The peril and promise of open banking
By Trade Ledger’s Martin McCann It seems an age since then-Treasurer Scott Morrison called on the open banking sector to not “stuff it up” at the annual FinTech Awards shortly before he became Prime Minister. Now the music has stopped and we have a PM who has proven he is not a luddite. But what concerns me, and I suspect the sector as a whole, is that the federal government could be in the process of doing just that – stuffing it up – by not following world’s best practice in the implementation of open banking. Open banking has the potential to revolutionise the Australian financial landscape – which is […]
Superannuation ripe for blockchain
Australia’s $2.7 trillion superannuation system has a lot to gain from adopting distributed ledger technologies (DLT), but the industry will want more clarity around blockchain applications before it jumps in. Bravura Solutions global head of wealth management product Michelle Lusty says blockchain and DLT will find success in wealth management once they begin to offer a compelling business case while improving inefficient links in the value chain. “In core superannuation admin the margins are not excessive, so you have to look across the value chain for opportunity within the margins. “Where DLT could potentially make a positive difference is in superannuation investments. Within super, there’s a fund structure that invests […]
“One of the strongest blockchain communities in Australia”: NEM Foundation opens blockchain hub in Melbourne
NEM Foundation is opening a new blockchain hub in Melbourne, to help startups understand how the technology could help their business, and to engage and educate the general public. The foundation, designed to promote the NEM blockchain platform and its cryptocurrency XEM, already has a hub in Brisbane, as well as in Westport, New Zealand, both of which opened within the past year. Speaking to StartupSmart, NEM Australia lead Jian Chan says Melbourne has established itself as “one of the strongest blockchain communities in Australia”. Jason Lee, NEM’s expansion director for Australia and New Zealand adds the hub is focused on encouraging uptake and development of blockchain technology. There is […]
Mint believes the future of payments is more rewarding, unveiling a bold new brand and vision.
Australian-based Mint Payments (ASX: MNW) has unveiled a new brand, new hires, and a bold promise to make payments more rewarding for merchants in the increasingly commoditised category. Following Mint’s announcement in April 2018 that it would increase focus on its Direct-to-Customer offering, the company commissioned a strategic deep-dive into the unmet needs and drivers of customers across its key verticals, including Hospitality, Travel, Retail and On-The-Go businesses. The work resulted in a new vision to create a different kind of payment experience — one that rewards customers, not just their business. Mint Payments’ Co-founder & Group CEO, Alex Teoh, said: “To help us design a richer Direct-to-Customer offering, we […]
Afterpay, Zip await ASIC critique of buy now pay later
An in-depth investigation into the often controversial buy now pay later industry by the corporate regulator that will assess whether new laws are needed to protect consumers will be made public in December, as new criticism is levelled at the model of local giant Afterpay Touch Group. Sources told AFR Weekend the Australian Securities and investments Commission was putting the finishing touches on its deep dive into the sector in readiness for a late-2018 release, after it came up against some delays. The regulatory review kicked off earlier this year, with the aim of determining whether the industry needed further regulation, whether customers were at risk of harm or were […]
Digital Surge introduces new changes to help drive Bitcoin adoption
Bitcoin trading platform Digital Surge has announced important updates to to help onboard new customers and simplify the process of investing in Bitcoin. Better rates to Buy & Sell Bitcoins Digital Surge operates a full reserve order book meaning that all the trades on the exchange are fully backed by money in their bank and Bitcoins in their wallets. The price that you see when buying or selling Bitcoin is determined by other customers that place orders on the platform. They have been working to bring in more traders to further decrease the price of Bitcoin. You will now see that the price to purchase Bitcoin is much more competitive. […]
The reasons Bitcoin is still first in the ranks
After a decade, Bitcoin is still ranked number 1 on the list of cryptocurrencies. No other coin has come close to taking its crown and reaching the level of the Bitcoin price. In fact, in 2018, it seems to be cementing its place at the top rather than slipping. We know that Bitcoin is just a protocol and that protocols can easily be copied and forked to create new cryptocurrencies. Many of those new currencies seem to have a technological advantage over Bitcoin. So what is it about Bitcoin that keeps it at the top? Bitcoin is Still Number 1 Despite everything that has happened, Bitcoin has retained over […]
Open banking could make expense checks easier for brokers
Brokers will be one of the many beneficiaries of the comprehensive credit reporting and open banking regimes, according to mortgage industry executives. Stephen Moore, CEO of Choice, believes brokers will significantly benefit from the mandatory comprehensive credit reporting (CCR) regime — which is yet to be legislated despite the government imposing a deadline on the major banks to submit 50 per cent of their CCR data by 30 September 2018 — and open banking more broadly. “We have a fundamental belief that the future of broking for many brokers is a combination of digital interaction with customers married with high-quality face-to-face advice,” Mr Moore told The Adviser. “The reason we say that is because […]
