ASX considers blockchain for clearing and settlement
Bitcoin’s much-lauded transaction record, blockchain, is being seriously considered as a replacement for the Australian Securities Exchange’s clearing and settlement system. Managing director Elmer Funke Kupper said the ASX, which is in the middle of replacing its trading systems, had a once-in-a-generation opportunity to install the best technology, and blockchain could reduce cost, save time and cut complexity in the clearing and settlement of trades, now done by a system known as the Clearing House Electronic Subregister System (CHESS). Source: ASX considers blockchain for clearing and settlement
The FinTech future is here
Viewing the below chart of web searches, you could be forgiven for thinking that fintech has only really emerged in the past year. But the financial services sector has been innovating with technology for centuries – so why has it got so big recently? Source: Google The coming together of financial services and technology is nothing new. It will come as no surprise to know institutions have been using technology to improve their middle and back offices for as long as computers have been around. We used to call this banktech. In fact, banktech can be traced back to the 18th and 19th centuries when traders would use carrier pigeons […]
Pin Payments is happily perched in Perth
Nearly every day someone will tell Grant Bissett that he should move his startup away from Perth. All-in one multicurrency payment platform Pin Payments has been based in the Western Australian capital since its inception while running business development out of Melbourne, and co-founder and CEO Bissett has remained steadfast in staying put in his hometown. “We get opinions all day in every direction, and we get recommendations on moving to Melbourne or Sydney or London or San Francisco for a variety of reasons,” Bissett tells StartupSmart. “That’s all great – we just smile politely and then get on with our job.” After closing a $3.1 million series A round, […]
The need to be shrewd in the property boom
It’s said that buying a property is one of the most stressful life events. Further, mortgage lender incompetence, bank and finance problems are in the top 20 most stressful aspects of selling a property. For two people, those frustrations spawned the next big idea to hit the FinTech industry. Mandeep Sodhi, a loyal customer to his bank, thought he had secured the best rate on his home loan. Atul Narang on the other hand secured a better rate on his loan through a broker – but it wasn’t that easy, having already experienced two bad brokers. With this experience, the pair joined forces to bring clarity and simplicity to the […]
What You Really Need To Know About Working In Fintech
This is a great article to read if you’re thinking of working for or an Australian FinTech company From the outside, the tech industry can look like a homogenous sector, populated either by entrepreneurial whiz kids or bearded computer ‘geeks’. However, as with most industries, once you get beneath the surface, it becomes clear that the people who inhabit the tech industry are a varied bunch, utilising different skill sets and working in sub-sectors that have little in common. One of these sub-sectors, financial technology (or fintech), is attracting a range of talent, particularly workers who, in the past, may have been attracted to investment funds, law firms, or accountancy […]
Turnbull promises national digital identity, fintech committee
The federal government has adopted the majority of recommendations made in last year’s financial systems inquiry report, promising to deliver a national federated digital identity framework and a public-private sector innovation committee for the financial sector. In its long-awaited response to the December 2014 report, tabled today, the federal government also said it would ask the Productivity Commission to review options to improve data-sharing within the sector, and remove regulatory impediments to modern product information disclosure. By the end of next year, the government also intends to consider how to amend priority areas of regulation to make it technology neutral. Digital identity The FSI report, led by David Murray, highlighted […]
Why these giant Chinese companies could destroy Australia’s fintech ambitions
Fintech companies are some of the hottest startups around right now. Incredibly, more than 20 are now valued over $US1 billion. Australian credit reference fintech, Veda, might get bought for $2.2 billion. The possibilities offered by fintech are enormous. Mobile payments, payment terminals, smart contracts, smart bonds, P2P lending and crowdsourcing are all examples of new technologies that pose a risk to core services provided by the financial establishment. This is why they want in. According to some, Australia has the potential to be a leader in the sector. Australian super funds are investing heavily, with First State Super launching its own venture capital platform just weeks after putting $110 […]
What happened at Wyatt Roy’s policy hack
There were Post-its, buzzwords and diagrams galore at the first ever technology industry and government policy hack, and even the occasional “but I love Australia” protest as teams faced the many regulatory disadvantages to building a tech company in Australia. The collaboration between federal Assistant Minister for Innovation Wyatt Roy, accelerator program BlueChilli and peak lobby group StartupAUS brought almost 300 public servants, entrepreneurs, investors, scientists and educators together in Sydney. They were split into 10 teams to debate and identify solutions for a challenge that holds back Australia from having a booming tech industry to rival Israel, Singapore, London and even the United States. “Don’t get caught up with […]
