trying to figure out how the industry will affect their business, there is no better way […]
Sequoia and Gobi hunting Aussie start-ups following Airwallex round
Big name Chinese venture capital firms are hunting for Australian tech start-ups to invest in, targeting firms in the fintech, agricultural and medical technology sectors. Sequoia Capital partner Steven Ji and Gobi Partners principal Chibo Tang were in Australia last week meeting with local start-ups, venture capital firms and government ministers, with the aim of finding new businesses to back and both agreed that Chinese investors were keen to invest in asset classes outside of property in the country. “We think Australia is a good place for innovation technology and products, particularly in the fintech area,” Mr Ji told The Australian Financial Review. “There’s been a lot of technology innovations […]
Scott Morrison hints at open data green light to boost banking competition
Treasurer Scott Morrison has hinted strongly that the government will give banking customers power over their own data so they can shop around for a better deal from other financial institutions. The change could be announced as early as budget night on Tuesday, at the same time the Treasurer launches a Productivity Commission inquiry into the State of Competition in the Australian Financial System, a process which could lead to sweeping change. There has already been a Productivity Commission inquiry into so-called open data and the government has the final report. The interim report on “data use and availability” sent to the government on March 31 called for customers to […]
This fintech let Australians use Bitcoin to pay $5 million worth of everyday bills
A Brisbane startup has allowed Australians to pay off $5 million worth of common household bills with Bitcoin. The unusually named Living Room of Satoshi has created a service that allows any bill that you can pay through the common BPay platform to be paid with Bitcoin. These include payment for utilities like telecommunications, electricity, gas, school fees, water and credit cards. The startup’s chief executive Daniel Alexiuc said that he started the venture in 2014 because of a lack of practical use for the cryptocurrency. “As the first truly international, decentralised and peer to peer currency, Bitcoin is perfectly suited to bill payments in Australia,” he said. “It also […]
Australia reaffirms pledge to fix Bitcoin tax issue
Australia’s government is pushing ahead with plans to solve the “double taxation” problem of digital currencies in the country. The government pledged more than a year ago to solve the policy dilemma, wherein Australian businesses are liable for goods-and-services (GST) taxes on any bitcoin sold – as well as taxes should they take them as payment. It’s a point of criticism expressed for years by the country’s bitcoin community, culminating with last year’s commitment. According to statements published today, the government is consulting with its fintech advisory group on the matter – though it cautioned that any material changes would depend on action on the provincial level. The policy document, […]
Sydney robo-advisor founded by ex-UBS portfolio manager raises $3 million in series B
Sydney fintech Stockspot has secured $3 million in a series B capital raising round, the startup revealed on Thursday. Stockspot is a digital investment advisor, commonly known as a robo-advisor, and a fund manager founded by chief executive Chris Brycki, a former UBS and BlueLake Partners portfolio manager. ETF Securities founder Graham Tuckwell and Australian firm Alium Capital, which invested in HealthEngine and Nitro last month, led the $3 million round. Stockspot also revealed that H2’s Toby and Ben Heap, who were already investors, and “algorithmic trading” entrepreneur Danny Bhandari contributed to the series B. “Graham is a global exchange-traded fund (ETF) pioneer, having invented exchange traded commodities and built […]
Three-year-old Batman’s cancer fight inspires crowdfunding donations from across country
As three-year-old Eamon Obst puts on his favourite superhero cloak to fight cancer, a village of online supporters is rallying behind him by donating money. In one week, $23,000 has been raised through a crowdfunding appeal on the GoFundMe website. For Adelaide parents Justin and Kathy Obst, the donations will ease the financial pressure to return to work as they juggle Eamon’s hospital treatment with caring for his 12-week-old baby sister Isla. Family friend and campaign organiser Michael Arnold, of Loxton in South Australia, said the response had been overwhelming. “It was unreal. I think people put themselves in Justin and Kathy’s situation,” he said. “A lot of our friends […]
