Know whether your bank is giving you a good home loan deal with uno’s loanScore
Australian fintech uno Home Loans is empowering customers to take back control with the launch of loanScore.
Bitcoin is safe, sustainable and here to stay
“Tulips”, “Ponzi scheme”, “fraud”, “only used by criminals and drug dealers’” have been some of the descriptions of Bitcoin in the past few weeks. Whether or not “fake news” is driving the price, the mystique of Bitcoin is enhanced by the fact that its “true” value cannot be determined using traditional financial analytical techniques. That mystique, however, does not justify the gulf between the bad press and what the facts show. For instance, former ASX boss Elmer Funke Kupper’s imputation that Bitcoin is “trade in drugs and other illegal products” drew instant scorn from Marco Santori, a regulatory expert and adviser to the International Monetary Fund at Cooley, a New York law firm. […]
Australia’s Alternative Finance Future goes from strength to strength
Australia is emerging as a regional leader in the $300bn global Alt-Fi market. Alternative finance (or Alt-Fi) is a catch-all phrase used to describe emerging, digital financial services models such as peer-to-peer and marketplace lending (business and consumer finance), crowdfunding and invoice lending. However, for Australia to stay ahead greater consumer and business awareness is needed as well as policy and regulatory settings that continue to evolve with the development of this nascent sector. Globally this market is expanding quickly, up 100 percent year-on-year, with China the dominant world market (in terms of absolute volume), accounting for 85 percent of the total market. A staggering US$243.28 billion was raised through […]
Some investors see bitcoin better than gold: Morgan Stanley
Bitcoin’s meteoric rise is leading some investors to argue that bitcoin is a better hedge against inflation and turmoil than gold, according to Morgan Stanley. Tom Price, a London-based equity strategist, said he’s been fielding more cryptocurrency questions after prices recently soared past $US4,000 ($5046) a bitcoin, a fivefold increase from November 2016. Both bitcoin and gold offer similar benefits as a store of value, such as being fungible, durable, portable, divisible and scarce, but it’s too soon to call bitcoin a superior investment, he says. “Over millenia, gold has demonstrated its ability to endure and preserve value under all circumstances,” Price said in an Aug. 14 report. “By contrast, […]
Ahmed Fahour joins BCG Digital Ventures to stay in identity game
Ahmed Fahour, who has joined BCG Digital Ventures as non-executive chairman for Asia, said the future of e-commerce will rely on trusted digital identity and his new role advising the global venture capitalist, part of Boston Consulting Group, will place him at the forefront of blockchain being rolled into some of the world’s largest companies. After leaving Australia Post as its CEO on Friday, Mr Fahour has re-emerged at BCG, where he worked for 13 years before embarking on a banking career; the new role would take up a couple of days a month, he said, as he “works on the organisation, not in it”. BCG Digital Ventures worked with […]
ATO recognises fintech start-up Gobbill as Early Stage Innovation Company
The Australian Taxation Office has ruled that technology start-up company Gobbill satisfies the requirements to be an Early Stage Innovation Company (ESIC). Gobbill is a new digital service to automate and centralise all bill payments, giving users a streamlined solution offering greater security and increased control of their finances. The start-up is sponsored by Microsoft’s BizSpark program and is also a partner of Stay Safe Online, a Commonwealth initiative to protect Australians from cyber related crimes. New users can sign up for a free account at gobbill.com.au The ATO ruling states, “Gobbill’s email bill innovation is the first holistic product that provides end-to-end processing using a digital service platform that […]
How ASIC and the Australian government can kindle the fintech boom
Australia is beginning to enjoy the benefits of a fintech boom, but for this emerging industry to grow properly it needs infrastructure support. Without it, we’re at risk of seeing Aussie fintechs left behind as overseas players dominate the Australian and Asian landscape. There have been some welcome initiatives recently, like ASIC introducing a regulatory sandbox for start-ups to trial new ideas. But compared to other governments around the world, Australia doesn’t have the political support to turn this industry into a powerhouse. That’s a huge missed opportunity. Research from Frost & Sullivan predicts the Australian fintech market will add $1 billion in value by 2020. Missing out on this […]
XERO CEO: London’s fintech scene is ‘world class’ and will stay that way post-Brexit
The CEO of £1.4 billion accountancy software giant Xero says London is a world leader in fintech — financial technology — and will remain that way post-Brexit. Rod Drury, founder and CEO of Xero, told Business Insider during a recent interview in London: “We love the fintech innovation happening in London, it’s absolutely world-class. When you see the apps that are being built here, they will go global. We’re really impressed by the quality of the finch thinking that goes on here.” London has become a European hub for financial technology — fintech — companies since the 2008 financial crisis. London boasts both a global finance hub in the City […]
