CBA, Data61 claim success on NDIS payments blockchain trial
The use of highly targeted and controlled smart payments across Australia’s health and welfare sector has inched a step closer. Data61 and the Commonwealth Bank claim to have successfully trialled an app that could make blockchain-based programmable money a reality for the National Disability Insurance Scheme (NDIS) payments. The pair partnered last month to bring the prototype app to NDIS participants and service providers as a test case for the potential use of ‘smart money’ using blockchain technology. ‘Smart money’ allows for conditions to be attached to payments, making the NDIS’ use of highly personalised participant payment plans ripe for the first case study of the proof of concept. The prototype app […]
Blockchain is giving away $125 million worth of digital currency
Blockchain, one of the most popular virtual crypto wallet companies in the world, is giving away $125 million worth of Stellar. The giveaway is set to be the largest of its kind. Referred to as an airdrop in crypto parlance, the program will specifically benefit 30 million Blockchain users spanning over 140 countries. They will each receive $25 worth of Stellar Lumens coins. According to the company’s statement, the program will contribute to the adaptation and decentralization of new crypto networks by encouraging users to embrace a wider variety of digital native tokens without having to buy or mine cryptocurrencies. To qualify, candidates must have a Blockchain wallet. The crypto […]
Morrison government fund offers $2b boost for SME loans
The Morrison government will inject $2 billion into the small business loan market in an unprecedented effort to boost lending to cash-starved firms which have complained of a worsening credit squeeze.The creation of a taxpayer-backed securitisation fund to invest in small and medium enterprise (SME) credit will also potentially expand an asset class for institutional investors such as superannuation funds to invest in. Treasurer Josh Frydenberg and Small Business Minister Michaelia Cash will announce the small business funding policy on Wednesday, promoting the soon-to-be-established Australian Business Securitisation Fund as a way to overcome banks typically only lending to the self-employed when they pledge their personal home as collateral. The government […]
MT4 tech specialist Gold-i opens an office in Australia
MetaTrader technologies and integration specialist Gold-i has announced that it has opened an office in Australia, headed up by FinTech sales and technology specialist, Daniel Picone. The new Sydney-based office is a significant development for Gold-i as it focuses on increased business opportunities amongst brokers in Australia and New Zealand as well as expanding its footprint across the Asia Pacific region. Daniel Picone, who has spent the last seven years at Australian FinTech company, IRESS brings a wealth of experience to the role in terms of business development, account management and client support. He has spent four months on an intensive training programme at Gold-i’s UK headquarters in preparation for […]
OFX Group considers large cash deal of its own
Two years after former GE Capital Australia and NZ boss Steven Sargent took the top seat around OFX Group’s boardroom table, the money transfers company’s executives have an interesting proposition for him and the board. Street Talk understands OFX Group has set its sights on an offshore acquisition, which would help the company meet one of its strategic goals which is to expand into Europe and the United Kingdom. The question is what could be on its radar. OFX Group, which reported $19.6 million profit last financial year and has about a $550 million market capitalisation, would no doubt like something big enough to be meaningful, but not big enough […]
Eftpos gets Square as battle for mobile payments escalates
Mobile tradies and small businesses seeking to bypass steep credit card fees extracted by bank-owned payments terminals have scored a significant victory, with challenger payments provider Square revealing it has now ported eftpos functionality to its Australian machines. Made official on Monday, the tie-up between Twitter founder Jack Dorsey’s global payments play Australia’s 30-something electronic payments scheme opens the door for millions of people holding everyday bank payment cards fitted with contactless functionality to avoid the dreaded Amex. While it might seem like an incremental retrofit, the realpolitik of the eftpos-Squarer hook-up is actually way bigger. It means an untapped army of smaller merchants – think dog washers, craft brewers, […]
Technology helping SMSF trustees to deal with uncertainty
An array of emerging tools is available to help SMSF trustees better manage their assets, crucial in times of stockmarket volatility. These new, largely digital technologies are giving trustees and members quality information about how to optimise the performance of their funds. Increasingly, self-directed SMSFs are able to access more asset classes via a joint online broker and online admin solution. For trustees this means increased simplicity – one sign-up process and one account holding all the fund’s investments, feeding data directly to all necessary parties. “For an SMSF, time is your most valuable asset – so don’t waste it on admin, paperwork or reporting,” says Arnie Selvarajah, CEO of […]
Pelikin: Is this Aussie fintech about to shake up millennial travel?
It’s no secret that young Australians love to travel. Ask any millennial and they’ll likely be hard pressed to name a friend that hasn’t recently travelled overseas or isn’t planning to do so in the near future. In fact, according to research from Roy Morgan released in May, millennials are the most likely cohort in Australia to have travel plans in the near future – 73.6% of those surveyed indicating that they intended to travel in the next 12 months. And with so many young Aussies heading overseas, one local fintech is not only banking on the travel bug sticking around, they’re hoping to completely change the way Australian travellers […]
