GBST partners with U.S. company to inspire people to tackle debt and conquer financial goals

GBST’s Equate solution is powering five new calculators covering credit cards, savings,  budgets, loans, and repayments. The calculators are on, a domain for the dfree®  Financial Freedom Movement, a trademark of CCCI.  

dfree® is a transformational lifestyle movement that guides people to become free from debt and  deficit, by helping them to establish funds for deposits, dividends, and deeds for a more prosperous and successful future. 

Brianna Dobing, Digital Manager at GBST, said, “We are delighted to partner with dfree and continue  building our presence across North America. Our digital tools are highly flexible, multi-currency, and  can be easily adapted to other markets and jurisdictions. 

“The calculators are designed with the dfree® Movement’s branding and encompass configurable  call to actions, which allow anyone to request to speak with a financial advisor. Working with an  organisation like CCCI has been even more meaningful for the GBST Digital team, knowing we’re contributing to an organisation that places its customers’ financial freedom at the heart of what they  do, by providing the tools that will encourage and teach them to pay off debts, save money, and  make more informed financial decisions.” 

Dr. DeForest B. Soaries, Jr., the CEO of Corporate Community Connections, said, “We chose GBST’s  Equate after conducting extensive market research. We were looking for intuitive, user-friendly calculators that could be incorporated into our marketing strategy to promote financial  sustainability. We’re excited because the digital tools are helping people assess where they are so  they can conquer their financial goals, whether it’s living within their means, setting a budget, paying off debts, investing or building an emergency fund.” 

The GBST Digital team works with financial services clients worldwide to improve brand reputation,  build brand advocacy, and enhance online customer journeys, engagement, and drive acquisition.  GBST’s customer experience experts create bespoke digital solutions for financial institutions from  calculators to portals, apps, content management systems, and more.  

About GBST 

GBST provides financial services technology to the wealth management and capital market sectors  globally. The company creates vital back, middle, and front-office technology solutions for wealth  managers, life and pension companies, global and regional investment banks, stockbrokers, and  fund managers. 

Founded in 1983, GBST works with over 100 organisations across Australia, Asia, the UK, and the US.  Its wealth management technology supports over 5.5 million investor accounts under administration,  its retail broker and clearing clients currently manage over AUD$200 billion in sponsored HIN, cash  holdings, and margin loans, and more than 60% of all ASX trading activity currently travels through  GBST’s systems, which processed more than AUD$2.2 trillion in trade value during FY2021. 

For more information, visit 

About Corporate Community Connections 

Since 1997, Corporate Community Connections, Inc. (CCCI) has created connections between  corporations and underserved communities to accomplish the mutual benefits of increased access to  diverse markets and expanded community resources. From large, expanding health care systems  growing into urban areas to large financial services companies desiring to diversify their employees,  Corporate Community Connections, Inc., has been able to connect organizations to solutions and  create sustainable strategies that become embedded into the institutions.  

Additionally, the dfree® Financial Freedom Movement is a trademark of CCCI. It is transformational,  lifestyle movement that promotes financial freedom through values-based principles and practical  approaches to financial management 

For more information, visit or

Andrew Byrne – Marketing
+61 2 9005 0922

Annual WeMoney Financial Wellness Survey 2021 – 2022

60% of Aussies worry about debt – 30% live paycheck to paycheck 

Australia’s leading social financial wellness platform WeMoney has surveyed 1,046 Australians to uncover their thoughts about money and gauge their overall sense of financial wellness. 

The survey found many Australians are anxious about their financial future. 

Over half aren’t confident about their current financial situation. 

Almost a third are living payday to payday. 

Heading into 2022, the cost of living and rising property prices are the top two financial fears for Aussies. 

WeMoney’s Financial Wellness Survey also found that:

  • 29.7 percent live paycheck to paycheck with more than 1 in 3 ‘just surviving’.
  • 55 percent don’t feel confident with their current financial situation.
  • 6 out of 10 worry about debt, with 46 percent doing so on a weekly basis
  • More than 7 in 10 have used a Buy Now Pay Later product.
  • Cryptocurrencies and NFTs, at 42.6 percent, are more popular than traditional stocks, at 36.7 percent. 
  • More than 4 in 10 don’t have an emergency fund with close to 3 out of 10 not planning for large expenses. 
  • Over 40 percent want their next major purchase to be a property. 
  • More than 51 percent are spending more on Christmas in 2021 compared to 2020.
  • 66.5 percent expect their largest line item at Christmas to be gifts.

