OFX Group considers large cash deal of its own
Two years after former GE Capital Australia and NZ boss Steven Sargent took the top seat around OFX Group’s boardroom table, the money transfers company’s executives have an interesting proposition for him and the board. Street Talk understands OFX Group has set its sights on an offshore acquisition, which would help the company meet one of its strategic goals which is to expand into Europe and the United Kingdom. The question is what could be on its radar. OFX Group, which reported $19.6 million profit last financial year and has about a $550 million market capitalisation, would no doubt like something big enough to be meaningful, but not big enough […]
Mastercard shifts tech hub to Sydney
Payment cards giant Mastercard has moved to shift a significant portion of its research and development work to Sydney, announcing today it will combine a new ‘global tech hub’ with its corporate and operations offices in St Leonards. The launch of the new facility, which will house more than 550 Mastercard employees, comes as card schemes try to keep up with local bank investments in various fintech ventures that are increasingly being run out of state government supported start-up hubs like Stone and Chalk. Mastercard certainly isn’t sparing the optics, roping in NSW Treasurer Dominic Perrottet to cut the ribbon on the facility as the government seeks to push its […]
Wirecard brings its platform services around digital financial technology to Australia and New Zealand
Wirecard, the global innovation leader for digital financial technology, today announced its platform expansion in Australia and New Zealand. The Wirecard platform is now available in New Zealand for e-commerce services and Australia for omnichannel solutions. With this expansion, Wirecard is extending its ecosystem of real-time value added services around innovative digital payments in Oceania. This leverages on the global Wirecard strategy of digitizing payments worldwide as Australia is leading innovation in areas such as contactless payments, bill payments, digital commerce, and point-of-sale applications, and the market is ready to make the next transformation. Research and Markets found out that the Australian payment mix is shifting heavily toward electronic payments. […]
Roadmap created to increase access to basic financial services for millions
UNSW Sydney Scientia Professor Ross Buckley has co-authored an international report that highlights the difficulty in accessing basic financial services for billions of people around the world. The ‘FinTech for Financial Inclusion‘ report will be presented at the 3rd annual Inclusive and Sustainable Finance Research Conference on 13 November in Luxembourg. Professor Buckley is a Scientia Professor and King & Wood Mallesons Chair of International Financial Law at UNSW and together with his co-authors – Professor Douglas Arner of the University of Hong Kong and Professor Dirk Zetzsche of the University of Luxembourg – has developed a road map to harness the full potential of fintech for financial inclusion. Their approach […]
Bitcoin seems indestructible but another cryptocurrency might be about to take its place
Bitcoin was born out of the global financial crisis of 2018, but on the eve of its 10th anniversary the world’s first cryptocurrency may be facing a crisis of its own. Uncertain regulation, technological failings and infighting within its developer community mean another cryptocurrency could be on the verge of taking its place as the world’s leading digital currency. With a market cap of over $100 billion, bitcoin has established itself over the last decade as the world’s leading cryptocurrency, yet since its inception more than 3,000 other cryptocurrencies have since come into existence – each attempting to offer something that bitcoin can’t. After a decade of dominance, experts tell […]
Novatti to become an AUD Utility Token Anchor on the Stellar Network
ASX-listed Novatti Group Limited announce that it will launch the Novatti AUD Utility Token, the first Australian Dollar-Backed Utility Token. As an Anchor for the Stellar Network, consumers and institutions will be able to use the Novatti platform to instantly accept and settle payments in AUD, as well as easily access foreign exchanges via a lightning-fast global network. The Novatti AUD Utility Token, a token on the Stellar Network is one-to-one backed by the Australian dollar (AUD). Held in trust by Novatti, one Novatti AUD Utility Token will always be equivalent to one Australian dollar. With the Novatti AUD Utility Token, consumers and institutions, once KYC’d, will be able to […]
No need for national digital dollars: RBA
The Reserve Bank of Australia and a global investment bank say the speed of payments innovation will fend off any threat from cryptocurrencies, and creating digitised versions of central bank money will make bank runs much more likely during a crisis. After last year’s speculative bitcoin bubble, the potential for the Australian central bank to issue digital dollars to allow money to move through distributed ledgers is fading. RBA assistant governor Michelle Bullock told a global audience at Sibos that while it’s still open to considering wholesale applications for a digital Australian dollar, it hasn’t yet been convinced of the need to create one, and the RBA does not want […]
The Fintech100 – announcing the world’s leading fintech innovators for 2018
The 2018 Fintech100 was announced today, highlighting dynamic fintechs from around the world that are transforming the financial services industry, from digital payments and lending, to insurtech, to neo-banking, as they attract investment at a record pace. The 2018 Fintech100 is the fifth edition of the annual report, a collaboration between fintech investment firm H2 Ventures and KPMG Fintech. The Fintech 100 includes the ‘Leading 50’ fintech firms around the globe, ranked based on innovation, capital raising activity, size and reach; and the ‘Emerging 50’, exciting new fintechs that are at the forefront of innovative technologies and practices and are often pursuing new business models. Key highlights from the 2018 […]
