$817M Later: LexisNexis partners with first institutional cryptocurrency exchange
Risk management giant LexisNexis Risk Solutions is now working with the first cryptocurrency exchange to use technology acquired in an $817 million deal earlier this year. The partnership to verify the identities of Melbourne-based Blockbid’s customers also marks the first time LexisNexis has combined its existing database of high-risk individuals with 1.4 billion unique identities brought to the company from ThreatMetrix, which was acquired in a cash deal announced in February. While Blockbid plans to use the two pools of identity data to gather information about its customers during the onboarding process, LexisNexis senior vice president Thomas Brown positions the newly combined products as part of a larger push within the […]
Jacaranda Incubator Program – Backing Australian Fintech
Jacaranda Finance is on the hunt for Australia’s most exciting, high growth potential Fintech startup, establishing the Jacaranda Incubator Program. Background Jacaranda Finance is one of the fastest growing financial technology start-ups in Australia. With the recent launch of the new and improved Jacaranda decisioning engine, the young startup analyses vast quantities of data from numerous data sources within seconds. This allows the company to make smarter credit decisions and expand the availability of fair, affordable, responsible and more transparent credit solutions for consumers. “It’s no longer hard, expensive or impossible to acquire and process large volumes of data relating to our applicants”, says Daniel Wessels, CEO of Jacaranda. […]
Banks want to charge for handing over customer data
Major banks want to charge fintech businesses in exchange for handing over data on the banks’ customers, a sign of the likely tensions to emerge as the government looks to break open the banks’ information vaults. In a move that could have far-reaching implications for banks and their customers alike, Treasurer Scott Morrison earlier this year ordered an investigation into “open banking”, a system that would allow customers to securely share their financial data with rivals. While the banks are supportive of the general move, submissions to a Treasury have highlighted the cost of making more transaction data available, with suggestions banks could face costs in the hundreds of millions […]
Australian blockchain delegation heads to New York
Australia’s blockchain capabilities and technologies will be showcased to global leaders and investors at Consensus 2017 in New York from 22-24 May. A 26-member Australian delegation will be heading to the event to present globally competitive and innovative solutions across the spectrum of industry applications, from digital currencies and payments to agricultural supply chains, smart contracts and identity management. Consensus 2017, now in its third year, has become a landmark event on the blockchain calendar. The event attracts global professionals from leading industry startups, investors, financial institutions, and academic and policy groups who are building the foundations of the blockchain and digital currency economy. Nicola Watkinson, Austrade’s Senior Trade and […]
Exchange trade funds to over take listed investment companies by 2018
Exchange traded funds (ETFs) are poised to overtake listed investment companies as the most popular pooled investment option on the ASX within two years if current trends persist. ASX data for November shows that the value of ETFs rose by 17 per cent to $24.5 billion, while the value of listed investment companies rose just 2.3 per cent to $30.5 billion. Experts point to the increasing sophistication of investors, regulatory change, growing numbers of ETF strategies available at low cost and the rise of the self-managed super fund as among the key forces driving ETF fund flows. Listed investment companies, which have a long history of performing for retail funds, […]
Banks resist fintech push for open data regime
If banks were required to open their customer data to competitors, economic growth would be bolstered through financial services competition and customer service would be improved by allowing fintech companies to create better-priced financial products, argues Fintech Australia, an industry group representing financial technology start-ups. The Productivity Commission’s review into ‘Data availability and use’ is looking at whether a system of “open APIs” [application programming interfaces] could be created along the lines of a new regime in Britain to allow competitors to plug directly into data sets held by banks, such as transaction account activity. Fintech Australia has asked the commission to recommend an “open banking API” regime be mandated […]
digi.cash launches digital Australian dollar
digi.cash, a spin-off company of the Capital Markets CRC, today officially launched the digital Australian dollar. The electronic version of the currency is digitally ‘minted’ as electronically signed coins and banknotes. These can be held on smartphones, computers or storage media. Just like cash, online users can transfer coins and notes between each other via free, instant transactions. The encryption technology used means that the electronic banknotes can securely circulate over public communication networks, without the risk of theft or counterfeiting. Digi.cash founder Andreas Furche, along with Chairman David Skellern and Director Peter Clare, said the launch represented a fulcrum moment for Australian FinTech. “Unlike other digital money products, digi.cash […]
The Finalists of the 2024 Finnies awards have been announced
The finalists for Australia’s 2024 Finnies fintech business awards have been announced.