“Some of our members’ attitudes towards their financial health make for concerning reading. Clearly the pandemic has impacted many people’s finances, and this was born out in a high percentage of people who were anxious about their current and future financial positions” said WeMoney’s Founder & CEO, Dan Jovevski

“On a positive note, while property prices are still a concern, the great Aussie dream of home ownership remains strong and saving is on the agenda for almost 60 percent of respondents in 2022. The survey also confirmed how far crypto has come in the common consciousness of Aussies. We believe this trend is only going to get more popular.” said Mr Jovevski. 

For the full breakdown of data and the report please visit 

Based on survey of 1,046 WeMoney members aged between 18-70 between November 29th 2021 and 1st December 2021. 

Media Contact
John Solvander
+ 61 419 342 192

Dan Jovevski
+61 410 067 079

Why the metaverse will go far beyond Meta

NOTE: The opinion piece was first published in Nikkei Asia on Dec 7

Users will have more choice in Web 3.0 than they do on the internet today
By John Mitchell

John Mitchell is co-founder and CEO of Episode Six, a Texas-based fintech company with extensive operations in Asia.

Mark Zuckerberg did not invent the metaverse. He does not own it, either. But his decision to rename Facebook as Meta in October is likely to be remembered as the moment when this vision for a more immersive digital life went mainstream.

Naturally enough in the light of Facebook’s real-world problems, Zuckerberg’s pivot to the virtual world has opened some eyes. Nina Xiang sounded the alarm in the article “Metaverse nightmare will strip-mine our fragile human reality” published online on Nov. 18, sketching a dystopian metaverse in which Big Tech preys on humanity, making an impassioned case that governments and users should take action to prevent “a small group of unaccountable, elite tech companies” from condemning the rest of us to life in the Matrix.

Xiang will not be the only one to highlight the risk. Governments will certainly move to regulate activity including financial services in the metaverse, just as they do the real world. And, as they spend more time in virtual worlds, users should expect to be protected by tech companies.

But metaverse users will actually have more choice in what is being called Web 3.0 than they do on the internet that we know today. For sure, some of them will choose to shop and be entertained on Meta’s metaverse platforms, which will no doubt be easy to access from Meta’s empire of social media properties.

But plenty of users, especially younger ones, are already starting to inhabit a different, more decentralized kind of metaverse. It is unlikely that internet users in the future will be very interested in platforms that confine them and their digital possessions within a so-called walled garden. They will want a metaverse that is decentralized in terms of control but hyper-connected in terms of underlying infrastructure, enabling the easy transfer of value between platforms.

If you want to see the shape of things to come, look at the world of blockchain-based games. In Alien Worlds, players compete using non-fungible tokens (NFTs), earn an in-game currency called Trilium and travel on Alien World Missions in which they control competing Decentralized Autonomous Organizations, known as Planet DAOs.

It sounds far-fetched, but as many as 3.6 million people are already playing, earning, spending and trading in Alien Worlds alone. Conventional online games like Roblox boast many more active players. Roblox has around 225 million average monthly players but these are walled gardens that allow money in, but do not allow digital assets to be moved in or out.

Crucially, the currency and assets that a player holds in blockchain-based games like Alien Worlds, Decentraland, and Axie Infinity are portable beyond the boundaries of the game itself.

The emergence of this patchwork of different but interoperable platforms, rather than the giant monoliths that Xiang fears, suggests that control over economic value will shift back toward users. The use of governance tokens to power blockchain platforms could also help to decentralize control in the metaverse, addressing another of her concerns.

Thanks to NFTs, the spaceship a player owns in Star Atlas and the Small Love Potions in-game currency they have accumulated in Axie are as transferable as the car in their garage or the dollars in their pocket.

The value embedded in a digital asset can be converted into real money via cryptocurrency exchanges and then spent in real stores. Conversely, money earned from a real-world job can be converted into crypto on an exchange and brought into a game to purchase virtual land or spaceships.

