Novatti launches brand new payments bridge between Australian BPAY and Chinese Alipay
The international online payments landscape is rapidly evolving as yet another ASX-listed payments processor, Novatti Group (ASX: NOV) announced the launch of a bill payment service, able to bridge the gap between Australian supply and Chinese demand. Novatti announced the launch of its new bill payment service chinapayments.com, a financial technology (fintech) platform enabling consumers to pay bills via Australia’s BPAY system, using funds from their Alipay wallet. The race for payments dominance in Australia is truly on with several companies now vying to become the go-to brands to court Chinese customers. Last month, Smartpay (ASX: SMP) struck a deal directly with Alipay, with the deal bringing together the largest […]
How Fintech is changing the way we do business?
Although it seems ubiquitous, Fintech is actually still a very young industry. That said, there are certainly distinctly common threads across those within it, which could largely be considered increased accessibility, and speed. Fintech is responsible for the introduction and rise of peer-to-peer payments, mobile banking, and omnichannel payments processing which benefit not only individuals but also businesses. We’re living, working, shopping, and transacting in the internet era, so it’s expected that the way we do businesses is equally as nimble – and it’s Fintech that makes this possible. Regardless of the size of a business, keeping up to date with financial technology is imperative for not only increased efficiencies […]
GBST, Superestate launch digital super product
The mobile accessible fund will provide Superestate with a secure, member-oriented platform allowing greater communication and engagement with its members.
Australia rolls out new AML/CTF laws for digital currency exchange providers
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced that digital currency exchange (DCE) providers would be required to meet Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) obligations, effective 3 April 2018. AUSTRAC is Australia’s financial intelligence agency with regulatory responsibility for AML/CTF. “A ‘policy principles’ period of six months will be in place from 3 April 2018. During that period, the AUSTRAC CEO can only take enforcement action if a DCE business fails to take ‘reasonable steps’ to comply,” AUSTRAC said. Under the new AML/CTF laws, DCE providers would be required to: Adopt and maintain and AML/CTF program to identify, mitigate and manage money laundering and terrorism financing […]
This Australian fintech leader says cryptos won’t replace traditional currencies in ‘another three lifetimes’
The value of bitcoin lies in its use as a finite commodity protected by rock-solid cryptography, rather than a currency used to buy goods and services, according to Loretta Joseph, chair of the Australian Digital Commerce Association (ADCA). Joseph spoke to Business Insider following reports that Australian crypto trading exchanges must now comply with standards set out by financial intelligence agency AUSTRAC. The announcement followed an 18-month consultation period between AUSTRAC and the ADCA.“We have defined crypto as a commodity,” Joseph said. “It’s not a currency for use as a means of exchange.” “There was recently a key legal case in New York which defined bitcoin as a commodity. So […]
Aussie cryptocurrency exchange to trial BPAY’s Osko
Cryptocurrency exchange BTC Markets is trialling BPAY’s Osko service as a way to speed up conventional fiat deposits from customers. The company said it would support Osko, which runs as an overlay on Australia’s new payments platform (NPP), which went live in mid-February. The billion-dollar NPP allows banks to send payment messages in real time to each other via the Reserve Bank. In a brief statement, BTC Markets said it would trial Osko for deposits only, but that it expected the service to also support withdrawals within a few months. Osko presents an opportunity for cryptocurrency exchanges to support much faster deposits of fiat currency into their ecosystems, which can […]
Coinspot receives approval to become Australian-based crypto exchange
CoinSpot has announced they have been successful in their application to be registered by AUSTRAC to provide exchange services for crypto.
Moneycatcha appoints industry veteran John Heaton as Chief Technology Officer
Moneycatcha, one of Australia’s leading fintech startups, has appointed technology veteran John Heaton to the newly created role of Chief Technology Officer. Mr Heaton joins the multiple award-winning company from Queensland’s Heritage Bank where he oversaw strategy and technology architecture. He has more than 20 years’ experience in the IT, resources and banking sectors, having served in various senior positions at Oracle Corp and Xstrata Copper. Moneycatcha CEO and founder, Ruth Hatherley, said: “We’re absolutely thrilled and privileged to have John join our fast-growing team. “His experience in technology, coupled with insights in banking and finance, is second to none. “John is instrumental in ensuring our products are compatible across […]
