Bitcoin flounders as regulatory worries bite
What are your thoughts on this article? Do you believe this is happening? Australian businesses are turning their backs on bitcoin, as signs grow that the cryptocurrency’s mainstream appeal is fading. Concerns about bitcoin’s potential crime links mean many businesses have stopped accepting it, a trend accelerated by Australian banks’ move last month to close the accounts of 13 of the country’s 17 bitcoin exchanges. The development is a blow to hopes of bitcoin fans that the currency can play a significant role in everyday business transactions in developed economies, with Australia once seen as one of its most promising markets. It is estimated to hold 7 per cent of […]
Australia as a fintech hub must have global focus to stand a chance
Australia’s hopes of becoming a hub for technology-based finance firms could be “stillborn” if local rules do not encourage the new wave of start-ups to have an international focus, says the global head of financial services at PricewaterhouseCoopers. With the federal government signalling support for technology-based industries, a prime area with growth potential is the fintech sector: entrepreneurs targeting the finance industry’s hefty profits. However, the global nature of digital technology poses new challenges for regulators accustomed to having more domestic priorities.The global leader of financial services at PwC, Nigel Vooght, said financial regulators would face new dilemmas in trying to encourage fintech while also carrying out their mandate. “Your […]
Why Fintech Is The Most Important Industry Right Now
This is a fantastic article on Australian FinTech. And it’s also great information to pass onto those who don’t understand what FinTech is and are unaware of how they can benefit from using Australian FinTech products. Fintech is beginning to disrupt the financial world as we know it. The financial industry is now more focused than ever on technological innovation than at any other time. It’s so important, Malcolm Turnbull referred to it in his first speech as PM. But, for those unfamiliar with the term, here’s a quick explainer. Put simply, Fintech is financial technology; a digital revolution. It’s about major changes to asset management, business and personal loans, […]
Banks V Bitcoin
Michael Pascoe raises some interesting ideas in this short segment about why the banks are interested in ensuring they don’t do business with those that are involved in legal bitcoin businesses but turn a blind eye towards better known ‘shonks’ using their services. What are your thoughts on the banks using these tactics and do you agree that APRA and the Reserve Bank should start to review this practice?
More super funds tipped to launch robo-advice
More superannuation funds are looking to implement automated “robo-advice” for members as a way of satisfying the competing demands of bringing down fees, while also improving their members’ access to financial advice. The pressure on funds to improve advice is coming from both regulators and a growing band of tech-savvy, bank-owned competitors.At the same time fees are in the firing line, and some super funds cannot afford large teams of financial advisers. “Robo-advice” is basic financial advice that a super fund can provide to members via online tools. Normally, it takes into account personal details such as the individual’s age, balance and retirement savings goals. It is increasingly viewed as […]
Accel Partners’ Rich Wong: Australian start-up sector now a global player
More fantastic news on the Australian FinTech industry, and this one line sums it up best – “Australia is now on the radar of tech investors globally” The local start-up sector is increasingly being recognised as a player in the global technology arena as competition for Australian companies heats up among international venture capital funds.Accel Partners’ Rich Wong has backed more local technology companies than any other US fund and has wryly welcomed the growing interest from fellow Silicon Valley-based funds. “Australia is now on the radar of tech investors globally,” Mr Wong told Fairfax Media in San Francisco. “It creates more competition for us and we’d like to keep […]
Optus Business behind fintech startup hub Stone & Chalk – ARN
Great to see other big Australian businesses getting behind Australian FinTech Hubs and Companies to help in their growth. Optus Business is the founding communications partner for new fintech startup hub Stone & Chalk, a Sydney-based, not-for-profit Innovation Centre that houses 41 fintech start-ups. The telco will supply ICT services to a 2300 square metre collaborative facility in Bridge Street, Sydney delivering Internet, managed security and managed Wi-Fi technology and services. Optus Business managing director, John Paitaridis, said he was delighted to partner with Stone & Chalk to encourage innovation and entrepreneurship in the Australian fintech sector and support local start-ups. “Innovation and responding to change is a critical challenge […]
Ex-NAB MD launches fintech disruptor to take on majors
An ex-NAB managing director has launched a new fintech disruptor to take on the major banks, which he says could do what Aussie Home Loans did to the mortgage market in the 1990s. Officially launching on 28 September, Banjo is an online lender providing secured and unsecured loans to the 51% of SME’s who have no business lending product other than an overdraft or credit card.CEO Andrew Colliver – who was most recently managing director, business performance of corporate, institutional & specialised banking at NAB – along with a team of other ex-bankers and fintech experts, has spent the last two years building the marketplace lending platform that promises to […]