Value, then, is being set free from the systems in which it was generated. And what is possible in the metaverse will surely influence expectations of what is possible back in real life.

Having become accustomed to a plethora of units of value, and their extreme portability, today’s gamers are not going to welcome a centralized institution locking their value inside any particular system, or having to use different payments infrastructure to interact with different units of value. It would seem absurd.

And if we extended the principle of extreme portability from blockchain-based games to conventional finance, the world would look very different. You would be able to take your loyalty card reward points from one chain of stores and use them at another, or convert them into cash.

You would be able to bring your crypto holdings into a wallet provided by your bank or, one day, hold your cash directly as central bank digital currency. And you would be able to spend dollars from that wallet to buy a nice apartment in Decentraland and rent it out for Ether.

Of course, regulators and brand owners will have a lot to say about this. But the revolution in value units has already begun, and will accelerate as people and value-creation migrate to the metaverse.

Axie Infinity alone has 2.23 million average monthly players, according to, up from just over 600,000 at the beginning of the year, while research firm IDC forecasts that, by 2030, 60% of global consumers will have made a transaction using a unit of value other than a fiat currency.

That points to an urgent need for financial institutions to upgrade existing payments infrastructure to meet changing consumer expectations and regulatory requirements. There is a lot at stake here, too: $250 billion worth of payments revenue could move to non-financial institutions by 2030 if banks cannot keep up, according to IDC’s estimates.

You may not want to play Alien Worlds, but the game’s success is a sign that we can expect a decentralized metaverse with many distinct but transferable units of value, and that this paradigm will soon influence real world finance too. If you are at a financial institution, that gives you a Trilium reasons to get ready for a future with more units of value.

CreditorWatch data: Recovery to take longer than expected; Perth and Brisbane bouncing back quickest

The November 2021 CreditorWatch Business Risk Index (BRI) has revealed that business activity around Australia is currently weaker than expected, indicating that the return to pre-COVID levels is now likely to take longer than many pundits had anticipated.

The data also showed a jump in defaults, external administrations, payment arrears and court actions from October to November. However, credit enquiries rose 17 per cent, indicating that business confidence is improving.

Key Business Risk Index insights for November:

  • Australia’s economy fails to bounce back as strongly as expected post-lockdown.
  • Trade activity continues to fall.
  • Defaults, external administrations, payment arrears and court actions have jumped.
  • Credit enquiries jumped 16.6 per cent, indicating that business confidence is returning.
  • States that shut their borders but kept their internal economies going, such as WA and QLD, are seeing their metro areas bounce back fastest.
  • Melbourne and Sydney CBDs remain the worst performing capital city centres with probability of default at historic high-levels due to depressed trade activity continuing post-lockdown.
  • Credit behaviour and performance scores are improving among the hardest-hit Western Sydney suburbs including Bankstown, Burwood, Ashfield and Strathfield.

The nationality probability of default for November was flat – 5.79 per cent, compared to 5.80 per cent for October. The probability of default for Sydney and Melbourne CBDs is at record levels. The top five areas at most risk of default are:

  1. Merrylands – Guildford NSW: 7.73%
  2. Gold Coast – North QLD: 7.73%
  3. Bringelly – Green Valley NSW: 7.69%
  4. Canterbury NSW: 7.56%
  5. Coolangatta QLD: 7.50%

The number of defaults spiked higher by 53 per cent in November. Over the three months to November 2021 defaults were still down by 14.7 per cent.

CreditorWatch’s data showed that while business activity remains stubbornly depressed, it is the states that closed their borders but allowed their economic engines, capital cities and industries to continue to operate relatively lockdown-free that are now seeing the strongest bounce backs in metro areas. Meanwhile, businesses in the two cities that endured the longest lockdowns, Melbourne and Sydney, are experiencing record high probabilities of default.

“The increase in credit enquiries in November is an encouraging forward indicator of business confidence, however, there’s a long way to go before business activity is at pre-COVID levels. Worryingly, trade receivables continued to decline last month, and we also saw significant increases in defaults and administrations. Businesses in the Sydney and Melbourne CBDs in particular are at historically high probabilities of default,” says CreditorWatch CEO Patrick Coghlan.

