Why Brisbane is the cryptocurrency capital of the country
Queensland is banking on cryptocurrency to boost tourism in the state, with a sizeable grant given to a Brisbane-based start-up that will enable visitors to pay for every aspect of their travel using digital currencies like Bitcoin. The local start-up, TravelbyBit, has received two rounds of funding from the state government and, in turn, has transformed its hometown of Brisbane into one of the most crypto-friendly cities in the world. TravelbyBit’s digital currency point-of-sale system has been deployed to over 200 merchants across Australia, with at least 60 per cent of those located in Queensland. In May, Brisbane Airport became the first in the world to accept cryptocurrency, enabling travellers […]
Australia just lost one of its most promising fintech startups, Airwallex, to Hong Kong
Tencent-backed payment operator Airwallex has become the latest fintech company to show interest in joining Hong Kong’s virtual banking push. Airwallex co-founder and chief executive Jacky Zhang said the company will team up with a traditional bank and other local partners as part of the application process, although he declined to reveal their identities. “We believe Hong Kong to be an ideal location to be our headquarters. Hong Kong is an international financial centre where we can serve our global clients worldwide,” Zhang said in an interview with the South China Morning Post in his newly installed office in Quarry Bay. Another reason for the relocation to Hong Kong is […]
Future Hub: ‘one-stop shop for blockchain expertise’
Australian technology company Lakeba Group’s blockchain division has set up Future Hub, “a one-stop shop for blockchain expertise,” according to Lakeba chief growth officer and Future Hub head Darren Younger. The idea behind Lakeba’s Future Hub is to combine the company’s technology skills with expertise from financial, legal and other relevant specialisms. A number of projects are already underway in various industries, said Younger, but not many are at the stage where the parties can be identified. Examples include financial services (using blockchain to avoid pay-slip fraud), health (attesting to the authenticity of laboratory results), agriculture (protecting data from IoT devices), supply chain (validating goods or services), energy (to provide […]
Moneytech forges partnership with Factfin
Moneytech will partner with insurtech start-up Factfin to give SMEs better access to working capital. A specialist trade and debtor finance business, Moneytech has provided $2.5 billion in finance to SMEs since it began in 2003. Access to capital continues to be difficult for SMEs in the wake of tighter capital requirements under Basel III. According to Moneytech chief executive Hugh Evans (pictured left), this is set to be challenging in the shadow of the banking royal commission. Evans expects further tightening in the sector following the public inquiry with an even more conservative approach to lending standards, a view already shared by Small Business and Family Enterprise Ombudsman Kate […]
The two Australian cities that have built global reputations as fintech hubs
Australia has recently seen an increase in fintech-related activity, as the government forms fintech agreements with other countries around the world and launches initiatives designed to boost the industry. At the same time, banks are increasingly releasing innovative new products, and funding for fintech startups continues to gather pace. At present, the country remains a relatively nascent hub for fintech, but with its current rate of development, it has the potential to establish itself as Asia-Pacific’s (APAC) leading fintech hub, a role that Singapore has played so far. The Australian fintech scene is currently driven mostly by its 512 domestic firms, with just 67 foreign startups in the country. However, […]
Home loan refinancing jumps but many find they have to sell up
Online mortgage broking market place LoanDolphin has seen the number of loan enquiries increase fourfold to more than $1.5 billion in the last year as many home owners seek to refinance. LoanDolphin founders Ranin Mendis and Rod Dutra have been analysing their data on borrowers who submit requests for loans on their website which mortgage brokers compete for. In the last 12 months, as property prices have slipped, lending rates risen (for some) and the royal commission into banking crimped lending practices, LoanDolphin has seen a huge increase in the number of enquiries for refinancing. “Many borrowers are looking to refinance as they’re starting to feel the pinch from rates,” […]
Australian National Blockchain will bring opportunities for disruptive startups, says Data61 senior research scientist
CSIRO’s Data61 data innovation group is collaborating with law firm Herbert Smith Freehills and technology giant IBM to build the Australian National Blockchain (ABN), a large-scale cross-industry platform for smart contracts. The ABN is intended to serve as a national infrastructure, allowing companies to join the network to share digitised contracts. Work is currently underway on a pilot, with the platform expected to be able to host live transactions by mid to late 2019. The decentralised nature of blockchain technology means, once the platform is available, there will be one version of a contract accessible to each involved party. Permission-based access is intended to allow data to be exchanged securely, […]
Opportunities for Australian Fintech
Supportive nongovernmental entities. Outside of government support, a number of organisations are working to promote the fintech industry in Australia. One of the latest is Australian FinTech Jobs, a website dedicated to helping fintech companies find talent and aiding people seeking jobs in the sector. Australia also has several successful fintech hubs, like Stone & Chalk, that provide work spaces for fintechs and guidance when needed. Stone & Chalk claims to have already worked with 13 startups that scaled globally, and fintechs continue to take advantage of its services. Additionally, the hub has both local and international partners, which could help Australia become more attractive to overseas fintechs. By ensuring […]
