Crowdfund laws frozen in time
Much-anticipated reforms extending equity crowdfunding to private companies have yet to move through the Parliament, nearly six months after the bills were first introduced. The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 would let private companies undertake an equity crowdfunding round without first converting into an unlisted public company. The bill was introduced to the House last September last year and the first and second readings were quickly completed. But it has not been raised again, with no debate or third reading in the six months since. Adding the six month assent period after the bill is passed, equity crowdfunding won’t be available to local startups until September […]
Banks tackle fintech challengers as they struggle to be preferable to a dentist visit
According to the Millennial Disruption Index, 71 per cent of young people would rather go to the dentist than listen to what their bank is saying, and new research from Viacom’s research arm, Scratch, finds a third of Millennials expect to be bank-free in the near future. Meanwhile 75 per cent say they would prefer financial services from start-ups and tech companies such as Apple or Google. US fintech phenomenon, SoFi, has been at the forefront of new customer acquisition and retention strategies, including career counselling and using data analytics to match-make their customers in “Singles Nights” cocktail functions. The Big Four Australian banks know the challenges that lie ahead […]
Top fintech predictions for 2018
Here’s some crystal ball gazing, courtesy of KPMG’s global fintech team. In its latest Pulse of fintech report, released last week, the firm sets out 10 factors it reckons will drive financial technology this year, after $US31 billion of deals were struck in 2017. There are now 25 fintech unicorns around the world, collectively valued at $US76 billion (none are from Australia). On the KPMG list is the acceleration of artificial intelligence technology and the growing number of devices connected to the internet of things. It expects AI and IoT enablement “to continue at a rapid pace” as financial services offerings are embedded into home automation systems. A couple of […]
Bitcoin: Westpac, NAB and ANZ hold off on CBA-style credit card ban
ANZ, Westpac and NAB have confirmed they do not currently plan to emulate the Commonwealth Bank’s ban on the use of its credit cards to purchase Bitcoin and similar cryptocurrencies. “Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies,” CBA announced earlier this week. Bitcoin’s value has swung wildly in recent months, dropping from US$19,000 in late 2017 to close to $6000 earlier this month. Coinmarketcap currently pegs it at just over $10,000. CBA said that customers could still purchase Bitcoin as well as other digital currencies by using their debit cards […]
Is it worth mining bitcoin in Australia?
The fluctuating market for bitcoin and cost of producing coins mean players in the market need to think about whether mining is worth the cost. With the price of bitcoin moving through peaks and troughs almost every week and energy costs on the rise, the question of whether it’s worth mining bitcoin needs to be addressed. It’s possible that trading coins that are already in the market is a better strategy that expending the energy to mine your own coins. Reporting on data collated by Elite Fixtures that was sourced from Blockchain.info and reported by CNBC, bitcoin mining is most expensive in South Korea with Venezuela being the least expensive […]
Why parents are worried about children’s digital money habits
OUR rapid transformation to a cashless society is concerning many parents and increasing the need for new ways to pay children pocket money. Mums and dads are worried about their children’s understanding of digital money, yet four out of five parents still pay kids using physical cash. As digital spending surges with apps, tap-and-go technology and other cashless methods, 39 per cent of parents say they are concerned their kids don’t know enough about it, according to new research from financial technology and education business Spriggy. However, 78 per cent pay cash pocket money, which Spriggy co-founder Mario Hasanakos describes as “such a disconnect”, given that Reserve Bank data shows […]
Payments fintech startup Sniip, launches first ever digital bills with push notifications
Toowoomba Regional Council is leading Australia in digital billing, by partnering with Australia’s first bank-agnostic payments and billing app, Sniip, to launch a patented “m-billing” function that will alert ratepayers of Council rates and water bills via push notifications directly on their smartphones. Ratepayers can opt into the function by registering for m-billing in the Sniip app, from which point they will receive future bills directly into the app via push notifications and can pay in a few simple clicks, without inputting any extra data or leaving the app. The end-to-end paperless solution is expected to drastically reduce the Council’s overheads and carbon footprint by helping them transition […]
Funding.com.au links borrowers to Real Estate-backed loans
The Benzinga Global Fintech Awards are a yearly showcase of the best and brightest in fintech. In preparation for its biggest installment yet in May 2018, we’re profiling the companies competing for the BZ Awards. Our next feature is on Funding.com.au. What does your company do? What unique problem does it solve? Jack O’Reilly, managing director: Funding.com.au is a financial technology platform that provides real-estate secured loans to borrowers, and attractive mortgage investments to investors. The company currently assists borrowers seeking short to medium term mortgages through its end-to-end online loan application process. As the direct lender, it can assist borrowers with a quick, easy and cost effective settlement – […]
