finder fintech roundup: Superannuation, blockchain and police cracking down on P2P
Two Australian banks are now part of a global blockchain network and super funds get more involved in fintech.
This has been an interesting week in fintech in Australia and overseas. Australian financial institutions have taken the next steps in blockchain while China has been pulled back in peer-to-peer lending following police intervention. Super funds are also making their fintech mark in more way than one.
New digital super fund targets millennials and tech investments
Digital startup super fund Spaceship is eyeing the millennial market in the hope to diversify their savings with tech investments. The startup raised $1.6 million in capital, which was led by Atlassian co-founder Mike Cannon-Brookes through his venture capital business Grok Ventures.
Superannuation funds contribute to AirTree Ventures capital raising
Australia's largest venture capital fund AirTree Ventures has raised $250 million from investors, which included two leading Australian superannuation funds. The capital will be split evenly between an early stage fund and an opportunity fund, which will be available to more established companies.
NAB has joined Westpac in joining a global blockchain network
Global settlements solution provider Ripple now counts NAB as part of its global network. The Big Four lender will join Westpac in making use of Ripple's distributed ledger technology to streamline its global payments transfer. Other notable members include UBS, Santander, Royal Bank of Canada and National Bank of Abu Dhabi.
Police crack down on peer-to-peer lending in China
Police have raided the offices of two defunct peer-to-peer (P2P) lenders in China and arrested five people. The raid comes amidst more regulations being introduced to curb disreputable practices by P2P lenders, some of which were operating as Ponzi schemes. P2P lending executives have also been taken on a prison tour to scare them into compliance.
The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Friday to catch up.