FinTech and Blockchain Law Watch – Page 62 – At the Crossroads of Law, Innovation and Commerce

Tech-savvy Aussies Preference Digital Payments

Feb 04 2016

The number of Australian consumer using contactless payment mediums is on the rise. Statistics revealed in the World Payments Report 2015 ranks Australia behind only the United States, Finland and the Netherlands as the countries recording the highest number of non-cash payments per person.

NAB is the most recent big-four bank to respond to changing consumer behaviour in the market. This week, NAB launched a new payment solution that allows customers to ‘tap and pay’ on Android phones. NAB claims the new ‘NAB Pay’ facility is the first in Australia to utilise the Visa Token Service and enables customers to make contactless payments via the bank’s existing app without revealing their account details.

Read more about the new NAB Pay mobile payment service here.

FinTech Start-ups Shake up Banking Industry

Feb 03 2016

By Cameron Abbott and Meg Aitken

Tech start-ups are infiltrating the finance sector at a rapid rate, and customers love it. Changing consumer expectations and behaviours are forcing traditional banks to lower costs, be more efficient and provide better security in order to remain competitive.

Financial Innovation Now

Jan 31 2016

By Jim Bulling and Michelle Chasser

Rival technology powerhouses Apple, Google, Amazon, Intuit and PayPal have joined forces to form an advocacy group known as Financial Innovation Now, focused on enabling technological change within the finance industry. The group will work with policy-makers and key stakeholders to promote policies and regulations that encourage greater innovation in the financial services sector as well as ensuring that policy-makers understand the advantages that technology can bring to the industry.

Social media platforms launch “buy now” buttons for US consumers

Jan 28 2016

By Jim Bulling and Michelle Chasser

Twitter is changing the future of e-commerce by introducing a “buy now” button to users in the United States, making online shopping even more accessible to consumers. Twitter has joined forces with major e-commerce platforms Stripe, Shopify, Bigcommerce and Demandware to allow retailers to sell physical and digital goods and services directly through a simple 140-character tweet.

Blockchain not Bitcoin Becomes Industry Focus

Dec 16 2015

By Jim Bulling and Michelle Chasser

Blockchain, the public decentralised ledger technology behind Bitcoin, is gaining attention from a much wider audience within the financial services industry in terms of the potential application to securities clearing and settlements, payment processing and loan transactions.

Robo-Advice Risks and Benefits

Dec 15 2015

By Jim Bulling and Michelle Chasser

The Joint Committee of the European Supervisory Authorities (JCESA) is considering what regulations, if any, will be required for robo-advice throughout the European Union (EU). JCESA has released a discussion paper on automation in financial advice to assist it evaluate how robo-advice is currently being used in the EU and its potential growth in banking, securities and insurance. The discussion paper highlights what the JCESA identify as the main potential benefits and risks to both consumers and financial institutions which offer some form of robo-advice.

Robo Advice Regulation Movement in Three Jurisdictions

Dec 15 2015

by Jim Bulling and Michelle Chasser

After increasing concerns that robo-advisers may not fit neatly into existing regulations, Australian, United States and United Kingdom regulators have all indicated in the last few months that they will be looking at the appropriateness of current regulations for the increasingly fast growing industry of automated financial advice.

U.S. and Australian Rules on Crowdfunding

Dec 14 2015

By Jim Bulling and Michelle Chasser

The past few months have seen considerable movement on the regulation of crowd-sourced equity funding on both sides of the Pacific. In the U.S., the SEC has adopted rules which allow companies to crowdfund through a registered portal while in Australia, the Australian Government has introduced a bill into Parliament which significantly enhances the viability and attractiveness of crowdfunding.

Simpler Regulatory path for Australia’s Peer to Peer Lending Platforms?

Dec 14 2015

By Jim Bulling and Daniel Knight

Like riding a bike through Sydney or getting to Melbourne airport, launching a peer to peer lending platform in Australia is possible but not as easy as it should be. The Financial System Inquiry recommended changes and the Government’s response seemed to agree, but we are yet to see what will be done to facilitate innovation in marketplace lending.

I’m in FinTech. Do I Need an Australian Financial Services Licence (AFSL)?

Dec 13 2015

By Jim Bulling and Daniel Knight

For fintech startups looking to operate in Australia, the hurdle of obtaining an AFSL is often daunting. An AFSL application can be expensive and time consuming but it’s rarely necessary to obtain an AFSL from day one. Whether it’s through an exemption, relief or authorisation, there’s usually another way.