Australia pushes ISO for blockchain standards
Australia’s peak standard-setting body, Standards Australia, is calling on the International Standards Organisation to begin work on global standards for blockchain. The organisation has asked the Geneva-based ISO to begin working on standards for blockchain, the technology behind digital currency bitcoin, offering the assistance of Australian expertise. The ASX has recently taken a stake in New York-based Digital Asset Holdings, which is working on the potential to use its blockchain technology to help replace its CHESS sharemarket clearing system, while the Australian banks are also reviewing the potential uses of the distributed ledger technology. “We have had sufficient stakeholder support to put this proposal to the ISO,” Standards Australia’s acting […]
Resisting Fintech disruption amounts to a loss of $13 billion in aggregated revenues
Sydney, Australia, 4 April 2016 – The Australian Banking sector is heavily regulated to prevent monopolies and collapses, and is guided by the Four Pillars Policy of the Australian Government which maintains the viability and separation of the “Big Four” banks: Commonwealth Bank of Australia (CBA), Westpac Banking Corporation (WBC), National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ). Following the global financial crisis, in 2008, for reasons motivated by stability rather than customer satisfaction, consumers flocked to the ‘Big Four’ who benefited by recovering market share previously lost to the smaller financial institutions. While the Big Four are more dominant than ever, future bank profitability is more […]
