Cryptocurrencies aren’t ‘currency’, says RBA
The Reserve Bank of Australia has reiterated its attack on cryptocurrencies, questioning their purpose and pointing to the lack of demand from the finance industry. Speaking in Sydney at the ASIC Annual Forum 2018, RBA assistant governor Michele Bullock said she “object[s] to the term ‘cryptocurrency’”. “It isn’t currency. They’re not currencies. You can’t use them, typically, to make payments,” she said. “They don’t store value, and they’re not a unit of account. The name’s a misnomer to begin with.” Ms Bullock pointed out the fact that the RBA did already have electronic Australian dollars, called eAUD or ‘exchange settlement accounts’, but that this was restricted to banks needing to […]
Automation the future of financial services
DST System’s Shaun McKenna has told Money Management that there is a growing trend in the financial services industry to achieve wholly or partially automated processing systems. McKenna said in what has been coined the “fourth industrial revolution”, removing costs, implementing technologies and driving automation was the future of the financial services industry, particularly in sectors that currently have a disjointed claims process, for example life insurance. The high-touch points would still require person-to-person service, but for commodity and claims processes, automation would soon substitute traditional operating models. McKenna said that although the automation process has made some ground, many large corporations that have acquired systems and companies were facing […]
The 2018 Fintech Business Awards winners
Congratulations to all the winners of the 2018 Fintech Business Awards: Crowdfunding Innovator of the Year OnMarket Lending Innovator of the Year SocietyOne Personal Finance Innovator of the Year Pocketbook Insurance Innovator of the Year Cover Genius Payments Innovator of the Year Afterpay Australia Compliance Innovator of the Year Moneycatcha Software Innovator of the Year BGL Corporate Solutions Fintech Mentor of the Year Peta Tilse, Sophisticated Access Fintech Entrepreneur of the Year Philip Copeland, Avoka Investment Innovator of the Year Acorns Australia Fintech Thought leader of the Year Jonathon Wilkinson, Equitise Accounting Innovator of the Year Class Limited Financial Advice Innovator of the Year myprosperity Lending Platform Innovator of the […]
The data rush is on as start-ups get set for open banking
Paul Chapman believes banking is only going to get more complex. “We like to say Japan is living in the future,” he says. “People have a very fragmented life with three to four banks and several different financial products. There is so much complexity and we think that is happening in Australia.” The Australian co-founder of financial management app Moneytree, which is based in Japan and launched in Australia last year, is one of a number of start-ups jostling for position as the government looks to introduce open banking to Australia. Speaking to Fairfax Media on the sidelines of the Salesforce World Tour in Sydney this month, he said open […]
GROW Super begins group insurance innovation
GROW Super is partnering with one of the world’s largest reinsurers to explore the potential for blockchain technology within group insurance. Entering a joint venture with Hannover Life Re Australasia, GROW will use R3’s Corda blockchain infrastructure to deliver improved customer experiences. “Combining the scale, knowledge and brand of Hannover Re with GROW’s innovative technology and unique way of solving problems promises fantastic outcomes for customers,” GROW Super chief executive Josh Wilson said. “Using Corda allows us to be completely confident in the integrity of infrastructure of the distributed ledger. This will allow us to focus with Hannover Re on creating customer experiences that will eventually be seamless, immutable and […]
Stone & Chalk founded startup SkyBuys to launch duty free project with Heinemann Australia
SkyBuys is pleased to announce Heinemann Australia (HEINEMANN Tax & Duty Free) has signed an agreement to trial the SkyBuys App and technology platform for duty free shopping. Announced today at the Airbus BizLab DemoDay in Hamburg, the SkyBuys-Heinemann Australia project is scheduled to commence in early Q3 2018 at Sydney Airport, Australia’s major international airport. Founded at the Stone & Chalk fintech hub in Sydney, mobile commerce startup SkyBuys developed the SkyBuys App for international passengers to shop for duty free at any stage of their journey, including in-flight. The App allows passengers to search and purchase duty free inventory in-app from the time they receive their ticket through […]
Successful crowdfunding venture paves way for profit in triple-digit growth suburb
The success of a Sydney investment management firm acquiring over 5 acres of land means future investment in an extremely high growth NSW-based suburb could be a reality for investors. KSI Investments recently announced the success of raising $6.4 million through DomaCom’s crowdfunding platform for 5.23 acres in Rossmore, located five kilometres away from the upcoming Badgerys Creek airport. The suburb has incredibly high growth prospects as Smart Property Investment’s best suburb data puts the median three-year growth at 119.01 per cent. Acquiring the land is a significant milestone for all Australian property investors, according to Robin Luo, CEO of KSI. “We have successfully gathered together a group of like-minded […]
Digital Currency market in Australia grows as trading on crypto-exchanges tops AU $3.9 Billion in 2017
Australia’s digital currency market is booming. This is according to a report by the Australian Digital Commerce Association (ADCA) and Accenture that tallied the numbers for 2017. During the year, over AU $3.9 billion was traded on cryptocurrency exchanges with more than 300,000 active traders. Unsurprisingly, Accenture / ADCA said the majority of traders were under the age of 40. Even more telling is the information that 40 percent of cryptocurrency customers are aged 18 to 29. The most popular digital currency was Bitcoin with AU$1.86 in volume followed by Ethereum with AU $712 million in trading. The research also revealed that crypto is creating jobs. Employment across the cryptocurrency […]
