WorldRemit and GTBank launch money transfer routes to West and Central Africa
Digital money transfer service WorldRemit and leading African financial institution Guaranty Trust Bank (GTBank) have launched new money transfer routes to West and Central Africa. With the WorldRemit app or website, people can now send secure overseas money transfers to any bank account in Benin, Guinea-Bissau, Mali, Niger, Senegal or Togo. Funds will be deposited as CFA Francs. Commenting on the launch, Dan Shuaib, the Managing Director, of Guaranty Trust Bank CI, said: ‘’This service removes the barriers that limit customers’ access to remittances and provides them with a quick and convenient way to receive money from any part of the world. Our partnership with WorldRemit to create this […]
Australia needs to foster FinTech with level playing field
The recent Presidential election in the US and the Brexit vote in the UK clearly show that the public in liberal democracies like Australia are tired of failure by governments to ensure social justice is being served on all levels. Political and corporate leaders appear to the public to act with impunity and social policies are not addressing the increasing inequality of wealth. These leaders seem to be out of touch with their constituents, illustrated by the surprise results in US and UK. Leaders in Australia should be warned — they ignore, at their peril, social justice issues such as the behaviour of the ‘Big Four’ banks, who operate in […]
Privacy fix for blockchain from Blythe Masters
Blockchain could finally drag Wall Street recordkeeping into the 21st century, but before they’ll use it financial firms want to know their data will be kept secret. The startup run by former JPMorgan Chase & Co banker Blythe Masters says it’s found a solution. The version of blockchain that powers the bitcoin currency is wildly transparent, recording each transfer of bitcoin from one person to another in a public database anyone can tap into. But such openness is anathema in finance, posing a conundrum for Wall Street firms otherwise drawn to digital ledgers because they could simplify and speed up recordkeeping. Digital Asset Holdings, where Masters is chief executive officer, […]
Peer-to-peer platform Folk2Folk gets authorised by the regulator
Folk2Folk has become the largest fully authorised peer-to-peer platform in Britain. The company announced on Wednesday that the regulator, the Financial Conduct Authority (FCA), has given it full operating permissions, allowing it to offer the Innovative Finance ISA and giving it a stamp of approval that it can market to customers. Cornwall-based Folk2Folk lets people lend money to local projects and business in their area and has lent over £125 million ($157.5 million) across its platform since launch in 2013. It is different to other crowdfunding platforms in that it has a network of shops around the countries where businesses and lenders can talk to staff about lending on the […]
Robo-adviser urges Trump to keep US fiduciary rule
Robo-advice pioneer Betterment has called on US President-elect Donald Trump to pledge his support for the Obama administration’s best interest duty for financial advisers. In a full-page advertisement published in the Wall Street Journal this week, Betterment founder and chief executive Jon Stein said American retirement savers are counting on the next federal government to protect their “right to honest financial advice”. “When investors give their money to an investment firm, they expect that firm to act in their best interest. But investing can be made intentionally complicated and salesmen are clever. Left to its own devices, the investment industry for decades sold bad products to Americans,” Mr Stein wrote. […]
Venture capitalist OurCrowd goes on start-up funds drive
Israeli-based venture capital crowd-funding outfit OurCrowd has launched a major funding drive, aiming to raise $100 million from Australian investors in 2017. OurCrowd MD Dan Bennett told The Australian the outfit receives about 150 applications from start-ups each month, including from Australia, and needs a hefty local investment to ensure the engagement level can continue. He is specifically targeting private investors like family offices, high net worth individuals and institutions to co-invest in the platform, which takes a minimum $10,000 each from a pool of accredited investors and places it in hi-tech, high-growth firms. “We’re giving them access to global venture capital deals alongside some of the best investors in […]
Telepin Software powers Valyou Mobile Wallet in Malaysia
Unique mobile financial services platform delivers affordable, convenient mobile money solutions to under-banked market. Telepin Software, a global leader in mobile money transaction platforms, announces that it is now powering the mobile financial services for Valyou, a Malaysian-based licensed money services business that provides multi-country international remittance services. The Valyou mobile wallet is an easy, secure way to store and manage cash from a mobile device; a convenient e-money solution aimed at serving the under-banked segments of Malaysia, such as youths, lower income earners and migrants. It is simple-to-use, secure, offers more benefits the more one uses it, puts customers fully in charge of when, where and how they handle […]
IBM is continuing its blockchain push
Tech giant IBM has been working on making itself a global leader in developing blockchain use cases for financial services, and on Wednesday, it announced yet another project. IBM will develop a blockchain-based supply chain finance solution with Mahindra Group, one of India’s largest conglomerates, according to Bezinga. The new platform will use a permissioned blockchain and be designed to optimize processes involved in supply chain finance, with particular emphasis on invoice discounting. Supply chain financing is typically laborious. Many transactions between suppliers, buyers, and any financing parties involve paper invoices that have to be mailed and require the manual inputting of documents into each participant’s respective system. This greatly […]
