Crowdfund laws frozen in time
Much-anticipated reforms extending equity crowdfunding to private companies have yet to move through the Parliament, nearly six months after the bills were first introduced. The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 would let private companies undertake an equity crowdfunding round without first converting into an unlisted public company. The bill was introduced to the House last September last year and the first and second readings were quickly completed. But it has not been raised again, with no debate or third reading in the six months since. Adding the six month assent period after the bill is passed, equity crowdfunding won’t be available to local startups until September […]
Banks tackle fintech challengers as they struggle to be preferable to a dentist visit
According to the Millennial Disruption Index, 71 per cent of young people would rather go to the dentist than listen to what their bank is saying, and new research from Viacom’s research arm, Scratch, finds a third of Millennials expect to be bank-free in the near future. Meanwhile 75 per cent say they would prefer financial services from start-ups and tech companies such as Apple or Google. US fintech phenomenon, SoFi, has been at the forefront of new customer acquisition and retention strategies, including career counselling and using data analytics to match-make their customers in “Singles Nights” cocktail functions. The Big Four Australian banks know the challenges that lie ahead […]
Bitcoin: Westpac, NAB and ANZ hold off on CBA-style credit card ban
ANZ, Westpac and NAB have confirmed they do not currently plan to emulate the Commonwealth Bank’s ban on the use of its credit cards to purchase Bitcoin and similar cryptocurrencies. “Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies,” CBA announced earlier this week. Bitcoin’s value has swung wildly in recent months, dropping from US$19,000 in late 2017 to close to $6000 earlier this month. Coinmarketcap currently pegs it at just over $10,000. CBA said that customers could still purchase Bitcoin as well as other digital currencies by using their debit cards […]
Crypto hype drives new partnership
An SMSF administrator is teaming up with a cryptocurrency brokerage firm to help investors achieve greater portfolio diversification. A new partnership between Xpress Super and Bitcoin Trader will provide SMSF investors with access to five of the top cryptocurrencies in the market: bitcoin, ethereum, bitcoin cash, DASH and ripple. Xpress Super chief executive Olivia Long said the new partnership is in response to growing investor demand for digital currencies, saying the administrator has been inundated with inquiries from trustees. “Our role as SMSF compliance specialists isn’t to give advice to self-directed investors on whether this is the right investment option for their fund, but to ensure they are compliant if […]
Despite bitcoin crash, initial coin offerings attract Aussies to make money online
Warren Stokes knew nothing about bitcoin until his son began receiving yellow postal bags filled with $50 notes in the mail. The cash was from cryptocurrency trading when his son was still in high school — about seven years ago. “He explained to me he was on a group on reddit — 1,000 people were joining their computers together to mine, and again, honestly, I had no idea what he was talking about.” Mr Stokes, 58, is now a casual “crypto” investor himself. At a recent cryptocurrency meet-up in Sydney, he was there to learn about the latest craze: initial coin offerings (ICOs). An ICO uses blockchain technology to issue […]
Moneysoft partners with managedaccounts.com.au
Moneysoft has partnered with managedaccounts.com.au to offer its personal money management solutions to all financial planning practices using the ASX-listed online platform provider. Under the agreement, advisers receive preferential pricing on both Moneysoft Lite and Pro. Those tools enable them to provide additional client services, build greater engagement and unlock further efficiency. Managing director of managedaccounts.com.au, David Heather, said that there is a natural alignment between the two companies with their shared focus on empowering advisers and their clients. “The growth in managed accounts is part of an industry-wide shift to more transparent and efficient investing. Pairing our next generation platform with Moneysoft’s money management, cash flow and budgeting services […]
Equity crowd-funding up and running to open new investment doors
FROM gin distillers to energy-boosting mouth strips, opportunities are popping up for investors to grab stakes in start-up Australian businesses with as little as $50. The Australian Securities and Investments Commission last month licensed seven online platforms that let anyone pump money into emerging businesses, and despite a slow start there is expected to be a surge in opportunities online soon. It’s equity crowd-funding, where individuals buy shares in businesses well before they list on the stock exchange. This early-stage investment potentially delivers them the biggest profits but also carries the greatest risks. One of the seven licensed companies, Equitise, is currently raising money for Xinja, Australia’s first independent digital […]
Bitcoin finds a bottom as risk aversion grips global markets
What’s supposed to be the most volatile asset in the universe is proving to be a bastion of stability compared with wild swings and carnage in global equities this week. Bitcoin clawed its way back from the four-month low of $US5922 it touched on Tuesday, rebounding almost 45 per cent to $US8500. The S&P 500 Index and the Dow Jones Industrial Average both fell more than 5 per cent this week, wiping out gains for the year. Emerging markets stocks and currencies also plunged, while shorter maturity US Treasuries climbed as investors fled from risky assets to safe-havens. Bitcoin’s supporters are quick to extol the cryptocurrency’ virtues as an asset […]
