A financial market on your phone – innovation winner’s next goal
A university professor, whose fraud-detection computer program has revolutionised the world’s financial markets and won the Prime Minister’s Innovation Prize, has a bigger goal in sight – creating a financial market on your phone. Professor Michael Aitken and his team created the SMARTS system, which catches insider trading and market manipulation around the world with such success it was sold in 2010 for $90 million to the world’s largest exchange company, the US-based Nasdaq. That sale helped fund a new generation of research entrepreneurs under Professor Aitken’s Capital Markets Cooperative Research Centre, which is using the same technology to pick up fraud, abuse, waste and over-servicing in the health and […]
An overview of digital currencies
By now you may have heard about cryptocurrencies such as Bitcoin being used to trade and purchase goods and services, but here’s a fact you may not be aware of. As of 2016 the United Nations recognises 180 different currencies, everything from the Abkhazian Apsar to the US dollar, however does not recognise a single crypto-currency as legal tender. Despite not receiving official recognition as a currency, the various crypto-currencies are being used around the world in order to carry out trade for goods and services. The most popular of crypto-currencies, Bitcoin, has a market cap of over US$10 billion. Currently there are 654 crypto-currencies in circulation, a trend that […]
The Pulse of Fintech
‘ The Pulse of Fintech ’ is a quarterly report created by KPMG along with KPMG Enterprise’s Global Network for Innovative Startups and CB Insights (the ‘go to’ name for insights related to venture capital investment) which launched on August 17th, 2016. The series analyses the latest global trends in venture capital investment data on the fintech sector. Given the significant interest in fintech globally, and its ongoing evolution in terms of market drivers, technologies and potential use-cases, KPMG and CB Insights are partnering to bring you the pulse on fintech investment globally. Each quarter, we’ll highlight key fintech deals, issues and challenges around the world, in addition to key […]
digi.cash launches digital Australian dollar
digi.cash, a spin-off company of the Capital Markets CRC, today officially launched the digital Australian dollar. The electronic version of the currency is digitally ‘minted’ as electronically signed coins and banknotes. These can be held on smartphones, computers or storage media. Just like cash, online users can transfer coins and notes between each other via free, instant transactions. The encryption technology used means that the electronic banknotes can securely circulate over public communication networks, without the risk of theft or counterfeiting. Digi.cash founder Andreas Furche, along with Chairman David Skellern and Director Peter Clare, said the launch represented a fulcrum moment for Australian FinTech. “Unlike other digital money products, digi.cash […]
Kerry Agiasotis of WUBS: Win-win when rivals turn partners
One of the world’s largest non-bank providers of international business payment solutions says aspiring fintech companies should seek to pursue partnerships with their big company rivals rather than fighting them if they want their ideas to reach their full potential. The chief executive of Western Union Business Solutions, the dedicated business payments unit of the New York Stock Exchange-listed Western Union Company, said the firm was increasingly looking to partner with fintechs and other start-ups. WUBS is primary spot foreign currency trading provider to 20 per cent of the SME market in Australia and secondary provider to another 20 per cent, including the big four banks. It has more than […]
Australia among first to introduce bitcoin regulations
Australia will be one of the first countries to impose regulations for bitcoin and other cryptocurrencies under anti-money laundering and counter-terrorism laws. Australia’s financial intelligence agency, AUSTRAC, is co-hosting a counter-terrorism financing summit with in Bali and, ahead of this, has highlighted that ecurrency such as bitcoin enables terrorists to transfer money anonymously. Justice Minister Michael Keenan said: “The report recommends strengthening an already robust legal framework to respond to new and emerging threats.” “The government is committed to facilitating growth and innovation in this sector and appropriate anti-money laundering and counter-terrorism financing regulation will aid that development.” The AUSTRAC report, Terrorism Financing in Australia 2014, said: “Terrorist groups engaged […]
Fintech luring more bank customers, says UBS
More Australians will turn to start-ups for financial services in the next year, according to a UBS report, which shows incumbent banks are complacent about the threat of disruption but are also seeking to partner with fintech firms to help them cut costs and improve customer experiences. UBS banking analysts surveyed 27,914 customers of more than 210 banks in 24 countries, along with 61 management teams from banks around the world. Local UBS banking analyst Jonathan Mott along with analysts in London, New York and Tokyo contributed to the global report, titled Global banks: Is fintech a threat or an opportunity? UBS suggests the answer to the question is “Both”. […]
Coinbase expands to Australia
We are excited to announce that Coinbase has expanded its services to Australia. Customers in Australia can now buy bitcoin and ether using their credit and debit cards. We’re focused on creating an open financial system for the world, allowing people to easily buy and sell digital currencies anywhere in the world. Along with this launch in Australia, we are also making the ETH/BTC trading pair available on our professional trading platform GDAX to customers in Australia. To get started, visit the “Trade” page on Coinbase.com or tap on “Buy” or “Sell” options in our iOS or Android apps to add a credit or debit card and buy digital currency. […]