The CreditorWatch Business Risk Index predicts the likelihood of businesses defaulting over the next 12 months across more than 300 regions around the country. The index utilises CreditorWatch’s proprietary data, combined with data the Australian Securities and Investments (ASIC) collects on more than a million local private businesses, among other variables.

Business activity remains stubbornly depressed post lockdown.

Despite the recent end to lockdowns in Melbourne and Sydney and Black Friday sales, small business trade activity remains weak. Many were hoping the first post-lockdown month would see a bump in business activity, however, CreditorWatch’s data paints a picture of a long and slow recovery.

November 2021 small business trade receivables were down 42.2% compared to November last year. Despite greater freedoms for consumers and businesses, ongoing supply chain constraints, labour shortages, cost pressures and uncertainty around emerging COVID variants are contributing to these weaker-than-expected results.

Perth and Brisbane CBDs significantly out-performing capital city peers

Western Australia and Queensland have had the strictest closed border policies throughout the pandemic, coupled with the least restrictive lockdown policies due to lower local case numbers.

This isolationist policy has had mixed results across business sectors within those states over the past two years, however, we are clearly seeing Perth and Brisbane as stand out performers over the last quarter.

In relative terms, Perth city has been the biggest mover up the BRI ranks among capital city CBDs over the past 12 months, in line with a strong performance across Western Australia as a whole, fueled by booming agribusiness and mining sectors.

Queensland is more of a mixed-bag with clear winners and losers.

As a state, Queensland has been the weakest performer over the past year, primarily driven by border closure impacts on the Gold Coast and other key tourism regions, offset to some extent by a strong performance by the agribusiness sector. However, Brisbane city has seen the largest improvement in insolvency risk and credit rating of any major city centre in Australia.

Probability of default by region

The top five regions at least risk of default are:

  1. Murray River – Swan Hill VIC: 3.69%
  2. Limestone Coast SA: 3.73%
  3. Grampians VIC: 3.75%
  4. Moree – Narrabri NSW: 3.76%
  5. Glenelg – Southern Grampians VIC: 3.80%

Why Murray River – Swan Hill?

This region scores better than average against other regions in Australia for rental and property costs, Riskscore, observed default rate and the CreditorWatch Default Rate. These factors have the largest weights and therefore influence in determining the risk of default. Other factors with smaller weightings such as the Index of Relative Social Advantage, Index of Economic Opportunity and Median Income are worse than average, while the Population Density is much better than average and together have less of an overall impact.

Top five areas at most risk of default are:

  1. Merrylands – Guildford NSW: 7.73%
  2. Gold Coast – North QLD: 7.73%
  3. Bringelly – Green Valley NSW: 7.69%
  4. Canterbury NSW: 7.56%
  5. Coolangatta QLD: 7.50%

Why Merrylands – Guildford?

All model factors for this region are below the Australian average except personal insolvency rate. The region was far worse than average for Riskscore, observed default rate and CreditorWatch Default Rate. This region was one of the hardest Western Sydney areas hit by extended lockdowns.

Probability of default by industry


  • Accommodation and Food Services: 5.25%
  • Arts and recreation services: 4.08%
  • Education and training: 4.01%

We are still seeing front-line service industries struggling to recover post lockdowns. They can’t just flick on a switch and get back to previous operations. Fortunes will progressively turn around and the December Christmas period should allow many businesses to up the ante. The education and training sector desperately needs overseas students but isn’t getting them. That is having an impact.


  • Mining: 2.63%
  • Health Care and Social Assistance: 2.84%
  • Manufacturing: 3.00%

The mining industry is benefiting from strong commodity prices and health will be a growth industry as lockdown restrictions recede. Meanwhile, agriculture is reaping the rewards of bumper harvests and prices, but only in areas where they were fortunate enough to complete most of the harvest before the rains and floods arrived. Much of northern New South Wales, for example, achieved that.

Manufacturing in Australia is finding its legs after learning from the challenges of the 2020 lockdowns. In addition, there are positive stories in places like the M7 corridor in Sydney and parts of outer Melbourne as economies open up to foot traffic as well as enjoying continued online demand.

