digi.cash launches digital Australian dollar
digi.cash, a spin-off company of the Capital Markets CRC, today officially launched the digital Australian dollar. The electronic version of the currency is digitally ‘minted’ as electronically signed coins and banknotes. These can be held on smartphones, computers or storage media. Just like cash, online users can transfer coins and notes between each other via free, instant transactions. The encryption technology used means that the electronic banknotes can securely circulate over public communication networks, without the risk of theft or counterfeiting. Digi.cash founder Andreas Furche, along with Chairman David Skellern and Director Peter Clare, said the launch represented a fulcrum moment for Australian FinTech. “Unlike other digital money products, digi.cash […]
Kerry Agiasotis of WUBS: Win-win when rivals turn partners
One of the world’s largest non-bank providers of international business payment solutions says aspiring fintech companies should seek to pursue partnerships with their big company rivals rather than fighting them if they want their ideas to reach their full potential. The chief executive of Western Union Business Solutions, the dedicated business payments unit of the New York Stock Exchange-listed Western Union Company, said the firm was increasingly looking to partner with fintechs and other start-ups. WUBS is primary spot foreign currency trading provider to 20 per cent of the SME market in Australia and secondary provider to another 20 per cent, including the big four banks. It has more than […]
Australia among first to introduce bitcoin regulations
Australia will be one of the first countries to impose regulations for bitcoin and other cryptocurrencies under anti-money laundering and counter-terrorism laws. Australia’s financial intelligence agency, AUSTRAC, is co-hosting a counter-terrorism financing summit with in Bali and, ahead of this, has highlighted that ecurrency such as bitcoin enables terrorists to transfer money anonymously. Justice Minister Michael Keenan said: “The report recommends strengthening an already robust legal framework to respond to new and emerging threats.” “The government is committed to facilitating growth and innovation in this sector and appropriate anti-money laundering and counter-terrorism financing regulation will aid that development.” The AUSTRAC report, Terrorism Financing in Australia 2014, said: “Terrorist groups engaged […]
Fintech luring more bank customers, says UBS
More Australians will turn to start-ups for financial services in the next year, according to a UBS report, which shows incumbent banks are complacent about the threat of disruption but are also seeking to partner with fintech firms to help them cut costs and improve customer experiences. UBS banking analysts surveyed 27,914 customers of more than 210 banks in 24 countries, along with 61 management teams from banks around the world. Local UBS banking analyst Jonathan Mott along with analysts in London, New York and Tokyo contributed to the global report, titled Global banks: Is fintech a threat or an opportunity? UBS suggests the answer to the question is “Both”. […]
Coinbase expands to Australia
We are excited to announce that Coinbase has expanded its services to Australia. Customers in Australia can now buy bitcoin and ether using their credit and debit cards. We’re focused on creating an open financial system for the world, allowing people to easily buy and sell digital currencies anywhere in the world. Along with this launch in Australia, we are also making the ETH/BTC trading pair available on our professional trading platform GDAX to customers in Australia. To get started, visit the “Trade” page on Coinbase.com or tap on “Buy” or “Sell” options in our iOS or Android apps to add a credit or debit card and buy digital currency. […]
Brexit provides lessons for Australia’s FinTech start-ups
[ Extract ] Lessons for Australia Australia’s FinTech scene, scarcely acknowledged eighteen months ago, has developing rapidly and now commands the attention of policymakers, banking executives and the financial media here alike. We have a highly advanced financial services sector, one that is acknowledged globally as mature, skilful and well regulated. It contributes around AU$140 billion to GDP each year and employs some 450,000 people. We have the fourth largest pool of investment funds in the world, anchored by the AU$2 trillion-plus in our nation’s superannuation funds. That a viable FinTech ecosystem has developed Down Under should therefore come as no surprise. Australian start-ups span the FinTech spectrum across peer-to-peer […]
ThinkForex rebrands to ThinkMarkets and launches ThinkTrader
ThinkForex, the leading provider of financial derivatives trading, has rebranded to ThinkMarkets and has launched ThinkTrader, its own multi-asset trading platform. With several thousand clients around the world – the new brand represents ThinkMarket’s ambition to become the world’s largest provider of foreign exchange, contracts for difference and spread bets. Essential to this development is maintaining ThinkMarket’s core values of offering its clients sophisticated but simple to use trading mechanisms, supported by high quality educational material and advanced analysis. The launch of ThinkTrader is integral to this progress. Based on the firm’s history of innovation, security and reliability, ThinkTrader was built entirely in-house and offers traders access to: Intuitive user […]
Australian FinTech partners with award winning currency transfer service TorFX
Australian FinTech is here to benefit FinTech companies in Australia and it’s the perfect platform to promote your company, brand awareness and your amazing products and services. To assist on the foreign exchange currency side of your business, Australian FinTech has partnered with TorFX. Australian FinTech have teamed up with award winning currency transfer service TorFX, to provide an alternative to the banks for transferring your funds internationally. A great option for you to transfer your funds is through TorFX. TorFX are assisting a large number of our clients to ensure they receive a more competitive exchange rate comparing to what the banks can offer TorFX are a simple, safe […]
