ASIC turns attention to initial coin offerings
As a method of raising funds. Initial coin offerings (ICOs) will be a “key focus” for Australia’s corporate watchdog as it looks to update guidance on companies considering raising funds by issuing digital coins or tokens. The Australian Securities and Investments Commission (ASIC) will expand the scope of its guidance in coming weeks to include more questions and details on ICOs, commissioner John Price flagged in a speech in Sydney. “We will highlight that Australian corporate and consumer law might apply – even if the ICO is created and offered from overseas,” Price said at a fintech event. “This is an important point given the international nature of this sector. […]
Citi partners with Apple Pay
Citi cardholders can now tap and pay with their Apple devices. Citi is the latest bank to jump on the Apple Pay bandwagon. From today, Citi credit card holders can use Apple Pay to make contactless payments with their smartphones or smartwatches. Citi is now one of the largest banks (as well as the likes of ANZ, American Express and HSBC) that has partnered with Apple Pay. Meanwhile, the rest of the Big Four (CommBank, NAB and Westpac) have yet to partner with Apple Pay as a result of disputes over access to the tech giant’s NFC in an attempt to run their own payment apps on iOS devices. Citi […]
Blockchain technology drives demand for skilled business and IT leaders
Less than 10 years ago very few people were aware of what cryptocurrency was, let alone understand the technology that was driving it, and now it’s an industry that is hurtling towards being valued at $400 billion internationally as new “cryptos” are launched each month. Bitcoin was the trailblazing cryptocurrency which was launched with little fanfare in 2009 and its rapid rise in popularity and price has spawned the birth of more than 1,500 similar businesses. Bitcoin is just one of many cryptocurrencies that is successfully utilising blockchain technology to disrupt nearly every industry that exists. Blockchain is a new technology that more and more web systems are now based […]
Six Park partners with Heffron to launch transparent, low-cost SMSF solution
Automated investment provider Six Park has today announced it has partnered with leading independent self-managed super fund (SMSF) administration provider Heffron to offer a transparent, low-cost, digitally driven, end-to-end SMSF service. The partnership allows SMSF trustees to establish an SMSF and take advantage of robo-advice for their fund, with Heffron managing the compliance and Six Park managing the investments. Six Park CEO, Patrick Garrett, said that while there will always be a place for traditional advice, the solution offers a unique value-for-money proposition for trustees and a lower prospective entry point to set up an SMSF. “Digital technology and automation are disrupting the wealth industry not because they’re new but […]
P2P lender’s growth due to consumer ‘rebellion’
Peer-to-peer lender RateSetter has attributed its recent rapid growth to consumers actively rebelling against the big banks. The company has just passed the milestones of 10,000 investors and $250million in loans and says it is thanks to the Royal Commission’s scrutiny of the four major lenders. Research amongst RateSetter’s investor base has found that long-term customers of the big four, particularly amongst generation X, are diverting millions of dollars away from their savings accounts and term deposits into longer term P2P investing. The amount invested by these investors has increased by 14% over the last 12 months, with average investment now sitting at close to $40,000. CEO of RateSetter Australia, […]
New record as fintech funding hit $5.4bn globally in Q1
Mega-rounds are back in fintech as 12 firms raised investments of more than US$100m each. Fintech funding continues to rise and rise as an investment class with US$5.4bn across 323 deals was raised globally in Q1 of 2018. According to CB Insights’ Global Fintech Report Q1 2018, global fintech activity hit a new record during the quarter. The US saw the largest boost in deals while Europe saw fintech deal activity dip to a five-quarter low. South America is already a region to watch as funding raised in the first quarter of 2018 of US$271m surpassed the entire funding total for 2017. Funding saw a boost from a US$150m mega-round […]
Robo advisers march in tracks of royal commission scandals
The shenanigans revealed by the banking royal commission over the past week will inevitably draw attention to the emerging batch of start-ups offering digital financial advice. Often referred to as “robo advisers”, these technology companies are cutting investment fees through automation thereby removing the human foibles dramatically exposed by Commissioner Kenneth Hayne’s inquiry. The commission has shown human adviser education levels can be appallingly low, and paper-based processes have led to poor record keeping. Meanwhile, customers are often apathetic and disengaged, and complexity reigns. Processes being digitised include the creation of broking accounts, executing trades, rebalancing portfolios and generating statements of advice. This can all be presented to customers for […]
‘Burning’ coins: how Bitcoin Cash became the world’s hottest cryptocurrency
Bitcoin Cash is the hottest cryptocurrency around right now for more reasons than you may imagine. The offshoot of the biggest digital token has surged about 25 per cent since Friday, in part because Antpool, one of the largest mining groups, is “burning” a portion of the coins it receives in exchange for solving the complete mathematical puzzles that serve as the backbone of the network, potentially reducing supply and driving up the value. The manoeuvre is the latest salvo in an escalating battle between backers of Bitcoin and Bitcoin Cash, which was spun off last year. Through a war of words playing out on Twitter and Facebook, some of […]
