The $7 billion Australian money remittance industry is set for a massive shake-up as a new wave of online and digital-based players enter the market. According to Ashley Jessen, CEO of Profile Booster, the retail money remittance industry is a top candidate for fintech disruption and innovation. “A few years
Ripple announced the addition of 10 new customers to their growing global network. Among them some of the world’s largest banks, innovative smaller banks, and payment service providers (PSPs). As the only blockchain provider that has real use cases and customers using our solution commercially, more and more customers
Payments are one area where banks should completely embrace blockchain to compete with fintech challengers and to expand their market share. The existing payments infrastructure used by banks faces multiple challenges relating to security, speed and cost. No wonder, Santander Group executive chairman, Ana Botín believes that her bank’s
When it comes to foreign currency transfers, especially by consumers and small to medium-sized businesses, what you find are big financial institutions bouncing your money around the world like a pinball from one fee-charging bank to another, using a complex and expensive relationship network – a desperate stand-in for an efficient
Gavin Slater, former NAB executive, will be the new chief executive of the Australian government’s Digital Transformation Agency. In a statement the Assistant Minister for Digital Transformation Angus Taylor said Slater had a proven track record in driving transformation change to respond to digital disruption, and his experience would
The fact that the financial services industry, and especially banking, is going through the greatest disruption since the arrival of computers in the 60s is now universally accepted. The advent of digital technology and, more importantly, its adoption by customers is changing the fundamentals of the business. This isn’t
The Australian Dollar has dropped against the Canadian Dollar due to a concerning report about AU-US ties. The report looked at Australia’s relationship between the US and China, and the potential difficulties of trying to alter these relationships. With the US looking increasingly protectionist, Australian officials have considered whether
Australian startup FlashFX was designed from the ground up to outperform traditional financial institutions by providing fast, secure and very affordable foreign exchange conversion services as an alternative to the existing opaque, siloed and inefficient banking networks. And it does so without the hidden fees typically imposed by the banks.
The Bank of England’s FinTech Accelerator announced that it is conducting a PoC with Ripple to demonstrate cross-border payments and settlement using two different Real Time Gross Settlement (RTGS) systems. The goal of this PoC is to showcase the synchronised movement of two different currencies across two different RTGS
Hundreds of international financiers, business leaders and policymakers from around the world gathered in Bahrain to discuss the future of financing at last week’s sixth annual GCC Financial Forum, writes Amy Hirth for Ripple Insights. Watch the video here. Marcus Treacher, head of Ripple’s strategic accounts, spoke alongside
SBI Ripple Asia announced today that a consortium of 47 banks successfully completed a pilot implementation of Ripple in Japan using a cloud-based payments platform. This platform, RC Cloud, is powered by Ripple’s solution and is the first in the world to enable real-time money transfers both domestically and
* FinTech competition will drive banking transformation. * Continued shift from in-branch to digital channels. * Customer service will be the most important differentiator for banks. Banks should especially be worried about the fact that 33% of millennials don’t believe they’ll need a bank in the next 5 years, and almost
Innovation in banking often results from the convergence of three key domains: financial services, technology, and regulations. The regulatory framework is a crucial aspect of innovation. When crafted in a balanced, proactive way, regulations can directly drive positive innovation and market competition. This is why Ripple has been an active
In 2015 Australia saw an outflow of remittances of US$16 billion, while it received around US$2 billion. Globally remittances totalled $582 billion according to World Bank figures. The largest source of remittances is probably not unexpectedly the United States which saw over US$133 billion leave the country.
According to Morningstar "FinTech companies are businesses that leverage new technology to create new and better financial services for both consumers and businesses. It includes companies of all kinds that may operate in personal financial management, insurance, payment, asset management, etc..." These start-up companies compete directly with traditional
Carolyn Wilkins, the senior deputy governor of the Bank of Canada, where she oversees the central bank's strategic planning and economic and financial research, looks back on key takeaways from nearly six months of distributed ledger learnings. She writes "It's not surprising that central banks have developed a keen