NSW supports fintech startups with exchange opportunity
The NSW government is offering ten NSW financial technology (fintech) startups the chance to go on an intensive one week business development program in India from 24–29 June 2018. NSW Minister for Trade and Industry Niall Blair said the program was the first to be supported by a two-year $1.58 million partnership set up between NSW and India to enhance the State’s startup, technology and advanced manufacturing sectors. “This fantastic partnership was announced during the Premier’s recent trade mission to India and I’m delighted that we’ve made quick progress to get the first partnership program underway. “This is an outstanding opportunity for NSW entrepreneurs who are developing their ideas, who […]
Fintech predicts consumer behaviour change from Royal Commission
Sydney fintech company CashDeck is predicting that the Royal Commission will create a permanent shift in consumer behaviour and have redirected their strategy and development resources to assist firms deal with the change. The company has developed Credit Ready, the financial equivalent of a Fitbit Fitness Tracker to help users stay on top of their finances. Owen Joyce, Chief Commercial Officer at CashDeck, suggests that the Royal Commission will result in a more financially literate consumer. “The sector isn’t waiting for the end of the commission, change is happening already. Look at how quickly the banks responded to the Living Expenses spotlight” he said, referring to the updating of policies […]
Australia rolls out new AML/CTF laws for digital currency exchange providers
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced that digital currency exchange (DCE) providers would be required to meet Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) obligations, effective 3 April 2018. AUSTRAC is Australia’s financial intelligence agency with regulatory responsibility for AML/CTF. “A ‘policy principles’ period of six months will be in place from 3 April 2018. During that period, the AUSTRAC CEO can only take enforcement action if a DCE business fails to take ‘reasonable steps’ to comply,” AUSTRAC said. Under the new AML/CTF laws, DCE providers would be required to: Adopt and maintain and AML/CTF program to identify, mitigate and manage money laundering and terrorism financing […]
Coinspot receives approval to become Australian-based crypto exchange
CoinSpot has announced they have been successful in their application to be registered by AUSTRAC to provide exchange services for crypto.
Cryptocurrency owners must be aware of tax changes
Changes to Australia’s anti-money laundering rules have come into effect today, and will see cryptocurrency exchanges and transactions more susceptible to the scrutiny of the Australian Taxation Office (ATO), according to HLB Mann Judd’s Peter Bembrick. Bembrick, tax partner at HLB Mann Judd Sydney, said the rules would catch cryptocurrency owners by surprise, and ignorance is not a defence for failing to pay the appropriate tax. Bembrick said to avoid falling foul of the ATO, cryptocurrency owners should know that the ATO teats cryptocurrency as an asset for tax purposes, and, as such, the price in Australian dollars will change over time. There is also a taxable capital gain when […]
First Australian post-grad financial technology course
Swinburne has launched Australia’s first postgraduate course in financial technology (FinTech) in response to the explosion in demand for qualifications in emerging technologies such as blockchain and cryptocurrencies. The Graduate Certificate and the Master of Financial Technologies will be offered as of Semester 2 and are targeted to those already working in the financial services and technology industries. The Australian Graduate School of Entrepreneurship (AGSE) will deliver these courses. As with all AGSE Master degrees, substantial industry collaboration in course development and delivery will be important to the success of these FinTech offerings. Director of the Master of Financial Technologies (FinTech), Associate Professor Mark Pickering, says the courses will provide […]
Digital Currency market in Australia grows as trading on crypto-exchanges tops AU $3.9 Billion in 2017
Australia’s digital currency market is booming. This is according to a report by the Australian Digital Commerce Association (ADCA) and Accenture that tallied the numbers for 2017. During the year, over AU $3.9 billion was traded on cryptocurrency exchanges with more than 300,000 active traders. Unsurprisingly, Accenture / ADCA said the majority of traders were under the age of 40. Even more telling is the information that 40 percent of cryptocurrency customers are aged 18 to 29. The most popular digital currency was Bitcoin with AU$1.86 in volume followed by Ethereum with AU $712 million in trading. The research also revealed that crypto is creating jobs. Employment across the cryptocurrency […]
1 in 4 are financially stressed, but Australia just got Wisr
Wisr (formerly DirectMoney) launches new brand with new financial wellness focus. ASX-listed Wisr today launched a major rebrand of the personal lending company, following its official name change from DirectMoney. Wisr is Australia’s only ASX listed marketplace/p2p lender and is one of the very first to emerge in Australia. Now entering its fifth year, the company is going through a phase of rapid growth and expansion, and the new brand reflects the company’s repositioning into a technology-led, customer-focused company with a vision to “bring financial wellness to the world”. Research has shown that 1 in 4 Australians are financially stressed, and the number one cause is high interest debt (typically […]
