ANZ leads regulators towards trade finance blockchain
Regulators in Hong Kong, Singapore and China are working with ANZ Banking Group to digitise trade finance through blockchain technology, a move that will enable banks to make faster lending decisions and regulators to better monitor international capital flows. ANZ is one of seven banks to create the eTradeConnect platform, which allows importers and exporters to make purchase orders and invoices and pipe relevant data directly to banks to streamline financing decisions. Vivek Gupta, ANZ’s head of trade and supply chain for North Asia and greater China, said the platform was the first commercialised trade ecosystem built on blockchain. He said two key regulators in the region, the Hong Kong […]
Square partners with Australia’s community banks to help regional SMBs go digital
Today, global payments provider Square, Inc. (NYSE: SQ) announced it is teaming up with Unity Bank, Southern Cross Credit Union and the WAW Credit Union in a string of regional partnerships that will give more small businesses outside of Australia’s capital cities greater access to innovative payments technology. Small businesses across regional New South Wales, Victoria and Queensland will be able to benefit from the new partnerships and will see affiliated branches provide access to the iconic Square card reader for contactless and chip for just $59. Customers will also receive fee-free card processing for their first $1,000 worth of sales to help them get started. Square’s Country Manager […]
Blockchain boost as HSBC links Australia and China
Blockchain has long been cited as one of the upcoming technologies to solve many of the world’s current financial problems when it comes to cross-border trade, and it appears to have taken another step forward this week as HSBC confirms it has been able to link a transaction between Australia and China. The development is based on the use of a Letter of Credit (LC) format, which is typically a paper-based format that makes up a significant proportion of trading in China and being able to digitize this is expected to create plenty of savings in terms of time and invested resources. HSBC set up the link between two of […]
Archa joins list of new neobanks aiming to transform Aussie banking
Australian banking is changing rapidly and a new wave of digital banks are hitting our shores, with companies like volt, Xinja and 86 400 set to launch this year, but there is another player coming to town soon that may be worth your attention. Archa is a new Melbourne-based neobank that is scheduled to launch in the near future, offering a state of the art online banking app that is connected to a pre-paid debit card. Oliver Kidd, Archa’s founder and CEO doesn’t come from a banking background, but “he hopes by founding Archa, his friends and colleagues have access to a totally refreshed relationship with their money,” – according […]
ASIC gets tough on ‘regtech’
Banks will have to explain why they aren’t using the latest technology to improve their compliance, as the corporate regulator takes a “bolder” approach after the shortcomings revealed by the banking royal commission. Australian Securities and Investments Commission executive director of financial services Michael Saadat said an “if not, why not” approach would be adopted to force banks to explain why, when they aren’t using the latest technology including systems offered by start-ups. Commonwealth Bank told The Australian Financial Review Banking & Wealth Summit it was talking to ASIC about its roll out of artificial intelligence technology to help it understand its legal obligations. “In the past, we have probably more […]
Australian banking giant ANZ fails to understand Blockchain Technology
Australia and New Zealand Banking Group Limited (ANZ) — Australia’s third-largest bank by market cap — doubts blockchain technology’s ability to provide trustless transactions, at least for now. Additionally, the firm acknowledges the benefits of the technology but claims banks don’t need to make the switch. Could ANZ be any more wrong? After curiously examining distributed ledger tech, ANZ associate director of trade and supply chain product Maria Bellmas, stated the futuristic technology is far from becoming the main method of executing trusted payments. Taking another jab at blockchain, Bellmas claimed most of the hype surrounding the technology is created by “crypto fanatics” trying to find comfort in the ongoing bear market. […]
Future of banking is personal and personalised
The future of banking will involve delivering a “goodie bag” of solutions tailored to Millennial customers. Steve Weston, chief executive of “neobank” Volt Bank, said banks traditionally helped customers by dealing with them face to face but provided no additional help on a day-to-day basis. “From the moment you walked outside of the door of the branch, you were left to your own devices. “Neobanks and banks of the future will understand what customers are trying to achieve … often just by asking but also by data analytics.” He said neobanks will be able to provide a “goodie bag of solutions” so customers can achieve their financial goals in a […]
RBA warns the banks ‘don’t be stingy’
The Reserve Bank of Australia has warned banks to loosen up their lending practices when approving home loan applications. Following the Royal Commission banks have become cautious and their frontline lending staff are knocking back home loan applications which usually would get approved. Speaking at a function in Perth, Reserve Bank assistant governor Michelle Bullock said, “we are out there telling banks, and asking banks to tell their frontline staff, don’t be too stingy here.” Loans.com.au CFO James Austin tells Ross Greenwood staff need to be more consistent when granting credit. “It’s a lack of consistency in a credit application of the policy, it’s not the policy itself. To read […]
