Hot fintech app Revolut stops issuing new cards as it changes licences
Revolut, the fast-growing international money exchange service, has stopped opening new accounts temporarily as it changes licences. Founder and CEO Nikolay Storonsky told Business Insider: “At the moment, we don’t send new cards. We’re putting people on the waiting list.” Two sources told Business Insider that the freeze is down to a disagreement with partner Paysafe, a company that issues cards and processes payments on behalf of Paysafe. The sources say Paysafe, formerly known as Optimal Payments, told Revolut to stop issuing new cards after discovering that many cards were being issued outside of Europe. Last week it emerged that Revolut had stopped operating all of its cards outside of […]
Coinbase fights IRS efforts to obtain customer records
The largest Bitcoin exchange in the US is resisting the Internal Revenue Service’s efforts to obtain records on customers who traded in the virtual currency over a three-year period. The IRS on Friday filed a request in San Francisco federal court for a so-called “John Doe” summons to compel Bitcoin exchange Coinbase to identify all users in the US who conducted transactions between 2012 and 2015. The “John Doe” summons allows the IRS to obtain information about a group of taxpayers, even when the agency doesn’t know their identities. Bitcoin, which made a name for itself by allowing for anonymous transactions, has gone through its fair share of ups and […]
Central banks look to the future of money with blockchain technology trial
At last week’s fintech festival in Singapore, two announcements illustrate the speed at which the world of digital currencies is moving and how the future of money is set to be reshaped by the forces of technology. First, the Monetary Authority of Singapore – which organised the event attended by 11,000 delegates from 50 countries – said it would trial its own digital currency for interbank payments using blockchain technology. Second, consulting firm PwC unveiled a new platform, called Vulcan Digital Asset Services, to provide banks and governments with confidence to explore cryptocurrencies after they were sent scurrying from bitcoin when it became apparent it was funding part of the […]
Singapore tests blockchain digital currency system for banks
Singapore will launch a new electronic payment system using blockchain, the technology behind the cryptocurrency Bitcoin, the city-state’s central bank chief said Wednesday. The Singapore stock exchange and eight banks will take part in the pilot project, which includes payment between banks, said Monetary Authority of Singapore (MAS) chief executive Ravi Menon at the Singapore Fintech Festival. Blockchain technology debuted in 2009 as a public ledger for the digital currency bitcoin, but its potential for securely tracking transactions has meant it is being eyed for other uses. The pilot project aims to integrate the service into the mainstream as the Southeast Asian country seeks to become a regional hub for […]
Here’s why India’s fintech sector could boom
India’s prime minister, Narendra Modi, announced on Tuesday that existing R500 ($9.93) and R1,000 ($19.86) banknotes would no longer be legal tender from November 9, with airports, railway stations, and hospitals only accepting them until November 11. The government made the surprise move in a bid to combat “black money,” or currency that is unaccounted for, and counterfeit currency. Consumers have until December 30 to exchange their R500 notes for new editions with enhanced security features, while limited numbers of new R2,000 ($39.70) notes have been issued. A replacement R1,000 note will be introduced in “due course,” according to a government official. Here’s how the government’s move could benefit the […]
DASH integrates with Living Room of Satoshi bill pay service
Dash, the “better bitcoin,” has been integrated into one of Australia’s most promising cryptocurrency companies, Living Room of Satoshi, a business that has already revolutionized the way people pay their bills online. Founded only two years ago, Living Room of Satoshi was named 2015 Australian Startup of the Year award by StartupSmart for the innovative way the company allows Australians to pay their everyday bills with cryptocurrency, including rent, utilities, insurance bills, phone bills, speeding fines, credit card debt, and government tax bills. The service is linked to BPAY, an online bill payment mechanism accepted by over 45,000 companies across Australia. Today, Dash joined Bitcoin as the only alternative currency […]
EY FinTech Australia Census 2016
FinTech Australia and EY Sweeney release the most comprehensive analysis of Australia’s fintech ecosystem to date, the EY FinTech Australia Census 2016 FinTech Australia and EY Sweeney are today releasing the inaugural EY FinTech Australia Census 2016, the most comprehensive and detailed report on the Australian fintech industry to date. The research was formally launched in Melbourne today by EY’s Anita Kimber at FinTech Australia’s national summit, Collab/Collide 2016 in partnership with LaunchVic. This significant piece of research was commissioned by FinTech Australia as part of their efforts to foster a thriving fintech ecosystem in Australia. The report identifies important characteristics of the Australian fintech industry, and establishes a set […]
Five steps to get started with blockchain
Since its first implementation in 2009, we have seen Bitcoin adoption spread across different countries and become a serious competitor to traditional financial transactions methods, creating new business opportunities for both corporations and governments. As a tech savvy country and one of the earlier adopters of bitcoin and other e-currencies, Australia has seen considerable interest in blockchain technology that underpins bitcoin and other crypto-currencies. Just in the past few months, we have seen an Australian start-up claiming to have created the first local blockchain, and Australia Post has begun looking into the use of blockchain technology in the areas of identity, registries and e-voting. And a few days ago, Commonwealth […]
