Search Result: volt

May
15

Royal commission reforms boost investor opportunities in fintech

With the banks taking a battering at the Hayne royal commission, a raft of new fintech or alternative lenders is looking to take advantage of a more competitive playing field. For generations, risk-averse banks have been able to pick and choose to which consumers and small businesses they were willing to extend credit and at what price. But things are beginning to change. Ahead of any recommendations from the royal commission, the federal government is taking steps to foster competition. Last week, it followed the UK by flagging so-called open banking reforms, which will allow customers to direct personal data held by their existing banks to alternative lenders. Another reform, […]

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May
14

Australia is taking steps to enhance its fintech industry

Australia has been looking to develop its own fintech ecosystem for some time now, and has made progress to establish itself as one of the bigger players in Asia, next to Singapore, Hong Kong, and China. However, there are still hurdles in the country, such as its four big banks having a very large market share — Commonwealth, Westpac, ANZ, and NAB together control over 80% of all owner occupier home loans and 85% of all investor housing loans — which makes it difficult for fintechs to establish themselves. However, the fintech industry in Australia may see a change soon. Earlier this week, the first restricted banking license was granted […]

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May
09

Fintech threatens credit unions: Moody’s

Moody’s says new digital banks such as Volt, which received an Australian-first banking licence this week, will threaten credit unions and building societies. Credit unions and building societies’ lack of tech leadership means they are under threat from a new wave of digital banks, according to ratings agency Moody’s. Volt, co-founded by a former chief executive of mortgages at UK giant Barclays, this week became the first fintech granted a banking licence – allowing it to raise deposits up to a maximum $2 million. Moody’s Investors Service vice president Frank Mirenzi on Tuesday said the big four banks – ANZ, Commonwealth Bank, National Australia Bank and Westpac – were already […]

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Jun
22

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 […]

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