Australian FinTech launches jobs platform Australian FinTech Jobs
If you didn’t see the news earlier in the week, Australian FinTech has just launched Australian FinTech Jobs – Australia’s first and only employment website dedicated to the FinTech industry. Australian FinTech Jobs is a marketplace site aimed at FinTech companies (from start-ups to ASX-listed companies) and recruitment companies looking for good quality staff. On the other side, there are university graduates and jobseekers looking to start their FinTech careers or move on up into a new role. Australian FinTech have built up quite a community in the past two and a half years, with traffic now exceeding 13,000 unique users per month. The aim now is to drive a […]
Startups with $3 million in capital could soon be allowed to challenge the big banks: What does this mean for the fintech sector?
The hurdles that startups have to overcome to become authorised banking institutions may soon be lowered, with the Australian Prudential Regulation Authority (APRA) encouraging competition from disruptors looking to challenge the big banks in a discussion paper released on Tuesday. The APRA discussion paper proposes revisions to the existing licensing framework that governs which organisations can be classed as authorised deposit-taking institutions (ADI), and these revisions would see a “phased approach” taken in the ADI authorisation and licensing process. This would allow financial startups with $3 million or more in capital to “begin limited operations” before possessing a full banking licence, according to the paper. Designed to make it easier for applicants to […]
Blockchain in race to remake one of the world’s oldest markets
The blockchain revolution is gunning for the gold market. Public online ledgers that emerged from the explosive markets for bitcoin, a virtual currency, already have drawn the attention of businesses from banks to retailers who see blockchain systems as a revolutionary way to verify and record transactions. Now, companies including exchange owner CME Group, IEX Group spinoff TradeWind Markets and financial technology firm Paxos are rolling out similar platforms to bring gold into the digital age. About $US27 billion ($34.1 billion) of gold changes hands every day in over-the-counter markets where settlements can sometimes takes days, leaving price risk for buyers and sellers. Using blockchain promises more transparency, security and […]
Payment protection startup EFTsure follows up $2m Series A capital raise with PwC partnership
In the wake of its recent $2 million Series A capital raise, fintech startup EFTsure has entered into a collaboration agreement with PricewaterhouseCoopers (PwC), for an opportunity to mitigate the risk of electronic payment fraud for a larger pool of businesses. Founded in 2014, the Sydney-based venture has developed a software platform that validates the integrity of business payment data. Speaking to Dynamic Business in July, co-founder and CEO Ian Mirels explained that EFTsure’s platform mitigates the risk of payment error and fraud – the latter of which costs Australian businesses $700 million per year – by utilising a cloud-based, ‘crowd-sourced’ supplier database that matches payee names to bank account […]
Some investors see bitcoin better than gold: Morgan Stanley
Bitcoin’s meteoric rise is leading some investors to argue that bitcoin is a better hedge against inflation and turmoil than gold, according to Morgan Stanley. Tom Price, a London-based equity strategist, said he’s been fielding more cryptocurrency questions after prices recently soared past $US4,000 ($5046) a bitcoin, a fivefold increase from November 2016. Both bitcoin and gold offer similar benefits as a store of value, such as being fungible, durable, portable, divisible and scarce, but it’s too soon to call bitcoin a superior investment, he says. “Over millenia, gold has demonstrated its ability to endure and preserve value under all circumstances,” Price said in an Aug. 14 report. “By contrast, […]
Government to strengthen money laundering rules, regulate bitcoin
The government will strengthen money laundering laws, including bringing bitcoin providers under the government’s financial intelligence unit, after the fresh scandal at Commonwealth Bank. The government said a coming bill would be the first stage of reforms to strengthen the country’s Anti-Money Laundering And Counter Terrorism Financing Act. “The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. These measures ensure there is nowhere for criminals to hide,” Minister of Justice Michael Keenan said, without specifying when the legislation would be introduced. The bill will also aim to bolster the investigative and enforcement powers of the financial intelligence agency AUSTRAC. […]
CUA joins fintech partnership with Pivotus, says will help develop tech more cheaply and quickly
Australia’s biggest credit union CUA is partnering with overseas lenders to develop banking technology, saying the move will help them innovate more quickly and cheaply. The move from Brisbane-based CUA is the latest example of how banks are adjusting to technological change. Some are taking stakes in online lenders, for example, while branches are under pressure as customers increasingly use mobile phones for banking. CUA chief executive Rob Goudswaard said the deal with US-based Pivotus Innovation would represent a “significant” investment. “We see that the future of banking is going to be … contactless,” Mr Goudswaard said, highlighting the use of smartphones. No solid ideas had emerged yet but Mr […]
Australian consumers should expect benefits as seen overseas in light of APRA’s proposal to ease barriers to enter banking sector
Temenos, the software specialist for banking and finance, welcomes Australian Prudential Regulation Authority’s (APRA) proposed revisions to the licensing framework for authorised deposit-taking institutions (ADIs) to make it easier for applicants to navigate the ADI licensing process. According to Ross Mallace, Head of Cloud Services at Temenos Australia, “We believe that this move from APRA is a great framework for driving innovation and a competitive marketplace, something we have witnessed and support with our global community of clients. “In Australia, we’re already seeing a groundswell of activity in the startup bank space. In the past, the barriers of time and cost of building the technology to establish a bank meant […]