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SelfWealth to add Crypto Trading to its popular platform

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SelfWealth will allow access to a cryptocurrency exchange platform, enabling customers to buy and sell cryptocurrency.

Australia’s most popular low-cost share trading platform is undertaking a rigorous selection process to ensure the exchange partner is best suited to the SelfWealth community.

SelfWealth CEO Cath Whitaker said retail investors would be able to buy and sell popular cryptocurrencies in real-time while also trading US equities and CHESS sponsored Australian shares – an Australian first.

“We want to make investing for our customers as seamless as possible. Currently, moving between popular investment types usually requires access to multiple trading platforms and for investors to move money multiple times.”

SelfWealth recently surveyed 3,500 of its 95,000 members and found 30% were already investing in cryptocurrency and 38% were intending to invest.

In addition, a Finder survey of over a thousand Australians in January revealed that one in four Australians (equivalent to five million Australians) currently invest or plan to invest in cryptocurrency.

“Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions. We are on track to deliver cryptocurrency exchange functionality by year end.”

Ms Whitaker said SelfWealth has an ambitious product roadmap that will see the platform expand into a wealth creation platform that lets retail investors educate themselves on, and invest in, many different asset classes.

“SelfWealth remains intent on providing an easy to use, low cost, high value, wealth creation platform for all Australians to use. We will build without gimmicks and provide investors independent but credible content and information.”

Australian owned and operated SelfWealth was founded in 2012, listing on the ASX in late 2017. It was the first platform to offer low-cost and flat fee share trading in Australia, at $9.50 per trade while still providing the security of direct share ownership through CHESS sponsored trading.

SelfWealth has more than 95,000 active retail investors and assets under administration of more than $6 billion, making it the second-largest non-bank share trading platform in Australia.

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Source: https://australianfintech.com.au/selfwealth-to-add-crypto-trading-to-its-popular-platform/

Fintech

FTX Trading closes $900M series B fundraise

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A cryptocurrency exchange marks a milestone in the sector this week, with a series B fundraise of $900 million announced Tuesday. Meanwhile, investors continue to show interest in investment and open banking platforms, as well as spend-management fintechs. Here is the list of these and other notable fundraises this week from Bank Automation News. FTX […]

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Source: https://bankautomationnews.com/allposts/infrastructure/ftx-trading-closes%e2%80%af900m-series-b-fundraise/

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Fintech

Weekly Wrap: Leveraging AI to gain Gen Z customers

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This week, the Bank Automation News team discusses how identity decisioning platform provider Alloy is using artificial intelligence to attract Generation Z customers. Gen Z, youth born after 1997, can present a challenge to banks because they generally lack traditional credit and banking services. The BAN team also drilled down on the security risks posed […]

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Source: https://bankautomationnews.com/allposts/center-of-excellence/weekly-wrap-leveraging-ai-to-gain-gen-z-customers/

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Fintech

AuthenticID Scores $100 Million in New Funding

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AuthenticID, an identity proofing solution provider for the enterprise, has raised $100 million in funding from Long Ridge Partners. The investment will help the company continue to bring innovative identity proofing solutions to its customers in financial services, telecommunications, government, and other sectors.

“Our platform is relied upon by a majority of the U.S. wireless carriers and various identity platform to securely establish identity,” AuthenticID CEO Jeff S. Jani said. “Our differentiator is the significant ROI we deliver to customers, from stopping more fraud to converting more sales than our digital identity competitors. Our mission is to improve the security for all of our collective identities.”

Union Square Advisors, a boutique technology-focused investment bank, served as AuthenticID’s financial advisor in the transaction.

AuthenticID gives businesses the ability to conduct document-centric identity verification with a high degree of accuracy and fast processing times. The 100% automated solution helps companies increase conversion rates and eliminate fraud at a time when businesses are seeing a surge in the volume of customers who need to be digitally onboarded in order to use their services. AuthenticID leverages machine learning algorithms, AI-powered neural networks, and state-of-the-art computer vision to determine when photos and faces do not match, whether identification documents are fraudulent, and if either the name or face being analyzed has been associated with suspicious activity in the past.

