ASIC to offer blockchain guidance to businesses
This year businesses will move from talking about the potential of distributed ledger technology inspired by Bitcoin’s blockchain to actually implementing and trialling it, the Australian Securities and Investments Commission’s chairperson, Greg Medcraft, today told the organisation’s annual forum. As a consequence, ASIC is planning to shortly release an information sheet for businesses that are implementing and testing distributed ledger solutions, Medcraft said in remarks prepared for the forum. “The information sheet provides a framework to help industry and ASIC to assess whether using the solution would meet the relevant technology and risk management requirements,” the ASIC chairperson said. “This information sheet will be relevant for both existing licensees and […]
Qantas partners with Slingshot for its first startup accelerator program
Qantas will open its technology platforms, data and anonymised customer information to up to 10 start-up or scale-up businesses when it runs its first ‘accelerator’ from May. The Avro Accelerator, named after Qantas’ first aircraft, is a 12-week program designed to help the airline innovate across its business, including its offshoots in insurance and banking. Qantas’ partner in running the accelerator is Slingshot, a specialist in bringing corporate sponsors together with relevant start-up and scale-up businesses. Slingshot’s venture capital fund, whose investors include industry super fund Hostplus, will back each business selected for Avro with $50,000 upfront, with a further $100,000 for those still showing promise at the end of […]
DomaCom signs off on new crowdfunding deal
DomaCom has finalised its first venture into agricultural assets with a deal that gives 90 retail investors a stake in a property in Victoria’s prime Western District pastoral land. The 150-hectare property, ‘Doyles’, outside Casterton near the South Australian border, is in the heart of prime beef and sheep region. Prior to entering into a contract to purchase the property, the fund was successful in securing a strong local operator as the tenant. The tenant will use the property to run beef cattle. “The identification of good operators to work with in the leasing of the property was key to the transaction. We are striving to deliver a packaged opportunity […]
Super fund Spaceship accused of high risk and not enough returns
A start-up super fund that is aggressively targeting millennials via social media has investment advisers alarmed that it is more expensive than most super funds and is taking significant risk without promising higher returns. But Spaceship, which has the backing of venture capital and tech luminaries such as Atlassian co-founder Mike Cannon-Brookes, says strict rules mean it can’t gamble customers’ super, while the fees are a small price to pay for the superior returns that will come from investing in technology. The super fund says it expects to kick off with $100 million of funds under management from young Australians when it launches later this month, after “early adopters” moved […]
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 […]