Payment arrears by industry 


  • Construction: 12.6%
  • Food and beverage services: 11.1%
  • Transport, postal and warehousing: 10.7%

These statistics tell a clear tale of what is occurring in the broader Australian economy. Construction was hard hit by mandatory industry shutdowns and now faces severe supply constraints in items such as timber. Food and beverage services suffered with so few businesses being fully open during lockdowns.

As people return to venues, this industry will thrive again, but there were enormous overheads to cover through the middle of 2021 and over the last two years in general. Businesses involved in transportation are being hit by strike action and global supply disruptions. A boom in online shopping is one thing, but these industries also need demand from bricks and mortar businesses, which they have not had for several months.


  • Health Care and Social Assistance: 5.8%
  • Agriculture, Forestry and Fishing: 7.5%
  • Education and Training: 7.8%

Health Care and Social Assistance is heavily state-funded (and therefore implicitly ‘guaranteed’) and is still greatly influenced by COVID. Almost the entire agriculture industry is booming right now with some record harvests, strong demand and therefore better than usual income and cash flow. Education and Training benefits from government funding although conversely, it does traditionally display high rates of default.


The number of defaults spiked higher by 53 per cent in November, albeit that is not a seasonally adjusted number. It is a preliminary sign that Small and Medium-sized Enterprises (SME’s) are engaging with a post-lockdown period that isn’t entirely comfortable. It will be important to track how the number of defaults fares in approaching months.

Defaults are like other key contemporary CreditorWatch indicators such as external administrations and the number of court actions. While not seasonally adjusted, spikes of 15 per cent and 85 per cent in November, respectively, for these two measures simply can’t just be ignored.

Defaults are like other key contemporary CreditorWatch indicators such as external administrations and the number of court actions. While not seasonally adjusted, spikes of 15 per cent and 85 per cent in November, respectively, can’t just be ignored.

We may be on the cusp of SMEs facing the commercial reality of a post lockdown environment.

Court actions 

As noted above, the number of court actions spiked by 85 per cent in November, in original terms. Over the November 2021 ‘quarter’ court actions increased by 21 per cent to be up by 27 per cent compared to the same period last year. The number of court actions is at its highest since March 2020 and possibly signals a path back to normalised proceedings.

External administrations

The number of external administrations was up 15 per cent in November, the second consecutive monthly increase. This result follows consistent falls from June in the lockdown periods. We need to observe far more evidence before calling a post-lockdown return to normality, but events are moving in that direction.

Credit enquiries

The number of credit enquiries jumped by 17 per cent in November. This is the largest monthly increase since March. Over the November ‘quarter’, credit enquiries rose by seven per cent compared to the same period in 2020. We’re a long way off from cooking the roast, but a continued improvement in credit enquiries would provide a key leading indication of better business conditions and consequently overall economic activity.

Business turnover 

Business turnover continued to decline from October to November. On an annual basis business turnover dropped by 42 per cent in November, the twenty second consecutive drop and the sharpest during that time. This is a sign that the recovery will be protracted and very uneven across industries and geographical jurisdictions.


The economy is coming back from the contraction of the September 2021 quarter, but we are unlikely to see a consumer-led recovery where households begin spending the $400 billion in savings they have accumulated on a grand scale. The recovery will be patchy and will take time, although we will almost certainly avoid another contraction in Gross Domestic Product (GDP) in the December 2021 quarter. Off a positive base, the economy is expected to continue growing in 2022.

Media Contacts:
Hayley Schubert
Sling & Stone 
0431 651 418

Mitchy Koper
GM Communications and Marketing, CreditorWatch
0417 771 778

About CreditorWatch

CreditorWatch is a digital credit reporting agency, headquartered in Sydney. From sole traders through to ASX listed companies, more than 50,000 Australian businesses now use CreditorWatch to make affordable, informed credit decisions, avoid high-risk customers and ensure they get paid on time. CreditorWatch customers can easily search for and monitor the credit history, court actions, payment defaults and insolvency notices associated with any business entity in Australia (including sole traders, trusts and partnerships) giving them an incredibly accurate picture of the risk posed to their business.

The company was founded in 2011 and has offices in Sydney, Melbourne and Brisbane. Find out more at


Australian digital assets exchange Swyftx has today announced a major two-year partnership with the Brisbane Lions. 

