Bitcoin lures as investors fret over uncertain markets
Investors appear to be increasingly turning towards bitcoins, rather than gold, as the best way to protect themselves against unpredictable financial markets. Worries that the US Federal Reserve could make good on its threat to raise interest rates before the end of the year pushed gold to a three-week low overnight, with the price of the precious metal dropping 2.4 per cent to $US1,147.30 a troy ounce. Although the Fed kept interest rates close to zero at this week’s meeting, it flagged the possibility of a rate rise in December, and this triggered a rise both in US dollar and US bond yields – both of which are negatives for […]
Apple Pay to launch in Australia through American Express in 2015
Apple has bypassed banks who are unwilling to give up their card fees by launching Apple Pay with American Express in Australia and a host of other countries. Amex’s global head of mobile products and payments, Tony Prentice, said its customers in Australia and Canada will be able to use Apple Pay for transactions on iPhones, Apple Watch and iPads this year and in Spain, Singapore and Hong Kong in 2016. “We believe it is critical to be on the forefront of seamless and innovative payment solutions for our card members and we are pleased to be able to deliver on that with Apple Pay,” he said in a statement. […]
Do you run a start-up that needs a co-workspace? These incubators want you
A batch of old and new co-working spaces and incubators are on the hunt for Sydney start-ups. As part of the StartupWeek Sydney festival, some of Sydney’s best-known start-up businesses opened their doors to give a rundown of the pitch process, business model and culture fit. Source: Do you run a start-up that needs a co-workspace? These incubators want you | afr.com
Has fintech dropped the brand awareness ball?
Has fintech dropped the ball when it comes to brand building? Have we spent too much time developing great products and not enough time spruiking them? If recent research by East & Partners is anything to go by, then yes, yes we have. The study found 39 per cent of micro and SME businesses couldn’t recall a single fintech brand and of those who could, only 61 per cent could articulate what product or service it offered. Moreover, the Brokers on Non-Banks survey found lack of brand awareness was the number one reason brokers don’t refer clients to fintech lenders at the moment. Should the fintech industry be alarmed? Yes […]
Fintech could close $2 trillion SME funding gap
Small to medium enterprises (SMEs) worldwide are struggling for funding from traditional sources, opening up a significant business opportunity for financial technology (fintech) operators. According to a new white paper from the World Economic Forum (WEF), fintech companies are already leading the way in disrupting the financial services space, and are eyeing up the $2 trillion funding gap that exists in the SME credit market. The paper, which was put together by the WEF’s Global Agenda Council on the Future of Finance & Capital, explains that the disruptive tailored services coming from the burgeoning fintech sector include invoice and supply chain financing, equity crowd funding and peer-to-peer lending between SMEs. […]
Six trends shaking up transaction banking
Fintech We are in the middle of a digital revolution, evident in the rise of fintech companies and technologies. For the first time, new technology such as Blockchain and Cloud based solutions were very visible at SIBOS (Swift International Banking Operations Seminar) and technology was the most talked about topic everywhere you went. Despite the buzz on technology, everyone is still trying to make sense of what this means for their customers and their business. Fintechs have forced banks to look at the competitive environment in a completely new way and banks are working out how they can make this work for them. Ultimately, fintechs rely on banks for basic […]
Five bank fees likely to disappear thanks to technology
WHEN you look closely, you may be surprised at how many bank fees, charges and costs you incur; as a result of their cosy oligopoly, Australian banks have become the most profitable in the world, collecting $29 billion in profit in 2015 or $1600 from every adult Australian. This financial year, bank profits are expected to top $30 billion after Westpac, CommBank, NAB and ANZ all raised interest rates outside of the RBA cycle, adding an estimated $1 billion to their bottom lines. But have you ever wondered why certain charges exist at all – or what could be done to get rid of them? A new breed of technology-focused […]
