Australian FinTech Newsletter
As of this week, Australian FinTech will be producing a second newsletter that will commence today and going forward it will be sent out each Saturday morning. 12,000+ unique users visit the Australian FinTech website every month and if you haven’t already subscribed to the Australian FinTech newsletter you’re missing out! So if you’ve missed anything in FinTech in Australia during the week, you can read all about it while relaxing on a Saturday morning or while watching your kids playing sport. With so much happening in the burgeoning Australian FinTech industry, the bi-weekly newsletters – on Tuesday and now Saturday – will cover more of what you need to […]
Australian govt consults on digital currency taxation legislation
The Australian government is looking for the best way to address the so-called “double taxation” of digital currency which is now prescribed by the Goods and Services Tax (GST) law. The push comes amid a sharp growth in the use of this particular type of medium of exchange. The government has published exposure draft legislation and explanatory material for amendments to the GST law. The public consultation on these proposals will run for four weeks, closing on July 26, 2017. The draft legislation would have a retrospective start date of July 1, 2017. In summary, from July 1, 2017, digital currency will be treated just like money for GST purposes. […]
Aussie crowdfunding regulation gets an overdue watering down
Aussie financial services regulator ASIC has rejigged crowdfunding regulation, allowing poorer investors to participate. Aussie corporate watchdog ASIC has made it easier for start-ups to raise funds by issuing equity to investors, following up on legislation passed in March in which the Australian government watered down crowdfunding regulations. The new regulation will allow small and unlisted companies to crowdfund up to A$5 million a year, starting late September. It will also allow poorer investors to participate. Previous regulations allowed only those with more than $2.5 million in assets to buy securities through crowdfunding. But the regulator has warned that robust restrictions will be in place, including limitations on advertising and […]
Fintech lender branches into broker channel
Fintech lender MoneyMe is in the process of expanding its broker model to bring in greater loan volumes for its personal lending products. In an interview with Australian Broker, MoneyMe CEO Clayton Howes, said that brokers present a particularly strong channel proposition which he hoped could be leveraged to reach a mass audience. “We look to brokers to provide the sharpest rates in town. How we see it is brokers are able to navigate through the noise of what’s available with the different institutions and provide a feel for a competitive rate. Those are the guys we’d like to partner with to distribute our product.” Expansion into the broker channel […]
How Sydney blockchain startup Hashkloud scored partnerships with two Bangladeshi banks
Blockchain has been receiving a deluge of media attention in recent weeks, and Sydney-based startup Hashkloud is capitalising on the growth of the technology by launching its offerings with two financial institutions in Bangladesh. Hashkloud is working with Dhaka Bank to launch its Serviskloud platform within the next week, in a partnership that will use the blockchain as a software connector to consolidate the integrity of the data that is transferred between banks, as well as securing transactions between the bank and its customers. The startup has also recently signed with the United Commercial Bank in Bangladesh to explore how its services can help the bank utilise the blockchain platform. […]
Double Gold for Tyro at Tech Design Awards
Australia’s leading independent payments provider, Tyro Payments, has taken out a double Gold win for its App at the recent DRIVENxDESIGN 2017 Tech Design Awards for the FinTech and Future of Work categories. The Tyro App offers an integrated solution for small business owners to manage all of their finances – connecting them with their accountants, staff, bookkeepers, employees and other signatories. Other key features include automated batch and payroll payments and the ability to monitor EFTPOS transactions easily. From the App, business owners can also access Tyro Smart Growth Funding to access and organise business loans. Tyro’s Director of Product, Kareem Al-Bassam said Tyro is listening to the needs […]
The truth about blockchains
Blockchain is the new ‘hotness’ in the innovation world, but like all new technologies, it is widely misunderstood. A blockchain is a set of difficult mathematical computations, based on cryptography. Participants in the chain provide transactions to it. Some participants perform the maths of encoding those transactions into the chain. This happens at a regular interval. Once encoded into the chain, each transaction is public and permanent. Bitcoin, which is the poster child for the technology, is a blockchain used as a currency. It relies on ‘miners’, or the participants who encode the transactions into the chain. These miners get rewarded with a newly created bitcoin each time they do […]
Australia is now 5th in fintech adoption – ahead of Hong Kong, Singapore and USA
A global study has shown Australia is one of the world leaders in adoption of fintech products and services, ahead of traditional financial and tech powerhouses like Germany, Hong Kong, Singapore and USA. The EY FinTech Adoption Index ranked Australia 5th in the world for fintech adoption, with 37% of the “digitally active” population using fintech products. “Fintech is no longer just an industry with future potential – it is now an industry which is delivering great on-the-ground outcomes and becoming the first choice for financial services for many Australians,” said FinTech Australia president Simon Cant. China comfortably led the ladder, with 69% of its digital population taking on fintech […]