The country’s top rated cryptocurrency exchange will join forces with the AFL team as its official Coaches Partner.

Swyftx chief executive officer, Ryan Parsons, said the Lions sponsorship capped an important year for the Brisbane-based exchange, which has grown its customer base by more than 1,200% since the start of 2021. 

“This partnership brings together the best AFL team in Australia and its most popular cryptocurrency exchange,” he said. “We’re both progressive teams with strong values so we’re delighted to be joining forces.” 

Chris Fagan is one of the most respected coaches in Australian sport, with a huge following and an exciting coaching team behind him. We’re looking forward to seeing what our two great Brisbane-based teams can build.”

Swyftx was founded in 2018 and currently supports more than 470,000 customers around the country. The multi-award winning company is Australia’s top-rated exchange on Trustpilot.

The two-year deal comes with an option for a further one-year extension.

Senior coach Chris Fagan thanked Swyftx for their support and described the success of the award-winning business as an inspiration to the coaches.

“As a coaching group we are always looking for ways to encourage growth in our players and to reward our stakeholders, which are our members and fans, with our performances,’’ he said.

“In Swyftx I see an organisation that has achieved incredible growth and delivered a first-class platform for their clients.’’

Image of the Lions Coach, Chris Fagan is available here

Swyftx Media Manager,
Tom Matthews
(0413 938247)


  • Swyftx is Australia’s second largest cryptocurrency exchange by trade volume, with more than 470,000 customers across ANZ.
  • Swyftx is a multi-award winning exchange. In 2021, it was named High Growth Business of the Year and won the Excellence in Crypto Award at this year’s Finnies. 

Bubble trouble: Australians look to crypto for wealth building as four in ten see real estate as a bubble

As regulators, governments, banks and other investment platforms squabble over the viability of cryptocurrency as an asset, Aussies are voting with their wallets, declaring categorically that crypto is a long-term mainstream investment. According to YouGov research commissioned by crypto wealth platform Dacxi, Aussies are looking for alternative routes to build wealth away from traditional assets that have spiked in price such as the housing market. In fact, four in ten (40%) Aussies agree that real estate is currently in a ‘bubble’, which increases to 55% of those who own or have previously owned crypto. 

With this ‘bubble’ in mind, it has become apparent that Aussies are becoming sceptical of housing’s long-term returns, particularly amongst the millennial generation. While 30% of all Australian adults agree that crypto will generate more value over the next 10 years than  housing, that figure rises to almost half (45%) of millennials, in stark contrast to 27% of Gen X’ers and 15% of Baby Boomers.

The biggest divide however comes when you look at those who already own, or have previously owned cryptocurrencies. An incredible 81% of this group agree that crypto will generate more value than housing over the next ten years.

Dacxi CEO, Ian Lowe, said: “Vanguard has done incredible things for democratising access to traditional assets, but it has a blind spot when it comes to crypto. The next generation is looking for an alternative asset class they can have faith in that will perform well over the long term and that is accessible to younger, less established investors.”

The research shows that while 17% of respondents are considering turning to crypto to save for a house deposit, a significantly higher percentage (56%) are investing in crypto for the purpose of long-term investment/wealth building. 

Lowe continued: “This long-termism around crypto does, however, flag the need for investors to diversify their crypto investments. Going all-in on a single cryptocurrency such as Bitcoin is a higher risk play, even over the longer term, which is why we have created packages that include multiple different coins. Dacxi’s Blue Chip bundle allows investors to acquire blue chip crypto currencies including Bitcoin, Ethereum, Litecoin and our Dacxi Coin in a single transaction.  Diversification, or a portfolio approach, has never been easier, and is an ideal entry point for first time and SMSF investors..”

Such is the belief in crypto that 29% of Aussies now agree it is important to include crypto as part of an investment portfolio, with 46% of millennials agreeing with this sentiment. 

And with young Australians finding it increasingly difficult to break into the housing market, especially those unable to rely on a loan from the bank of Mum and Dad, it’s unsurprising that millennials are leading the way when it comes to crypto investment, with 31% already owning one or more coin classes.

