Goldman Sachs could set up online retail bank in Australia
Australian banks have been put on notice after global investment bank Goldman Sachs announced that it is intending to enter the UK market with a high-interest online savings account in 2018. In an interview with the Financial Times, Stephen Scherr of Goldman Sachs said the investment bank plans to increase its retail profile by offering online personal banking in the UK in the same way it has already done in the US. The bank intends to provide consumers with easy-to-use savings accounts that offer high rates of interest. Not just for the super-rich Goldman Sachs is usually associated with the super-rich, however the investment bank began offering savings accounts with […]
Change Financial anticipates to dual trade in USA
ASX-listed Change Financial Limited, Australia’s only listed digital banking platform, is pleased to announce the upcoming anticipated dual trading of the Company’s shares on the OTCQX Best Market in the U.S. On 2nd October 2017 (US EDT), the Company’s shares are expected to commence trading on the OTCQX Best Market under the stock code “CNGFF”. Trading on OTCQX and ASX supports Change Financial’s strategy to broaden its global investor base, particularly in the U.S. where there is growing interest in the Company’s digital banking platform. Change Financial’s digital banking value proposition (via its ChimpChange Mobile Banking brand) is well understood by US investors, and the Company has […]
Stricter regulations are coming for new digital currencies in Australia
The Australian Securities & Investment Commission (ASIC) has released a guidance paper on the regulatory framework for initial coin offerings (ICOs) in Australia. “ICOs generally operate by allowing investors to use cryptocurrency (such as bitcoin) to purchase coins via the internet for a set period of time,” ASIC said. “The ICOs are often global offerings which can be created anonymously and/or accepted anonymously.” The paper clarifies what type of ICOs would be regarded as a Managed Investment Scheme (MIS), and therefore subject to the Corporations Act. Here’s ASIC on what constitutes an MIS: A managed investment scheme (MIS) is defined within the Corporations Act. Basic indicators of whether an arrangement […]
Bitcoin ‘more than just a fad,’ Morgan Stanley CEO says
Not every Wall Street bank chief is bearish on bitcoin. Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs. Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “The concept of anonymous currency is a very interesting concept — interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.” The digital currency has […]
Fitbit Pay launches with ANZ, CBA and NAB
Forget having to carry your card in your sports bra whenever you go for a run or figuring out where to stash your wallet the next time you go for a swim. Fitbit is the latest company to jump on the contactless payments bandwagon with the recent launch of Fitbit Pay. And today, it has announced a massive partnership with Aussie banking giants ANZ, CBA and NAB that will kick off next Monday. Fitbit has also confirmed that it’s in talks with Westpac, Bendigo Bank, St.George and some other regional banks for future partnerships. Available with the new Fitbit Ionic smartwatch, customers of the three big banks can link their […]
‘Robo-adviser’ makes it onto Oxford Dictionaries website
Automated and artificial intelligence-based propositions across the sector will be delighted to see the term ‘robo-adviser’ has made it onto the Oxford Dictionary’s website. A ‘robo-adviser’ (noun) has been defined by Oxford Dictionaries as “an online application that provides automated financial guidance and services”, while the example sentence reads: “a robo-adviser programmed to build wealth over a decade”. The website focuses on current language and practical usage and frequently updates the latest popular words. Please click on the link below to read more…. Source: ‘Robo-adviser’ makes it onto Oxford Dictionaries website – Professional Adviser
The world’s first blockchain smartphone is in development
Sirin Labs, the company behind the US$14,000 Solarin smartphone, is now developing an open-source model that runs on a fee-less blockchain. The Finney — named in honor of bitcoin pioneer Hal Finney — will be the only smartphone in the world that’s fully secure and safe enough to hold cryptographic coins. Or so says the company, which is launching a crowdsale event this October (date to be confirmed) to support the phone’s development. According to Sirin, all Finney devices (there’s an all-in-one PC coming, too) will form an independent blockchain network powered by IOTA’s Tangle technology. The network will operate without centralized backbones or mining centers cluttering up the transaction […]
Nothing to fear from robo-advice: Magellan
Hamish Douglass believes financial advisers should not fear robo-advice in an era where artificial intelligence and big data can dominate discussion.
