Fintech split on lower regulatory hurdles
Challengers to the banks and global payment giants disagree on whether there should be an easing of regulations for finance start-ups, a major recommendation of the Murray inquiry.Peer-to-peer lender RateSetter Australia argues current regulations are adequate and flexible enough. It said “graduated” regulation applied based on the company’s risk to the financial system suggested by the Murray financial system inquiry could threaten confidence in the emerging loan business models – particularly those lending to the public.”It is important that regulations for P2P lending are not weakened in any way and that consistency of regulation is critical for the P2P lending industry to prosper,” it said in its submission to the […]
High time to find out what you’re missing out on
If you’re being ripped off by banks and other financial institutions a new website, monetise.com.au, will tell you even though you may have suspected nothing.It threatens to do to comparison websites, which are being reviewed by the Australian Competition and Consumer Commission (ACCC), what Uber is doing to taxis. Source: High time to find out what you’re missing out on
Banks shadow box with online business lenders
Banks are courting a rash of new online lenders that have moved quicker than their giant rivals to use technology to give better deals to small businesses.Prospa has been quietly building its small business loan book for two years. It is one of several local and international players discussing mutually beneficial deals with banks that have favoured the less risky mortgage sector for years, but are looking for growth in business lending. Source: Banks shadow box with online business lenders
CoinJar to put brakes on Bitcoin volatility | The Courier-Mail
Australian Bitcoin start-up CoinJar has taken on one of Bitcoin’s chief criticisms, allowing consumers and businesses to bypass the cryptocurrency’s volatility and peg its price against a currency of their choice.Hedged Accounts was unveiled on stage at Europe’s biggest financial technlogy conference Finovate, and means that for example if a user holds $400 worth of Bitcoin in Australian dollars, they can access $400 worth of Bitcoins in future.Bitcoin itself has seen wild volatility in recent months, crashing from a value of over $1000 per Bitcoin to under $300 this month. Source: CoinJar to put brakes on Bitcoin volatility | The Courier-Mail
Coinjar to reveal Bitcoin volatility salve
Australian bitcoin exchange Coinjar will unveil plans to fix the value of the highly volatile cryptocurrency for its clients and offer conversion to a range of different currencies at a financial technology conference in London on Tuesday as it moves to compete with remittance providers. From late Tuesday, Coinjar joins a number of other bitcoin exchanges in offering “hedging accounts” that peg the value of the bitcoins purchased to the currency originally chosen when a conversion is first made. Source: Coinjar to reveal Bitcoin volatility salve
Australia’s FinSuite joins Asia-Pacific fintech accelerator program
Australian startup FinSuite has been selected as one of eight companies to participate in the 2014 FinTech Innovation Lab Asia-Pacific accelerator program. The lab was launched by Accenture in June, in collaboration with some of the world’s biggest financial intuitions and supported by Cyberport and Airbnb. The program nurtures early-stage companies from around the world that are developing new technologies for the financial services sector with a particular focus on the Asia-Pacific region. Source: Australia’s FinSuite joins Asia-Pacific fintech accelerator program
