Aussie Bitcoin exchanges now need to register with the govt
Operators of Australian exchanges for Bitcoin and other digital currencies will now need to register with the country’s anti-money laundering agency after new legislation passed through parliament. AUSTRAC has been given the authority to monitor local cryptocurrency exchanges through the new Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017. The bill was introduced in August to combat the threat of serious financial crime, in the wake of revelations about the Commonwealth Bank’s breaches of money laundering laws. It was also spurred on by global watchdog Financial Action Task Force (FATF) findings of significant deficiencies in Australia’s anti-money laundering framework two years prior. The new law, which passed through the senate yesterday, for […]
Australia’s stock exchange is moving to a blockchain style system for trade settlements
Australia’s equity market the ASX has decided to replace its CHESS system to record changes in shareholding with distributed ledger technology found in blockchain. The global equities exchange community has been watching the ASX as it develops and tests a system to cut the cost of transactions, and make them faster and more secure. Blockchain uses computers with advanced encryption to keep track of transactions, giving confidence to both buyers and sellers. Transactions of the cryptocurrency Bitcoin are tracked used blockchain. Dominic Stevens, the ASX managing director and CEO, says the exchange has been carefully examining distributed ledger technology for almost two-and-a-half years. “We believe that using DLT (distributed ledger […]
Blockchain will change finance forever
Blockchain is the technology behind the phenomenon that is bitcoin – and it may end up changing how the finance industry operates forever. From payment processing that bypasses the banking system to cryptocurrencies launched by central banks, its impact could be significant. However, this technological disruption is unlikely to happen overnight, as regulators will want to keep tight reins on the global financial system – but what could we have in store? A blockchain enables any type of encrypted data – from electronic money to medical records – to be shared between members of a closed network. A blockchain enables any type of encrypted data – from electronic money to […]
FinTech will change more in the next 5 years than the last 30, says PayPal CEO
PayPal’s CEO has said that the financial technology (fintech) sector is going to change more in the next five years than it has done in the last 30. Speaking with CNBC’s Mad Money host Jim Cramer, Dan Schulman, CEO of PayPal, said that millennials are changing the shape of many industries, in particular the finance sector. He said: You have to, to serve these markets, re-imagine how money can be managed and moved because there’s going to be more change in the next five years in financial services than happened in the past 30. According to Schulman, the millennial generation, those under the age of 30, think about everyday processes […]
Treasurer rules out further super changes
Future reforms to superannuation appear to be off the table, as the Treasurer sets his eyes on the fintech scene. Speaking at the FSC BT Political Series, Treasurer Scott Morrison said revisiting changes to superannuation was not the way he preferred to “do business”. “I hope people will pick up one thing from the way I like to do business,” said Mr Morrison. “Once I go into a particular area and seek to make change, I seek to do it once and for all. I tend not to go and revisit it. “We made some major changes to superannuation, I’ve made some major changes in previous portfolios on pensions, made […]
Moneysoft launches Round-ups, allowing people to invest spare change into their super and investment funds
Superannuation and investment funds have a new way to boost the engagement of their members and clients with the launch of Moneysoft’s latest digital solution, Round-ups. Round-ups lets people make small, regular contributions to their investment or superannuation account by automatically investing the spare change from their everyday transactions. Whether offered as a stand-alone application or integrated with existing digital platforms, Round-ups is highly customisable for each institution’s individual needs and brand. It’s a turn-key solution that uses enterprise-grade technology and is designed for an optimal mobile experience on smartphones and tablets. “Round-ups is available to superannuation funds, and investment platforms, to help them grow customer engagement and encourage wealth […]
Consumers and businesses win in private company equity crowdfunding bill changes
FinTech Australia has welcomed significant changes to draft legislation allowing private companies to crowdfund equity, which will ensure investors are protected while at the same time delivering reduced costs and red tape for companies. The draft crowdfunding legislation was introduced into the Australian Parliament today. The legislation is expected to provide a new fund-raising tool accessible by hundreds of thousands of Australian businesses, who will be able to crowdsource up to $5 million a year from retail investors, capped at $10,000 per retail investor, in return for equity in their company. “We’re pleased to see the recent rapid progress in the development of this draft legislation, and in particular the […]
Eight of 10 Australians don’t get financial advice. Is technology the answer?
About eight in 10 adult Australians are not receiving financial advice, even though many would benefit. Despite surveys showing how stressed many of us are about money, it’s a figure that hasn’t changed over the past 25 years. Many people are put off by the cost of face-to-face advice, they’re concerned that products would be pushed or they perceive a lack of independence within some parts of the financial planning industry. Sometimes people find some advisers are not very interested in talking to clients who don’t have substantial wealth to invest. Those behind “robo-advisers”, which provide automated advice, say technology can reduce the advice gap by making the advice cheap. […]