Founded in 2001 by Blair Cohen, AuthenticID made its Finovate debut two years later at FinovateSpring. In the years since, AuthenticID has brought its technology to ten companies in the Fortune 100, three of the top U.S. banks, two of the top three credit reporting agencies, and three of the top five telecommunications companies in the U.S., as well as several international banks and companies around the world. Earlier this month, the company announced that it had reached a new milestone with the launch of its new enterprise-grade SaaS system that can process nearly 35 million identity proofing transactions in a day and more than one billion in a single month.

“AuthenticID has built a market-leading computer vision system to meet the ever-growing requirements of this market,” AuthenticID Chief Technology Officer Richard Huber Jr. said when the milestone was announced. “Our system sets a new standard for reliably and accurately verifying anyone’s identity from anywhere in the world.”


Photo by Steve Johnson from Pexels

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Source: https://finovate.com/authenticid-scores-100-million-in-new-funding/

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Fintech

India and Nigeria Consider CBDCs as Study Shows Strong Consumer Enthusiasm and Trust

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Two of their respective regions’ most powerful economies are moving closer to the issuance of Central Bank Digital Currencies or CBDCs. In India, Reserve Bank of India deputy governor Shri T. Rabi Sanker said that the bank is working toward a “phased implementation strategy” that would further the country’s multi-year effort to transition its citizens away from cash. India’s efforts to remove cash from the economy, including innovations like the Unified Payments Interface (UPI) and the RuPay network have become increasingly accepted by Indian citizens. But both, as far as Sanker are concerned, face challenges from the persistence of cash and the promise of CBDCs.

With regard to the latter, Sanker has encouraged observers to envision a UPI system based on CBDCs rather than bank balances. In such a framework, there would be no need for interbank settlement and payment systems worldwide could benefit from greater cost efficiencies and faster, even real-time, transaction settlement. As far as the persistence of cash is concerned, small value transactions still make up most cash purchases in the country. But even here Sanker believes that with certain guarantees like transaction anonymity, CBDCs could be efficiently used for these transactions, as well.

Meanwhile in Africa, Rakiya Mohammed, Formation Technology Director for the Central Bank of Nigeria (CBN) told an audience recently that the country will launch its CBDC pilot on the first of October. The project, called Giant, has been in development since 2017 and runs on the open source blockchain Hyperledger fabric. The bank hopes that a CBDC will help support macro and growth management – as well as cross-border trade – and facilitate financial inclusion. Mohammed reportedly cited FOMO – fear of missing out – as one reason why the CBN could not risk sitting on the sidelines while other central banks around the world launched CBDC-related projects and initiatives.

The demand for CBDCs remains an open question to some degree. But proponents of the technology can take heart in a recent study conducted by European deep tech company Guardtime. The firm took a look at opinions toward CBDCs in ten countries including countries in Europe and Asia, as well as in the United States and the UAE. The study revealed that a majority of adults (64%) said that they would be likely to use a digital currency offered by their country’s central bank, with 33% saying they would be “very likely” to use a CBDC. Only 10% of respondents said they would “never” use a CBDC. The CBDC favorable position maintained a healthy lead over CBDC rejection both when it came to converting savings to CBDCs (59% support versus 11% “never”) and being paid in CBDCs (57% support versus 12% “never”).

Summing up the positive results for CBDCs suggested by the study, Guardtime Head of Strategy Luukas Ilves observed, “it is fascinating to see that 64% of people would be willing to use CBDCs – even though they have not been launched yet – and are happy to support and trust Central Banks to ensure digital currencies are delivered.”


Here is our look at fintech innovation around the world.

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe


Photo by ritesh arya from Pexels

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Source: https://finovate.com/india-and-nigeria-consider-cbdcs-as-study-shows-strong-consumer-enthusiasm-and-trust/

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