Equity crowdfunding plugs the bank gap for Revvies Energy Strips
Revvies Energy Strips is one of the first cabs off the rank to try the new equity crowdfunding rules. The rules allow public companies – which are not necessarily listed companies, although they can be – to raise money. Equity crowdfunding also allows many small investors to take an interest in an early stage investment. John Nolan-Neylan is the co-founder and managing director of Revvies Energy Strips. He decided to raise funds for his business, which has developed caffeine strips athletes use to enhance their performance, to cement relationships with customers. “It’s a way to get them involved in the brand and they get a piece of the pie and, […]
What a blockchain-powered ASX should mean
The ASX decision to replace CHESS with a blockchain solution will benefit investors as long as all parties are granted fair access, writes Sharesight’s Doug Morris. On 7 December 2017, the ASX announced it will be replacing its settlement system, known as CHESS, with a “blockchain-inspired technology.” Those of us investment nerds with an interest in financial plumbing have been keeping a close eye on this for years. I think this is a smart business move aimed at reducing operating costs and hopefully a step towards more efficient markets. In fact, CHESS was one of the world’s first electronic settlement systems, and the ASX has long been recognised as a […]
ATO creates specialist task force to tackle cryptocurrency tax evasion
The Australian Taxation Office is putting together a taskforce of tax experts, lawyers, technology specialists, bankers and financial advisers to help it identify and track cryptocurrency transactions to ensure all taxes are being paid. A top team of industry specialists will work with the tax officials to work out strategies for “following the money” involving transactions using the digital “distributed” ledgers that have no central data storage, which make it difficult to trace and track. The ATO is also believed to be also working closely with banks, Austrac, state revenue offices, which collect revenues, particularly for property transactions, and officials involved with the Black Economy Taskforce, which has been identifying […]
Local FinTech Jacaranda Finance commits to providing positive credit reporting data
Following the Australian Government’s announcement of the introduction of comprehensive credit reporting (CCR), many lenders and other financial institutions are following suit with the aim of creating a more accommodating platform for consumers. This platform will allow for consumers to get a better deal from lenders based on a more accurate representation of their own financial circumstances. The foundation of financial lending is built on the concept of helping those in need. However, it is common practice for lenders to enforce a different criteria for consumers with bad credit, as a negative history may lead lenders to question the reliability of the client. In line with responsible lending obligations, […]
Putting the service back into ‘Financial Services’
Founded in 1998, well before Fintech had emerged as a moniker for disruptors in the finance industry, OFX (formerly OzForex) has been at the forefront of international money transfer services for nearly 20 years. From humble beginnings in a garage in Dee Why, the company has grown from an information only facility, providing up to the minute insights to the best available foreign exchange rates, to a global organisation, handling over $100B in transactions. Fuelled by a desire to ‘give Australians a fair go’ when it came to foreign exchange, the Company has consistently stuck to its ‘fair go’ and ‘great service’ roots. Developing partnership networks with a panel of […]
CanYa raised $3.7 million with 28 Days to go for their ICO
CanYaCoins have been on a much anticipated countdown, with both the cryptocurrency enthusiasts and the cryptocurrency confused watching closely. The Australian startup raised AUD$1.8 million (3660 ETH) in their pre-sale and has just launched their ICO. The initial coin offering went live on the 26th of November at 8.30 pm (AEDT/GMT+11), and all reports say it launched with a bang. The CanYa team have revealed they have raised over $3.7 million in total and with the recent launch of their ICO. With 28 days for contributions to continue, they hope to use them to grow their community and platform. ICOs have been extremely hot in the market, offering […]
Collaboration with industry and regulators key to enhancing RegTech innovation
Industry delegates gathered at a high-level event in Singapore on the 16th of November, calling for financial institutions and regulators to work more collaboratively with start-ups to enhance RegTech innovation across the region. Hosted by Deloitte, Austrade and The RegTech Association, the event was held as part of Singapore’s inaugural FinTech Festival, and was attended by the Australian High Commissioner, the Hon. Bruce Gosper. At the event, industry influencers, government officials, tech start-ups and entrepreneurs came together to discuss strategies for driving cross-industry and cross-border collaboration, and opportunities to safeguard against financial crime with RegTech solutions. Julian Fenwick, Chair of The RegTech Association and Managing Director of GRC Solutions, a […]
Equity crowd-funding’s Australian launch opens doors to small investors
YOU no longer need to be wealthy to buy into innovative business start-ups, thanks to a new type of investing set to launch early in 2018. Investors seeking to own a slice of start-up small businesses will soon be able to dive in. Equity crowdfunding – which will turn everyday Aussies into venture capitalists and angel investors – has been given the green light by the Federal Government and is likely to start matching investors and businesses early next year. Equity crowdfunding started globally in 2011 and start-up businesses have raised more than $3 billion using its platforms in countries including the US, Britain and New Zealand. Australian group OnMarket […]
