Could ScoMo’s cash ban be just what cryptocurrencies want?
THE Australian Government’s crackdown on large cash payments has inadvertently given a huge leg-up to cryptocurrencies. The Australian Government has made big cash payments illegal, but is it just giving a free kick to cryptocurrencies such as Bitcoin? In Tuesday’s Budget, Treasurer Scott Morrison announced a crackdown on the “black economy”, and a ban on cash payments was the centrepiece. From July 1, 2019, any business transaction over $10,000 has to be done using electronic payments. Handing over a hundred $100 notes or more will be illegal, as the government tries to flush out tax avoiders, drug dealers and the rest of the underground economy. Bitcoiners and other cryptocurrency fans […]
NSW supports fintech startups with exchange opportunity
The NSW government is offering ten NSW financial technology (fintech) startups the chance to go on an intensive one week business development program in India from 24–29 June 2018. NSW Minister for Trade and Industry Niall Blair said the program was the first to be supported by a two-year $1.58 million partnership set up between NSW and India to enhance the State’s startup, technology and advanced manufacturing sectors. “This fantastic partnership was announced during the Premier’s recent trade mission to India and I’m delighted that we’ve made quick progress to get the first partnership program underway. “This is an outstanding opportunity for NSW entrepreneurs who are developing their ideas, who […]
Australia is taking steps to enhance its fintech industry
Australia has been looking to develop its own fintech ecosystem for some time now, and has made progress to establish itself as one of the bigger players in Asia, next to Singapore, Hong Kong, and China. However, there are still hurdles in the country, such as its four big banks having a very large market share — Commonwealth, Westpac, ANZ, and NAB together control over 80% of all owner occupier home loans and 85% of all investor housing loans — which makes it difficult for fintechs to establish themselves. However, the fintech industry in Australia may see a change soon. Earlier this week, the first restricted banking license was granted […]
When is the Right Time to Buy Bitcoin?
by Mary Ann Callahan With the highs and lows in the Bitcoin value and its obvious profitability, more and more people are asking the questions of whether they should get into the trade or not. And another big question on the minds of those, who have already made that decision, is the question of when the right time to buy Bitcoin is. We will not be giving you a direct answer, and we strongly advise you not to take the words of pundits who claim to offer price charts and pick specific dates for it. We believe a few well-informed pointers that will help you make the final decision is […]
NAB to fund energy fintech Brighte, backed by Mike Cannon-Brookes
National Australia Bank has applied its special lending framework designed to support fintech start-ups to offer a scalable, debt financing package to Brighte, the home energy lender backed by Atlassian founder Mike Cannon-Brookes. NAB has provided a $20 million debt facility to Brighte, which will make its first drawdown on the funds in the coming weeks, and the bank has an appetite to increase that amount. Demand for solar panels and batteries is expected to surge as more households look to reduce home energy bills. The deal is the latest for NAB in the fintech space, after it provided a debt facility to instalment payments provider Afterpay, which was initially […]
Peppermint launches international remittance business Bizmoto
Peppermint Innovation Limited announces the launch of its new online international remittance portal, Bizmoto, aiming to leverage off its burgeoning Philippines mobile-banking platform. Bizmoto, which roughly translates into “Your Business” in Filipino language, allows money to be transferred from Australia to the Philippines and is initially focussing on enabling ex-pat Filipinos living in Australia and their affiliates to easily transfer monies back to family and friends who are living in the Philippines. The growing up take of Peppermint’s mobile banking, remittance and payments technology platform in the Philippines provides an ideal marketing opportunity to promote the online Bizmoto portal to the Filipino community. The Bizmoto portal can be found at […]
Raiz Invest to list on ASX with a $120m valuation
Raiz Invest, the micro-investment fintech, has lodged a prospectus with the corporate regulator for a June float in a deal that will value the start-up at around $120 million. As flagged by The Australian Financial Review’s Street Talk column last week, the initial public offering for Raiz, formerly known as Acorns Grow Australia, will raise just over $15 million. The shares, which have an offer price of $1.80, are due to begin trading on the ASX on June 21. The offer has been fully underwritten by Bell Potter and is understood to be two times oversubscribed with strong support from institutions in Hong Kong. Raiz has plans to expand in […]
Open banking framework to drive customer choice and innovation across Australia
Australia’s fintech industry has welcomed an Australian Government decision to put the customer first by pushing back against big bank delaying tactics and introducing open banking reforms from mid-next year. “A government-backed open banking framework will be a game-changer for consumers and businesses, along with drive a new wave of fintech innovation and growth in Australia,” said FinTech Australia chair Stuart Stoyan. “Finally, customers will be able to use a regulated system to unlock the power of their own data to get access to financial services better tailored to their needs.” “This reform is expected to force downward pressure on lending costs, allow people to more easily manage their budget and […]
