TerraPay and bux partner to launch mobile app based cross border money transfers to India

TerraPay, the world’s first mobile payments switch, announced today that it has partnered with bux, a mobile app money transfer service, to launch anywhere, anytime instant cross border money transfers from Australia, Hong Kong, the United Kingdom and Europe to India.

The partnership with TerraPay and bux just made sending money to India a little cheaper and more convenient because it can now be done from a mobile phone with just a few taps. Bux customers have the freedom to safely and instantly transfer money, 24X7, to bank accounts in India from their mobile phones through the mobile application.

Australia ranked as the second largest alternative finance market in the Asia Pacific

New research showing Australia has risen to become the second largest alternative finance market in the Asia Pacific sends a strong signal to the world about the underlying strength of Australia’s fintech and business environment.

Findings from a joint study by KPMG, the Cambridge Centre for Alternative Finance and the Australian Centre for Financial Studies, released today, reveals that Australia’s alternative finance market size grew by 53 per cent from 2015 to 2016 and has now reached US $609.6 million.

According to the Second Asia Pacific Alternative Finance Industry Report, Australia has leap-frogged Japan to become the second largest alternative lending market (behind China) across the Asia-Pacific.

Outside of China, Australia now contributes 30.42% of the total market in Asia Pacific and stands well ahead of Japan (US $398.45 million) and South Korea (US $376.31 million) in terms of market size.

Swisscom sets up blockchain subsidiary

Blockchains are a new form of database. The technology initially acquired renown as the basis for virtual currencies such as bitcoin. Yet in the years to come, it will also revolutionise industry and administration.

Swisscom has been researching and testing application scenarios for blockchains since 2015, for instance as a solution for off-exchange trading. In order to push forward the development of blockchain applications in and for Switzerland, Swisscom has now established Swisscom Blockchain Ltd. CEO of the newly founded company is Daniel Haudenschild, who came to Swisscom from EY.

In day-to-day use, online offerings appear to be fully digital – yet the processes operating in the background sometimes work in the very same way as they did 40 years ago and more. Supply chains, payment flows as well as contractual relationships are often complex, slow to change and expensive. Such processes could be streamlined if not everyone involved had to keep their own accounts, but a common database existed to which all were granted access. Blockchains, a special kind of distributed database, can provide this service. Data is stored redundantly with all parties and entered irrevocably on the blockchain.

NatWest introduces paperless mortgages

NatWest is the first UK bank to offer a paperless mortgage.

The bank’s customers can now apply for a completely digital mortgage which uses the latest technology to securely share and verify documents online.

The new proposition means customers do not need to post signed paperwork or identification back and forth. This marks the first time that a customer in the UK will be able to apply for a mortgage without paper copies of documents being produced.

All NatWest mortgages applied for over the phone will be offered paper-free, which could save over 4.4 million sheets of paper a year. With this new proposition, mortgage offers can be made within 24 hours and an average offer is 10 days faster than before.