KWM backs calls for blockchain standards
A King & Wood Mallesons partner has supported the findings of Standards Australia’s Roadmap for Blockchain Standards Report, which aims to guide this rapidly developing technology. The report was released late last week as part of a larger initiative led by Standards Australia to develop international blockchain standards. KWM partner Scott Farrell, who sits on the federal government’s FinTech Advisory Group, said the report is an important step in establishing Australia as a leader in the blockchain space. He noted that its recommendations would position Australia to capitalise on blockchain, improving industry, consumer and market confidence in the technology. “Australia is emerging as one of the global leaders in blockchain […]
Brokers want ASX blockchain to do more
Stockbrokers have told the Australian Securities Exchange that to justify the costs of moving to a new technology to replace CHESS, a broad range of “system enhancements” should be added to the project, including eliminating paper processes that manage corporate actions and the transfer of securities. The ASX published on Monday its response to months of market consultation on the replacement of the CHESS equities settlement and clearing system, amid reports some stakeholders are unhappy with the process. ASX is considering replacing CHESS with a private blockchain it is developing with New York start-up Digital Asset Holdings, in which ASX has invested $US17.4 million for a 8.5 per cent stake. […]
Touchcorp, Afterpay merger worth $500m
Melbourne-based fintech start-up Afterpay has announced a proposed merger with Touchcorp, in a deal set to create a new ASX-listed software and payments firm valued at $500 million. Afterpay MD Nick Molnar said the two companies had been working together, and the proposed merger would help the combined entity rapidly scale into new markets and grow faster than otherwise possible. Founded in 2014, Afterpay is a retail payments outfit that facilitates commerce between retail merchants and end customers, offering a “buy now, receive now, pay later” service that does not require end customers to enter into traditional loan arrangements or pay upfront fees to the group. It landed on the […]
Private equity rises to IBM’s blockchain cloud
Global fund administrator Northern Trust plans to seek approval from the Australian Securities and Investments Commission for a blockchain that promises to reduce administration costs for private equity funds and their investors. Chicago-based Northern Trust said on Wednesday it and technology giant IBM had created the first blockchain for the private equity market. The synchronised database will overhaul traditionally spreadsheet-based processes used by PE investors, managers, administrators, regulators, advisors and auditors that require extensive reconciliation. While various pilots and proofs of concept of blockchain are being tested across the global financial system, this project is significant because the distributed ledger, hosted in the IBM Cloud, is already live. It is […]
ASX targets ‘late 2017’ for blockchain decision
Ongoing negotiations with market participants about a potential blockchain replacement for the CHESS settlement system are likely to bear fruit later this year, says the ASX. Speaking at an ASX half-year result analyst briefing, chief executive Dominic Stevens said there is a high level of engagement in the post-trade sector about the proposed CHESS replacement. The ASX has an 8.5 per cent stake in US-based Digital Asset Holdings, which is working on developing a replacement for CHESS based on distributed ledger technology (DLT), also known as the ‘blockchain’. Mr Stevens said there has been a lot of engagement at the business committee level and the consultation process has seen a […]
Temenos announces proposal to acquire Rubik
Temenos (SIX: TEMN), the software specialist for banking and finance, today confirms that it has entered into a binding Scheme Implementation Deed to acquire Rubik Financial Limited (‘Rubik’), a leading software provider to the Financial Services sector in Australia, via a Scheme of Arrangement (“Scheme”). Founded in 2007, Rubik is a leading Australia–based, Australian Securities Exchange listed financial software company providing banking, wealth management and mortgage broking solutions, primarily in Australia, and also internationally across Asia and the Middle East. Rubik has more than 150 employees servicing 930 direct clients and 23,000 end-users in 12 countries. Temenos has a longstanding partnership with Rubik which dates back nearly 10 years. Rubik […]
New Fintech startup Nifty going head on with the big players
From time to time, most people experience a short-term cash flow problem. Often, time is of the essence. Online short-term lender Nifty Personal Loans launched in late 2016. Consumers are tired of long wait times, endless paperwork, exorbitant interest rates, untrustworthy pawn broking shops and sub par customer service. Nifty have developed a custom built bespoke lending platform that delivers a fast and stress free consumer finance product whilst at the same time adhering to their customers needs and responsible lending obligations. To apply for a short-term loan, applicants need to meet some basic criteria. They must be over the age of 18. They must receive a regular and consistent […]
Blockchain and others will transform financial advice
The potential for distributed ledger and associated technologies has fundamental, long-term ramifications for financial planning businesses. Planners need to be across these innovations now so that when commercial solutions that use these technologies hit the market, their businesses are ready to embrace them. Distributed ledger technology is a way of recording information that makes it easy to verify. Blockchain, which is the system that records how the virtual currency Bitcoin is stored, is one application of this technology. Shortened Australian Securities Exchange (ASX) transaction settlement times will likely be the first real change to the market from Blockchain. Last year, the ASX invested $14.9 million to acquire 5 per cent […]
