FinTech and Blockchain Law Watch – Page 59 – At the Crossroads of Law, Innovation and Commerce

ASX looking to replace CHESS with blockchain

Feb 25 2016

The Australian stock exchange ASX has announced that it has partnered with a US-based firm to develop distributed ledger technology, more commonly referred to as blockchain. The ASX is planning to develop the ledger technology for post-trade services such as clearing and settlement of the cash equities market. Unlike the bitcoin blockchain which operates as a public ledger, the ASX will use a private network which will only allow parties with permission from the ASX to participate.

Australian Government launches FinTech Advisory Committee

Feb 25 2016

By Jim Bulling and Michelle Chasser

The Australian Federal Government is getting behind the Australian FinTech market with the establishment of a FinTech Advisory Committee to help make Australia a FinTech leader in the Asia Pacific region.

K&L Gates Partners to Speak on Marketplace Lending at ABA Spring Conference in Montreal

Feb 25 2016

K&L Gates partner Anthony Nolan (NY) will participate in a panel discussion on Marketplace Lending at the American Bar Association’s 2016 Spring Meeting in Montreal, Canada on Saturday April 9.

K&L Gates London Office to Host Breakfast Roundtable Forum on US Marketplace Loan Investments, March 10, 2016

Feb 24 2016

By Tony Nolan

On March 10, 2016 at 8:30am the London office of K&L Gates will host a Breakfast Roundtable on the US Regulatory Landscape for Marketplace Lending. The Roundtable will cover a range of topics that are relevant to entering into the US market, focusing particularly on ways to facilitate a broad distribution of investments.

New York partner Anthony Nolan and London partner Jacob Ghanty will lead a discussion of how US regulatory and compliance issues may affect UK lenders and investors that are considering entering the US online / P2P / marketplace lending market.

Banks Partnering with Fintech Startups – Deutsche Bank, ANZ Bank

Feb 23 2016

By Jim Bulling

The banking industry is expressing overwhelming support for the development and use of new technologies to improve the banking experience and have expressed their desire to enter into partnership with Fintech businesses.

Investor Registration Website Launched Following China’s Ezubao Scam

Feb 23 2016

By Cameron Abbott and Meg Aitken

Chinese regulators launched a website on Saturday to aid authorities in their mission to investigate the gigantic Ezubao “Ponzi scheme” that allegedly stole money from more than 900,000 investors.

Ezubao, China’s largest peer-to-peer lender, was caught red handed fabricating the majority of its listed investment projects and using investor money to fund the extravagant lifestyle of the company’s executives earlier this month.

K&L Gates Partners to Speak on Marketplace Lending at Alfi Europe Conference in London

Feb 23 2016

K&L Gates will be sponsoring the AltFi Europe conference, which will take place in London, England on 4 May. London partner Jacob Ghanty and New York partner Ed Dartley will participate in a panel discussion.

Some Feedback on Crowdfunding Reforms in Australia

Feb 23 2016

By Jim Bulling

International banking group Investec Australia has purchased a 20% stake in equity crowdfunding platform Equitise. Equitise, which is based in New Zealand, was founded in Australia in 2014, but has developed its business model in New Zealand as a result of slow development to crowdfunding regulation in Australia. The deal values the startup at close to AUD$10 million.

Tech-savvy Aussies Preference Digital Payments

Feb 04 2016

By Cameron Abbott and Meg Aitken

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.