Fintech to link banks, brokers and regulators
Australian fintech MoneyCatcha has partnered with global bank HSBC in a trial of its two blockchain platforms with the aim to improve loan turnaround times and reduce compliance spending for the banks. MoneyCatcha has developed loan processing platform Homechain and regulatory risk review tool Regchain which are both powered through the same internal blockchain engine. The fintech has partnered with HSBC Bank to trial the use of its Regchain software which helps regulators capture and review information from lenders through regular reports detailed at a level that each lender is comfortable with, CEO and founder of MoneyCatcha, Ruth Hatherley told Australian Broker. “We are completely agnostic in terms of how […]
Bitcoin: Tulip bubble or financial market revolution for young Australians?
You are in your late 20s and live in an east coast capital city. You have a stable career and a bit of spare money, but it’s unlikely you will be able to buy a house in an area where you can hold on to your job. Wages are going nowhere. Yours has been falling behind the cost of living. You’d like more money, but you don’t even have enough to start a share portfolio. You know nothing about how to start a small business, but you do understand the internet and you’ve worked out that something is making your friends rich, very quickly. Suddenly Bitcoin and cryptocurrencies like it […]
Blockchain gains traction in fintech as payment networks emerge
J.P. Morgan has created what is arguably one of the largest blockchain payments networks to date. The financial services company announced that the Royal Bank of Canada and Australia and New Zealand Banking Group Ltd. are the first two banks to join the blockchain network, “representing significant cross-border payment volumes.” J.P. Morgan created the Interbank Information Network (IIN), which it said will significantly reduce the number of participants needed to respond to compliance and other data-related inquiries that delay payments. “IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays,” said Emma Loftus, Head of Global […]
Hashkloud Australia’s Blockchain integrated PaySHA digital payments platform goes LIVE
PaySHA promises cashless and cardless digital payments that uses Blockchain & QR code technologies to deliver real time payment solutions for the customers Hashkloud Pty Ltd (HKAU), a Blockchain focused Fintech company based in Sydney, Australia announced that United Commercial Bank Ltd (UCB), a full service commercial bank based in Dhaka, Bangladesh have launched Upay, a digital payments platform on Oct 17th, 2017. Upay is based on HKAU’s PaySHA Digital Payments Platform, a universal digital payments platform that uses Blockchain technology where transactional data during payments processing are cryptographically hashed and verified using Blockchain. PaySHA supports a cashless and cardless digital wallet that uses QR (Quick Response) code to deliver […]
LoyaltyX launch world-first Blockchain loyalty project at UNSW
LoyaltyX and University of NSW (UNSW) have partnered to launch a world-first blockchain loyalty research project, giving students an opportunity to earn Ether cryptocurrency at the checkout of participating merchants simply by scanning a barcode in their digital wallet. UNSW students and staff can earn $5 of Ether for every ten transactions they make across eleven campus retailers, including Boost Juice and IGA, as part of the Unify Rewards program that goes live on trial today. Ether is a cryptocurrency supported by the Ethereum network. The revolutionary program will give members access to the dynamic frontier of cryptocurrency with no risk or investment required. LoyaltyX Chief Design […]
IBM develops blockchain system for banks
The company expects to process up to 60% of all cross-border payments in the South Pacific by early 2018. International technology company IBM has joined forces with blockchain startup Stellar and payments company KlickEx Group to enable high-speed cross-border payments for banks and other financial institutions. The aim of the payments process is to speed up clearances and settlements on a single network in real time. Blockchain, the technology behind bitcoin, is a revolutionary distributed-ledger technology that offers a secure and immediate way of transferring a range of data – more specifically, in this case, currency transactions. IBM’s solution is already active, processing live transactions across 12 different currency corridors […]
Mortgage fintech looks to blockchain for home loans
The CEO and founder of an online mortgage platform has revealed that the fintech is looking into how it can utilise blockchain to make the home loan contract process more efficient. Speaking at the Informa Credit Law Conference, Mandeep Sodhi, the CEO of HashChing, revealed that the platform was looking into the distributed ledger technology for mortgages. When asked by The Adviser what HashChing was using blockchain for, Mr Sodhi said: “We have been exploring blockchain in the home loan contract, smart contract space and securitisation as well. “It’s more in the future roadmap but mostly around how quickly can we exchange a contract – through smart contracts. But also, […]
Technology will shape financial services
Financial advisers must challenge themselves to see where technology can add value to their business models if they wish to remain relevant in the coming years. That was the key theme of a presentation delivered by futurist Chris Riddell at the 2017 Association of Financial Advisers National Adviser Conference which started on Wednesday at the Gold Coast. The rise of new technologies creating business efficiencies, particularly the significant potential offered by deploying blockchain, will be the biggest influencers on financial services over the next decade and those that don’t adopt will be left behind, Riddell said. While Riddell doesn’t think crypto-currencies will have any major impact on the financial services […]
