RBA not suitable to regulate new payments technologies
The government is being urged to follow in the UK’s footsteps and create a new regulatory body for the payments industry that can regulate new forms of payments being made via blockchain and cryptocurrencies. A white paper commissioned by lobby group the Australian Taxpayers’ Alliance and conducted by researchers from RMIT University found that existing bodies such as the Reserve Bank were not suited to regulating the rapidly changing digital payments sector, because it wasn’t flexible enough. Co-author of the report RMIT senior research fellow Christopher Berg told The Australian Financial Review having payments policy and monetary policy in one institution would not be workable with the introduction of cryptocurrencies. […]
‘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 […]
FinTech startup Pelikin looks to recruit Gen Y investors
After a highly successful expression of interest campaign on equity crowdfunding platform Birchal, Melbourne FinTech startup Pelikin is continuing to rally millennials to invest in Pelikin. Encouraging Gen Y Professionals to invest in the banking alternative with as little as $100, Pelikin is hoping to get as many users as possible over the next month to be involved in building the travel banking app. Pelikin Founder Sam Brown said the younger market was the reason behind the development and creation of the app, so it was a natural progression for them to be a part of the Pelikin growth journey. “Rather than buying a house, Gen-Y are more interested in […]
How cashless payment technology is helping local business thrive
The days when a trip to the ATM was compulsory before strolling to your local market are numbered. Instead small businesses now find themselves faced with the new breed of “cashless consumer”, and adapting to suit. According to a recent survey by the RFi Group, 32 per cent of Australians believe they can go cashless. Fortunately, the advent of low-cost and low-fuss technology allows local businesses, including sole traders, to sell their products and services quickly and easily, whether it’s a small item or a more expensive impulse purchase. A shift in mindset Michael McQueen, retail trend forecaster and bestselling author of How to Prepare Now for What’s Next, says […]
AUSTRAC registers two more cryptocurrency exchanges
Two more Australian cryptocurrency exchanges have been registered by AUSTRAC under rules that came into effect earlier this month. NCX and ACX.io join Independent Reserve and CoinSpot in complying with the same anti money laundering and counter-terrorism financing (AML-CTF) rules that apply to other finance sector participants such as banks. Perth-based National Currency eXchange (NCX) said in a statement that it “confirms its compliance program will keep it in alignment with its AML-CTF obligations”. “The completion of this registration allows NCX to continue to provide trading services in popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash, with further cryptocurrencies and upcoming ICOs to be added to the exchange […]
The future of money relies on digital
by Carlo Lacota, Head of Banking and Financial Services, ANZ at Cognizant The era of digital disruption has brought new challenges involving security, privacy, and technology access. It is therefore imperative for financial services providers to take stock and consider how to deepen their customer relationships. The inability to capitalise on the opportunity that digital brings to attract and retain customers will increase churn velocity and further increase cost as customer retention costs far less than acquisition. Our relationship with money is broken A recent global study by Cognizant revealed that people’s relationship with money is broken, with over half of the study respondents saying money and […]
Solving the problem of accessing money overseas
With big plans to disrupt the international payments industry, Australian fintech start-up Pelikin is looking to cash in on our dissatisfaction with the banks. Sam Brown’s own difficulties in accessing his funds while travelling in Europe and Asia inspired him to found Pelikin in 2015 with the goal of first becoming a multi-currency debit travel card provider. Pelikin is preparing to launch its beta service, with plans to open registration to the public around the middle of the year. Having relied on seed funding to date, the Australian start-up plans to take advantage of equity crowdfunding to support its next growth spurt. The Pelikin debit card will be accompanied by […]
How Fintech is changing the way we do business?
Although it seems ubiquitous, Fintech is actually still a very young industry. That said, there are certainly distinctly common threads across those within it, which could largely be considered increased accessibility, and speed. Fintech is responsible for the introduction and rise of peer-to-peer payments, mobile banking, and omnichannel payments processing which benefit not only individuals but also businesses. We’re living, working, shopping, and transacting in the internet era, so it’s expected that the way we do businesses is equally as nimble – and it’s Fintech that makes this possible. Regardless of the size of a business, keeping up to date with financial technology is imperative for not only increased efficiencies […]
