ASX beaten to the blockchain punch by UK group Calastone
The ASX’s distributed ledger for clearing the equities market will no longer be the first time local fund managers rely on a blockchain to process their trades, after British-based Calastone revealed it will switch on its own distributed ledger technology (DLT) in May. Calastone, whose systems automate 80 per cent of Australian institutional fund flows, will beat the ASX by two years to powering on a system promising unquantified cost savings for global investors. ASX is due to belatedly switch on its blockchain, which will replace CHESS, in March or April 2021. Calastone’s software, which manages back-office processes, is used by 95 per cent of Australia’s managed fund platforms and […]
Macquarie Group invests in market-changing technology firm Quantexa to accelerate the future of AI-enabled decisioning technology
Quantexa, the data analytics firm, has announced a strategic investment and partnership from Macquarie Group to provide actionable customer intelligence. The strategic partnership will help Quantexa accelerate the growth of its AI-enabled network analytics technology which provides enterprise-wide solutions serving multiple use cases including fraud detection, money laundering prevention, credit risk decisioning and customer insights. The investment follows a Series B funding raise in July in which Quantexa raised $20 million from HSBC, Albion Capital and Dawn Ventures. “We are delighted to have Macquarie become part of the Quantexa journey,” said Vishal Marria, Chief Executive Officer of Quantexa. “Macquarie’s expertise and appetite for innovation will help us to continue to […]
Identitii joins BIAN to help banks digitise information exchange using Blockchain
Australian Fintech enabling the secure overlay of transaction-level detail on top of financial messages using a private blockchain, has joined BIAN.
Telstra and CBA partner on 5G banking trials
The Commonwealth Bank of Australia is kicking off trials of 5G banking and edge computing thanks to a partnership with Telstra and Ericsson announced at Mobile World Congress (MWC) 2019. Under the collaboration, Telstra, CBA, and Ericsson will test “end-to-end banking solutions over 5G” during the next few months, the companies told media on Sunday in Barcelona. Speaking with ZDNet, Ericsson ANZ head Emilio Romeo said some of the 5G use cases that the trial will look at include exploring different network architectures such as network slicing, dynamic orchestration, and control use plane separation. Network slices on demand would be particularly useful for enabling enterprise customers such as banks to […]
FinTech opportunities to come from Australia’s Royal Commission
Australia is currently holding a Royal Commission into the banking sector and it’s fair to say that what has been uncovered so far has rocked both the public, the industry and policy makers alike. The Royal Commission has uncovered a culture of big business not acting in the best interests of their customers, which appears to especially be the case for large institutions. For example, AMP one of Australia’s largest financial institutions, deliberately mislead the regulator on several occasions and the Commonwealth Bank of Australia has had several issues including criminal offences and has paid more than 700 million dollars fine to the regulator over a number of breaches over […]
New York fintech startup trueDigital’s new CEO to bring cross-border payments to Australia
trueDigital Holdings, LLC, a global provider of financial infrastructure technologies and products for the digital economy, announced today it has appointed former Bridgewater Associates executive Thomas Kim as its Chief Executive Officer and a Member of its Board of Directors. Kim brings an extensive track record of trading technology leadership at multiple major financial institutions and software providers to his role at trueDigital. He joins the company following seven years with Bridgewater Associates, where he most recently served as Chief Operating Officer of the Investment Engine Group. Earlier in his career he held positions as Managing Director at Lehman Brothers, responsible for the Townsend Analytics Electronic Trading franchise, and held […]
Lakeba Group CEO Giuseppe Porcelli appointed as Chief Strategy Officer for Mobecom Ltd
Lakeba Group CEO and Founder Giuseppe Porcelli has been appointed by Mobecom Limited (ASX:MBM) as Chief Strategy Officer with immediate effect from 1 February 2019. He will join the Mobecom executive team and be introduced to shareholders in upcoming future meetings. The appointment is a natural evolution of the partnership between Mobecom and Lakeba. Earlier in 2018 Mobecom announced Lakeba as their blockchain developer partner to build the cryptocurrency solution, AirCrypto for airBux, their customer loyalty platform. Following that, at the end of 2018 Lakeba’s Paid By Coins venture was acquired by Mobecom just six months after the business had launched. Giuseppe Porcelli’s appointment comes as part of a wider strategic review Mobecom […]
Prospa contributes $3.65 billion to Australian GDP
Prospa, Australia’s number one online lender to small business, today revealed new research into the economic impact of its lending to small business in Australia. Prospa undertook the economic impact assessment in partnership with RFi Group and the Centre for International Economics (CIE). The project considered the value of funds lent by Prospa over the period 2013 – 2018 and assessed how funds have benefited Prospa’s customers through increases in revenue and employment and the flow-on effects of these funds to the wider economy. The results of the research showed: For every $1m in lending by Prospa there is a corresponding $4m increase in GDP Since 2013, Prospa has contributed […]
