Fintech’s double-edged sword
Ultra-low interest rates and fintech were two of the major threats to the stability of the financial system identified by the global regulator in its recent annual economic report. “Sustainable profitability is especially important at the current juncture: banks have been facing the dual challenge of persistently and unusually low interest rates eating away at their net interest margins, and growing competition from new technology-savvy players – big tech and fintech,” the Bank for Financial Settlements reported. “Once [fintechs] do have the scale to disrupt they will be regulated as if they were part of the established order.” According to Fabio Panetta, the deputy governor of the Bank of Italy, […]
Mastercard tries to make paying with virtual coins easier
Mastercard has landed a US patent for a payment system that would make it easier for people to quickly and securely settle transactions with cryptocurrencies. First reported by Coindesk, Mastercard said its proposed method would mean the payee assumed less risk in a cryptocurrency transaction, which could result in a higher acceptance of virtual coins by merchants. “It often takes a significant amount of time, around ten minutes, for a blockchain-based transaction to be processed, due to the computer processing time and resources required to verify and update the blockchain,” Mastercard said. “Conversely, traditional fiat payment transactions that are processed using payment networks often have processing times that are measured […]
CFA exam to include blockchain and cryptocurrency parts from 2019
With cryptocurrencies here to stay, education needs to start meeting student and employer demand. Blockchain technology and cryptocurrencies will be making an appearance in the level I and II Chartered Financial Analyst (CFA) exams from 2019 onwards as part of a broader new reading called Fintech in Investment Management. The material will be released in August this year, giving exam-goers time to start logging their recommended 300 hours of study time on the topic. Like crypto uptake elsewhere, it’s being largely driven by popular demand from participants, with surveys and focus groups showing strong interest from future analysts and employers. The organisers might be equally onboard. “We saw the field […]
Australian cryptocurrency exchange Cointree enters the SMSF space with new partnership
Cointree, one of Australia’s leading cryptocurrency exchanges, has identified a growing interest from customers wanting the ability to purchase cryptocurrency with their superannuation. Due to this increased demand, Cointree is partnering up with New Brighton Capital, who offer accredited SMSF accounting services and focus on helping Australians own crypto in their super. “I am very excited about this partnership, this is the first step of the education process for our members, shedding some light around the opportunities of having an SMSF and investing into cryptocurrency,” says Shane Stevenson, CEO of Cointree. “We want to provide platform and channel where partners like NBC can educate our members on the different cryptocurrency […]
Square and BOQ team up to help more Australian small businesses get started
Global payments company Square, founded and run by Twitter CEO Jack Dorsey, has announced it is teaming up with Bank of Queensland (BOQ) for a first-of-a-kind partnership that will give more Australian small businesses a simple way to access great banking services and more flexible payment options. From today, new BOQ small business customers signing up for business banking services will also receive a free Square Reader for contactless and chip, and fee-free processing for their first $1,000 of sales. The partnership is designed as a ‘one-stop-shop’ solution enabling time-poor business owners to walk into any of BOQ’s 180 national branches, and walk out ready to start working instantly. “We’re […]
Fintechs promise to make tax returns easier
With the deadline for those lodging their own tax return of October 31 this year, preparations should be made now for staying on the right side of the Tax Office. Filling out our tax returns is a chore that many of us put off for as long as possible; though most of us receive money back from the Tax Office. About one in four lodge their tax returns by themselves with the Tax Office on the myGov website. Those lodging with a registered tax agent can file later than October 31, as late as May next year, unless the taxpayer is in dispute with the Tax Office. This year sees […]
$2bn of broker commissions in fintech’s crosshairs
An Australian fintech has set its sights on disrupting the dominance of the mortgage broking industry by appealing to the banks who it claims are keen to reduce the $2 billion they spend on broker commissions. Adelaide-based online home loan platform Joust has distanced itself from its competitors in the fintech space, which has seen a flurry of mortgage disruptors in recent years. “Joust is not a comparison site with a myriad of static rates. It is also not an online broker or aggregator. We are a revolutionary marketplace model for home loan customers and lenders,” Joust co-founder and CEO Mark Bevan said. Joust is leveraging the negative press that […]
3rd Annual FinTech Awards – Last Week For Entries!
Entries for the 3rd Annual Australian FinTech Awards 2018 are open for one more week, closing on Monday 23rd July. Glen Frost, Founder of the FinTech Awards, called for Australian fintechs to submit their entries for the 2018 awards this week “to ensure Founders, teams and fintech businesses get the recognition they deserve!” “The entry process is easy – tell us in 400 words why you should win an award. Give us details on outcomes and success; tell us about your innovation and advocacy. Plus entry is free,” added Frost. “The FinTech Awards cover the whole eco-system, from Lenders to InsureTech, and recognize businesses as well as individuals, with Awards […]
