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 […]
Shadow banks swoop as five lenders quit sub-prime home loans
Digital home-loan lender Tic:Toc is launching into the sub-prime mortgage market targeting small business owners as five other lenders quit the sector claiming “industry changes”. Tic:Toc’s move follows stakes being taken in the online lender by Genworth Mortgage Insurance Australia and La Trobe Financial, which is part of the US investment giant Blackstone Group. Other major lenders, including Commonwealth Bank of Australia and Bank of Queensland, pulled out of the sector to be replaced by regulation-lite shadow banks, including Pepper Money and Resimac. Adelaide Bank, Perth-based Bluebay Home Loans and Resolve Finance’s mortgage division are also quitting the sub-prime sector blaming changing marketing and funding conditions. The move comes amid […]
Swinburne launches global Blockchain Centre of Excellence
Swinburne University of Technology has launched a new global Blockchain Centre of Excellence in partnership with Capgemini, a world leader in consulting, technology services and digital transformation. The Centre of Excellence was launched in the heart of San Francisco at Capgemini’s Applied Innovation Exchange. The event was attended by stakeholders from the local innovation ecosystem, from leading financial institutions to global corporations, local startups and venture capital firms, all interested in applying and leveraging blockchain technology. Blockchain technology uses the power of a distributed ledger to allow data and transactions to be verified accurately and efficiently. The centre will focus on advancing blockchain technologies, platforms, assets and systems to develop […]
ANZ Bank buys into online mortgage broker Lendi
ANZ Banking Group has taken a strategic stake in online home loans platform Lendi. Street Talk understands ANZ paid close to $40 million for a minority stake, to become Lendi’s second largest strategic shareholder behind fellow Australian financial services giant Macquarie Group. Importantly for Lendi, which has 37 banks and lenders on its open home loans platform, the business will continue to be run independently and at arms length to its strategic investors. ANZ will not be given a board seat, as consistent with Lendi’s treatment of Macquarie and other strategic investors including Pepper. It is understood ANZ agreed to write the cheque after spending much of last year talking […]
DiviPay launches Australia’s first virtual corporate expense card
DiviPay, an Australian fintech start-up, has launched a virtual corporate expense card and expense management platform.
ASX says shock departure of blockchain guru won’t affect its rollout
The Australian Securities Exchange (ASX) said its plans to switch over to blockchain technology are on track despite the surprise departure of high profile chief executive Blythe Masters from its tech partner Digital Asset Holdings (DA). Ms Masters, the high-flying JPMorgan Chase executive who was part of the team credited with the creation of credit default swaps (CDS), has played a crucial role introducing the blockchain startup’s technology to the financial sector. Digital Asset said Ms Masters had stepped down for personal reasons but added she will remain involved with the company. DA chairman AG Gangadhar will act as interim CEO until a replacement is found. “Working as part of […]
ATO eyes cryptocurrency activity in annual tax returns
The Tax Office has restated warnings to Australians trading cryptocurrency to declare profits in their annual returns, amid an increase in questions about reporting requirements. Bitcoin and other cryptocurrencies are considered property, not currency, for tax purposes in Australia, making them liable for capital gains tax when sold for a profit after July 2017. If the cryptocurrency is held by an Australian resident taxpayer for more than 12 months before being sold or used, the taxpayer may be eligible for the 50 per cent capital gains tax discount, making them a cryptocurrency “investor”. Exemptions for personal use apply, including to assets worth less than $10,000, which are maintained for personal […]
How businesses will pivot AI strategies to align with human-centric goals
Trends like Digital Transformation, Internet of Things, Blockchain and Artificial Intelligence have beset the tech and finance industries for some time now. But what was now yesterday’s buzzwords will be tomorrow’s reality. The question is, how will these buzzwords evolve into real solutions in 2019? Jayajyoti (JJ) Sengupta, Head of APAC, Cognizant shared his thoughts on the above topics and how they will change in 2019. 1. Businesses will pivot AI strategies to align with human-centric goals: The majority (92%) of executives see AI playing an important role in their business within the next three years, according to a recent Cognizant study. But in 2019, the implementation of AI will […]
