Fintech platforms disrupting business finance
The term ‘fintech’ covers a wide and ever-growing range of technologies. This article explores some of the biggest game-changers, and how they’re impacting the way businesses are managing their financial affairs. Treasurer Scott Morrison said of fintech in 2016: “It has the power to completely bring in a new environment of competition. For small businesses out there who find it difficult to attract capital, for large government agencies who are struggling with convoluted and difficult payment systems … to medium-sized businesses that are trying to bring their products up to date and to connect with their consumers in ways they haven’t before.” Then on his visit to a G20 Conference […]
Goodbye to the property middle man?
Our property industry has many “middle men” businesses that help get deals done and make a profit as a result. Sometimes their role is very important and they provide a valuable and efficient service, and sometimes they are little more than a tax on doing property business. These “middle men” businesses are set to be challenged profoundly as Blockchain technologies start to enter the market over the next five to 10 years. A whole lot of hype is taking place around Blockchain at the moment, in particular how the Blockchain technology behind Bitcoin will revolutionise the way we do business, trust each other, and interact without middle men. Blockchain is […]
Blockchain and others will transform financial advice
The potential for distributed ledger and associated technologies has fundamental, long-term ramifications for financial planning businesses. Planners need to be across these innovations now so that when commercial solutions that use these technologies hit the market, their businesses are ready to embrace them. Distributed ledger technology is a way of recording information that makes it easy to verify. Blockchain, which is the system that records how the virtual currency Bitcoin is stored, is one application of this technology. Shortened Australian Securities Exchange (ASX) transaction settlement times will likely be the first real change to the market from Blockchain. Last year, the ASX invested $14.9 million to acquire 5 per cent […]
IBM, Optus and Australia Post join blockchain group
IBM, Optus and Australia Post have joined the Australian Digital Currency Commerce Association (ADCCA).
Commonwealth Bank and QTC create first government bond using blockchain
Commonwealth Bank of Australia (Commonwealth Bank) has arranged a virtual cryptobond for Queensland Treasury Corporation using its capital markets blockchain platform, in the first blockchain bond issuance by a government entity both in Australia and in the world. The transaction marks the first trial of Commonwealth Bank’s private, permissioned blockchain platform for the end-to-end issuance of bonds. Queensland Treasury Corporation (QTC) successfully used the blockchain to generate a bond tender, view investor bids in real time, finalise investment allocation and settle instantly with investors. QTC acted in both the issuer and investor role to test the end-to-end process for the issuance. The QTC bond was created in digital form using […]
Scott Morrison to tell global finance leaders Australia backs fintech
The federal government wants to see the fintech sector “grow big, to thrive and deliver benefits for consumers and the economy”, Treasurer Scott Morrison will tell global central bank governors and finance ministers on Wednesday. In a speech to a high-level G20 conference in Wiesbaden, Germany, Mr Morrison will say fintech can boost banking competition and facilitate access to new forms of finance. He will also tell leaders of the global economy that Australia is “strongly pursuing” blockchain technology, and wants to unlock the “enormous untapped potential of Australia’s data”. After the Productivity Commission in November called for consumers to receive a “comprehensive right” to their data, which would allow […]
Here’s how banks can save big with blockchain
In the aftermath of the 2008 financial crisis, investment banks faced rising regulatory burdens, rising compliance costs, and a consequent shrinking of innovation budgets. However, in Q4 these banks reported large profits, suggesting that they are finally on the path to recovery; we have also seen major players renew their focus on digital transformation. Now, a new report by consultancy Accenture and benchmarking firm McLagan suggests an area particularly deserving of incumbents’ attention. The study, using data for eight of the world’s largest investment banks, looked into the potential benefits that blockchain adoption might deliver. It found that blockchain could save these banks $8 billion to $12 billion annually and […]
Government urged to test blockchain’s potential
Blockchain technology might help prevent a repeat of the Centrelink data-matching disaster, says investment banker turned business professor Christine Helliar. Blockchain is the technology behind cryptocurrency Bitcoin, but is increasingly viewed as having applications elsewhere in business and government. In simple terms, blockchain is a tamper-proof digital ledger that keeps a continuous record of all transactions that take place. Each transaction is time stamped and stored as part of a detailed history that builds up over time. The information can be shared among a network of computers.Professor Helliar, who works for the University of South Australia, said blockchain could be used to link all tax and welfare payments, reducing the […]