Dacxi CEO, Ian Lowe, said: “It’s clear that the days of cryptocurrency being perceived as a volatile mid to long term investment are largely behind us, with investors backing the growth we’ve seen by most of the big-name coins as a clear signal that it’s worth riding the short term bumps to achieve long term gains. 

“Bitcoin recently hit another all-time high of US$68,521, then dropped as low as US$53,701 over the following two weeks. Picking price peaks and troughs is nearly impossible, even for professional traders. However the 1 year and 3 year return on Bitcoin is 190.7% and 235.2% respectively*, returns that have significantly outperformed even the booming equities market. And other headline currencies like Ethereum also continue to perform strongly. It’s not a surprise then to see that our survey found these two coins are considered the most likely to offer the best returns over the next 12 months, with 58% of respondents and 47% respectively.

“The already-accepted legitimacy of digital currencies was only further enhanced in Australia when the Commonwealth Bank revealed earlier in November that it will become the first bank to allow customers to trade in up to 10 selected currencies.”

“When commissioning this research, we saw a gap emerging between customer activity on our platform and what was being reported in the media: so we set out to discover if Aussie investors are actually thinking of using the gains in crypto for short term goals like a house deposit. Instead we are finding the vast majority of investors are looking long term, which is a healthy approach to a rising asset class like cryptocurrency. 

“Cryptocurrency is truly on its way to the mainstream now, with 21% of adults or 4.2 million people already own crypto in Australia, while almost one in four (23%) say they are likely to purchase crypto in the next year,” Lowe concluded.

*Bitcoin price and changes as reported by CoinGecko as at 29 November, 2021

About Dacxi

Dacxi is a global technology company that empowers everyday investors to participate in the growing digital assets market. Its purpose-built platform provides access to a curated set of digital assets and asset classes, allowing investors to quickly and easily build and manage their investment portfolio. Dacxi is a global organisation with operations in Australia, New Zealand, UK, Europe, Brazil and Singapore.

For more information contact
Zanda Wilson
Media & Capital Partners
+61 411 066 554


Monoova and the NPP. Reimagining the real-time reconciliation of Accounts Payable and Accounts Receivable

Payment-automation specialist Monoova is helping businesses benefit from the instant, always-on and data-rich capabilities of the New Payments Platform (NPP), driving the digital transformation of large, ongoing transaction flows to make managing business payments easy.

As one of a very small group of payment service providers to be enabled on the NPP, Monoova recognised the potential of this transformative piece of payments infrastructure early, innovating on top of Cuscal’s NPP solution and leveraging the platform’s capabilities to help businesses manage their payment workflows more effectively. Fully automating how business receive, make and reconcile payments in real-time.

Find out more – Reimaging real-time payments & reconciliations with Cuscal makes car finance faster through connected insurance with Open

We’re thrilled to announce our partnership with InsurancePoint to bring powerful and simple insurance to more Australians.

InsurancePoint and are part of the Firstmac Group, an award-winning leader in lending in Australia for home and car loans.’s car loan customers now have the option to purchase comprehensive car insurance through InsurancePoint as part of their online car loan application process. Open powers the insurance offer, end-to-end from quote to claim, with Hollard Insurance as underwriter.

Open and InsurancePoint – better together

InsurancePoint provides customers with the option to quickly purchase powerful and simple insurance within the onTrack application process – otherwise known as embedded insurance. “For a car loan to be approved, customers have to purchase car insurance. In a typical process this means buying insurance externally then forwarding a certificate of currency to a lender like as proof,” says Open’s Chief Customer Officer, Nicole Buisson.

Customers who purchase InsurancePoint cover have their certificate of currency automatically sent to the system. “Customers are always looking for a friendlier, more intuitive experience and evidencing their insurance this way makes for a smoother loan application process,” says Buisson.

“ is pleased to partner with Open to offer car insurance to our customers. This partnership of FinTechs means customers can access both loans and insurance through fully digital offerings, with low loan rates and quick approvals,” says Marie Mortimer, Managing Director of

InsurancePoint customers will benefit from insurance policy options such as Kanga cover and a Pay as You Drive.

