Two Australian fintechs selected to help develop payments solutions for the world
Two Australian fintech companies have beaten entrants from across the world to be selected among five finalists in a global payments industry challenge, where they will work to develop new cross-border solutions for thousands of banks. Assembly Payments and CurrencyVue have been selected to take part in the SWIFT gpi Industry Challenge in Singapore on 13-14 September. As part of this challenge, the two well-established financial technology companies will work with 30 banks to develop new services for SWIFT’s more than 11,000 financial institution members across 200 countries, leveraging its SWIFT global payment innovation (gpi) service. Two winners will emerge from the Singapore event and will be featured at Sibos […]
Peppermint tech deal with 200,000 strong Philippines distribution network
Perth-based tech company Peppermint Innovation has received a significant boost as it marches towards full commercialisation of its mobile payments technology. The company announced yesterday it had signed a deal with burgeoning Philippines multi-level marketing distribution firm, Sante Barley. Under the deal, Sante Barley’s 200,000 strong network of agents will be able to accept money from their own networks of people and customers who wish to pay their household bills, transfer money to others or even load up some mobile phone air time. Sante Barley agents will use Peppermint’s proprietary, non-bank, mobile payments and remittance technology to do this and both Sante Barley and Peppermint will share a fee each […]
Let’s stop making mobile payments a chore
By Keith Brown, General Manager Product, Scheme and Business Development, BPAY Group You can make a payment on almost any digital device, but why can it still feel like a chore? Mobile has been spruiked across product and marketing strategies in all industries for as long as the smartphone has been around, and yet a decade later we’re still not as digitally savvy as we’d like to think. We have tablets, smartphones, and smartwatches, but discrepancies still exist for user experience across all these devices. There’s an influx of mobile-only banks emerging in the U.K., dedicated to ensuring the experience of banking for their customers on the go is as […]
FlashFX first off the block to use blockchain for international money transfers and launch into Asia
Foreign exchange digital currency provider, FlashFX, announces it is the first Australian company to receive an Australian Financial Services Licence (AFSL) from Australian Securities and Investments Commission (ASIC) to transfer money internationally using blockchain technology. The FlashFX infrastructure is built on the Ripple distributed ledger technology using their real time currency settlement and payment network. “FlashFX is designed to revolutionise the way everyone makes international money transfers,” says Chief Enabling Officer, Nicolas Steiger. “We purpose built the platform to move money overseas securely, quickly, cheaply and with more control for consumers. “Blockchain offers a cryptographically secure end-to-end payment flow and records all transacted information. Being regulated by ASIC adds that […]
Peppermint secures strategic investment at a premium
Peppermint Innovation Ltd (ASX: PIL) announce a strategic placement agreement has been executed, for the investment of $1,000,000 at 2 cents per share via a placement of 50,000,000 shares in the Company, with an option to place a further $1,000,000 at a 25% premium to 5 day VWAP within 60 days from the first placement. The placement agreement has been executed between the Company and Smidge Digital Unit Trust, an Australian special purpose investment vehicle that subscribes for minority positions in innovative fintech and enterprise data analytics companies. Chris Kain, Managing Director & CEO comments: “This is a significant relationship with a strategic investor who has an intrinsic […]
Three thousand Bitcoin ATMs to launch across Australia
Almost 3000 Bitcoin automatic teller machines will launch across Australia as part of a venture between an ATM operator and a blockchain service provider. The joint venture between StarGroup and DigitalX will see 2900 existing ATMs across Australia equipped with technology that will allow Bitcoin enthusiasts to buy and sell the digital currency. StarGroup has 500 ATMs and a further 2400 through its StarLink subsidiary nationally. The machines will be “two-way” ATMs, meaning users can acquire Bitcoin as well as convert their holdings to AUD cash instantly. The companies say this will solve a pain point for Bitcoin enthusiasts, who generally need to wait days using existing digital currency exchanges […]
ASIC’s Greg Medcraft says traditional bank accounts may be obsolete in a decade
Bank accounts could become unnecessary within the next decade because central banks will create digital currencies and allow customers to hold deposits directly with them, predicts Greg Medcraft, chairman of the Australian Securities and Investments Commission. The issuance by central banks of digital versions of their fiat currencies onto distributed ledgers would lead to widespread disaggregation for commercial banks, which would be forced to fight much harder to attract funding alongside market-based funds in a radical upheaval of financial markets. Banks and policy makers should be studying the ramifications for the Australian economy given central bank-issued digital currencies could start to appear globally in the next five to 10 years, […]
Mastercard partners with Fitbit for contactless wearable payments
Fitbit and Mastercard have partnered to give fitness enthusiasts the ability to make contactless payments with their wearable. Owners of Fitbit’s new smartwatch model Ionic, will be able to add eligible cards and make payments in Australia later this year. “Consumers today are expecting technology to help them accomplish life’s daily tasks with as few steps or clicks as possible,” said Kiki Del Valle, senior vice president, commerce for every device, Mastercard. “By adding payment capabilities to a Fitbit device, Mastercard cardholders who are already on-the-go can easily buy what they need without having to bring their wallet with them.” According to a PwC report last year, more than half […]
