Ethereum, rival to bitcoin, gains traction
With a rising market value and a roster of high-profile patrons, Ethereum in recent months has become the next hot thing in cryptocurrencies. Ethereum is an open software platform, comprising a currency called ether, a public “blockchain” ledger for keeping track of transactions and tools for building so-called smart contracts that automatically make payments when their terms are fulfilled. Anyone can develop new applications that make use of its code. More ambitiously, the currency’s inventors and users are revolting against the growing centralisation of the internet under big companies like Google and Facebook by creating financial structures that can run themselves. Much like its older cousin bitcoin, however, ether is […]
OFX launches new online seller service
OzForex Limited trading as OFX (OFX), one of the world’s largest international payment businesses, has today announced the launch of OFX for Online Sellers, a new online merchant solution that streamlines payments from international marketplaces such as Ebay and Amazon into bank accounts in USA, Canada, UK, Eurozone, Hong Kong, and Australia. The new product will offer a faster, more competitively priced transfer option to the millions of merchants that sell on global E-Commerce marketplaces in North America, Asia and Europe. Forty-five percent of the trillion dollar global online retail market is attributed to online marketplaces like Amazon and eBay. Selling on international marketplaces means merchants can lose up […]
Deposits lift on Apple Pay, says ANZ Bank
Almost two months after it signed a deal to provide Apple Pay, ANZ Bank says teaming up with the technology giant is prompting more customers to open accounts, or start using credit cards that had been lying dormant. ANZ became the first major bank to offer Apple Pay in late April, breaking ranks with rivals, which are negotiating over how millions of dollars in fee revenue would be shared if they were to also provide the service. While Australian consumers have generally been reluctant to use “digital wallets” ANZ says the move is having a real impact on its sales of transaction accounts, especially digital sales. Matt Boss, managing director […]
Welcome to the new world of ‘regtech’
During a speech at the Tyro Fintech Hub in Sydney on Friday morning, federal Treasurer Scott Morrison pointed to the promise of “regtech” – a new word that is increasingly rolling off the tongues of the global regulatory community. Regtech (an amalgam of “regulatory technology”) is a subset of fintech (financial technology). While fintech has captured the imagination of banks, entrepreneurs and investors around the world for its ability to enhance how customers experience core parts of banking like lending and payments, banks are interested in regtech because new technologies can be deployed internally to reduce the costs of complying with various regulations. Morrison told about 200 members of the […]
Samsung Pay takes on Apple over tap and go
In an approach that distinguishes it from Apple in the contactless payment market, Samsung says banks are welcome to join its digital wallet and it doesn’t want any of their interchange fees or data. Samsung launched Samsung Pay in Australia on Wednesday. The service is live in South Korea, the United States, China and Spain. In Australia, it is available only for holders of Citi and American Express-issued cards. But Prasad Gokhale, vice-president of the mobile division for Samsung in Australia, is confident that each of the big four banks will embrace the platform in the coming months. He said the world’s largest consumer electronics company did “not want to […]
Brisbane Is Playing Host To Australia’s First Cashless Cafe
Do you use your credit card or your phone to pay for your morning coffee, or are you still holding on to that pocketful of coins? Sydney-based coffee roastery and cafe chain Pablo & Rusty’s is opening Australia’s first cashless cafe in Brisbane, ditching the notes and coins in favour of credit cards, phone-based payments and even smart coffee cups. With a number of successful locations already opened across Sydney (which do indeed take cash), Pablo & Rusty’s was planning the opening of their Brisbane store when they had the idea to make it entirely cashless. “We were just thinking through some of the logistics of how to manage cash […]
The Invoice Market appoints Head of National Sales and Referral Partnerships
Peer-to-peer alternative financier The Invoice Market (tim) has strengthened its senior executive team with the strategic appointment of Bernie Kelly as Head of National Sales and Referral Partnerships. Kelly comes to tim with an impressive track record of establishing financial services businesses and designing financial product solutions around the globe. Most recently he was Managing Director, International Operations for PolicyLink. In this position, Kelly grew the business, captured significant market share, and successfully negotiated exclusive strategic alliances with international asset managers, investment banks and global life companies. In commenting on the appointment, tim CEO, Angus Sedgwick said “I’ve known and worked with Bernie over the past 25 years. […]
Aussie FinTech Octet goes global with new partner in China
Octet, a global financial technology company, has welcomed Asiafactor (CN) Limited as the latest licensee of the Octet platform. A successful Chinese supply chain finance organisation, Asiafactor will leverage Octet’s revolutionary supply chain management and financing platform to enable its customers to manage and pay international suppliers, saving time and freeing up their cashflow. Asiafactor will offer the Octet-enabled platform to serve both existing domestic small to medium enterprises, as well as to a vast range of prospective exporters throughout China. Customers leveraging the platform will be able to use their existing credit cards or other financing facilities to pay global suppliers at competitive exchange rates, removing the need for […]
