Cryptocurrency is radical but who does the radicalism benefit?
“Free speech” is one of the battle cries of far-right activists who target democratic consensus and seek to divide the public. Alt-right agitators and trolls embrace the cry of “freedom” even as they take actions that fundamentally corrode Western unity, credibility and morale. Claiming “freedom” in fact makes it hard for defenders of the rules-based nations to identify the threat to public order posed by partisans on private-sector digital platforms. So it is somewhat alarming to see a similar dynamic – the cry of “freedom” – play out in another sphere, that of currency and payments. Right now, terminology being embraced in the world of cryptocurrency places the technology in […]
SelfWealth launches ETF
Online broker SelfWealth will launch a new ETF targeting self-managed super funds. The SelfWealth SMSF Leaders ETF is due to launch on the ASX this financial year and listed under the ticker code SELF. It is pending regulatory ASX approval. ETF Securities Australia and its parent company ETFS Capital are backing SELF by providing $100 million in seed funding. ETF Securities Australia will act as the responsible entity. SelfWealth chief executive Andrew Ward said SELF will be constructed using data from the best-performing investors among 50,000 SMSF portfolios. It will offer clients “a high-performing investment asset that complements portfolios constructed using the SelfWealth platform, and delivering a new revenue stream […]
Open banking quietly delayed
The much-anticipated launch of open banking in Australia has been quietly delayed by the federal government by eight months. On the last Friday before Christmas, a day typically used to “take out the trash” and make some unfavorable or unpopular announcements, Treasurer Josh Frydenberg put out a statement late in the afternoon revealing that the open banking regime would not kick off in July as previously announced. Instead, a “pilot program” would be conducted by the Big Four banks in partnership with the ACCC and Data61 to “test the performance, reliability and security of the open banking system”. The delay is likely to infuriate the local FinTech sector and consumers […]
Capify secures $135 million from Goldman Sachs for SME loans
Capify, a leading Australian alternative SME finance provider has secured a $135 million credit facility from Goldman Sachs Private Capital (“Goldman Sachs”) to support its future growth plans and provide working capital to thousands of Australian SMEs over the coming years. The Sydney-based fintech company will use the new facility to accelerate the growth of its lending business to Australia SMEs through its business loan and merchant cash advance (MCA) products. Capify has been active in Australia since 2008, executing over 7,500 transactions for Australian SMEs seeking business financing and most recently celebrated its ten-year anniversary. “This is a landmark achievement for Capify and we are very pleased that we […]
Fintech trends and predictions for 2019
Fintechs are big, growing and are disruptive. Why wouldn’t they be when they are using innovative technologies making banking and financial services more efficient. So what are the predictors and futurists saying the landscape will look like in 2019 and beyond? Here’s a collection of some of the sources we think are on point! Bitcoin is Just the Beginning The Australian predicts that Bitcoin is Just the Beginning and that the “fintech” revolution is upon us – but we may only be at the start of it. Highlights include: “Financial technology is not only changing the way people purchase and invest, it’s changing the very definition of money as well.” […]
Swiss watchmaker develops $100K timepiece with built-in crypto wallet
Swiss-based watchmaker A. Favre & Fils is developing a luxury timepiece that would be able to store cryptocurrencies, local media agency swissinfo.ch reported on Thursday. The company traces its history back to 1718 and can be viewed as one of the oldest watchmakers in Switzerland. It intends to build a new form of digital wallet that would have mechanical elements integrated. The crypto watch would combine the current technology behind digital assets with Switzerland’s traditional craft. The cost of one unit will range between $102,000 and $153,000. Laurent Favre, founder and CEO of A. Favre & Fils, told the media that the company planned to make the mechanical watch relevant […]
The 5 trends shaping global payments in 2019
The financial landscape in Australia changed significantly in 2018. Last year, the government announced the first stage of open banking would be implemented in July 2019. Also announced last year by the Australian Prudential Regulatory Authority (APRA) was a change that opened Australia’s shores to a new generation of banks – neobanks – to compete with the Big Four. As we enter 2019, we’ll see the payments industry continue to evolve faster than ever to meet global demands for payment solutions that are quick, efficient and transparent. The year ahead will be a defining one for the payments landscape, with five key trends driving further change globally, including: real-time payments […]
Australia’s first academy launches for businesses wanting to ride crowdfunding wave in 2019
Australian businesses will learn how to become crowdfunding champions – thereby helping to avoid an emerging ‘credit crunch’ – as part of a government-supported private academy to be addressed by two international experts. Sydney-based ReadyFundGo has launched a crowdfunding academy – which is the first of its type in the country – to operate across Australia during early February. The academy has received funding from the Australian Government’s Entrepreneurs’ Programme. The academy launch comes amid evidence that 2019 will be a turning point for the business crowdfunding sector, thanks to new regulatory changes, credit shortages and rising interest in the fundraising option. In October last year, the Australian Government commenced […]