About and the Firstmac Group an award-winning online lender with thousands of happy customers across Australia. is proudly part of the Firstmac Group, a leader in lending for home loans and car loans in Australia with brands Firstmac,, and car buying service They are Australia’s 12th largest lender, and the 3rd largest lender in Queensland, with $14 billion of loans under management.

Established in 1979, the Firstmac Group is an award-winning leader in lending in Australia for home and car loans, including brands Firstmac,, and car-buying service They’re also providing insight into finance and property news with their Savings Media Group including comparison site, Your Investment Property Magazine and Your Mortgage.

About Open

Open is on a mission to offer the fastest insurance, at the best price, for the world. Businesses of all sizes embed Open’s car and home insurance into their digital experiences.

Our flagship products are available under the Huddle brand, and also as a bespoke white-label solution. We work with many large brands and leading tech companies such as Telstra Plus, Plenti, ahm, and On by EnergyAustralia.

Open operates across Australia and New Zealand today, and soon will expand to the UK and Europe. We are proud to count Airtree Ventures (AU), Movac (NZ), Latitude (UK), Hollard Insurance (AU), Seven West Media (AU) and Five V (AU) amongst our investors. Open products are underwritten by Hollard Insurance in Australia and Tower in New Zealand.

We believe in using business as a force for good and are a certified B Corporation.

For more information visit or contact

Thought Machine raises $200m in Series C funding to bring world’s banks to the cloud

New investors JPMorgan Chase, Standard Chartered Ventures and ING Ventures join cap table and client list

  • Nyca Partners leads Series C round raising Thought Machine’s valuation to more than $1bn
  • New institutional investors include ING Ventures, JPMorgan Chase and Standard Chartered Ventures
  • Lloyds Banking Group, who led Thought Machine’s Series A round is also participating in this funding round and continues to invest in the business to maintain its shareholding


Thought Machine, the cloud native core banking technology firm, today announces the close of its series C funding round, bringing $200m into the business from new and existing investors. This new round sees Thought Machine achieve unicorn status.

This round was led by Nyca Partners, a New York and San Francisco-based venture capital firm, with investment also coming from the investment arms of some of Thought Machine’s global tier one banking clients – ING Ventures, JPMorgan Chase, and Standard Chartered Ventures. Existing investors Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital have all participated in the round.

This announcement follows a period of accelerated growth as Thought Machine executes its internationalisation strategy and continues to deploy cloud native core banking technology into the world’s most ambitious banks and fintechs.

In October 2021, Thought Machine relocated to a larger London HQ to support its headcount growth after adding more than 200 employees since 2020.

Thought Machine will be using the funding to continue developing and expanding Vault. The firm intends to further develop Vault and its Universal Product Engine, which allows for unparalleled flexibility in product development and configuration. The company will expand its international reach, strengthening its five global offices and targeting new key markets to accelerate the adoption of cloud native core banking globally.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine provides modern, cloud native core banking technology to some of the largest and most ambitious banks in the world. Many of Thought Machine’s investors are also clients, including Lloyds Banking Group, Standard Chartered, SEB and others – signalling to the market Thought Machine’s critical role in the future of global banking technology.


Paul Taylor, Chief Executive Officer and Founder, Thought Machine: 

We are delighted to have earned the support of our new and existing investors as we continue to move the world’s leading banks into the cloud. We set out to eradicate legacy technology from the industry and ensure that all banks deployed on Vault can succeed and deliver on their ambitions. These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.

Hans Morris, Managing Partner, Nyca Partners:

Thought Machine is the leading technology among the new generation of cloud native core platforms, and as a result it has become the top choice for tier one banks looking to upgrade their core architecture. These institutions tell us that Thought Machine’s engineering approach is unrivalled; Vault is highly configurable, flexible, scalable, and specifically designed for the complex environment and requirements of tier one banks. Investing in Thought Machine is an investment in the future of banking and we are very energized to be working with them as they build a new standard for core banking technology.

Alex Manson, Head of SC Ventures, Standard Chartered:

The deployment of Thought Machine is tied to our digital banking strategy, as we have adopted Thought Machine as the core banking software for our digital banks in Singapore and Hong Kong. Thought Machine’s cloud-native and agnostic technology stack offers agile and easily replicable deployment across markets, boosting our ability to roll out efficient digital banks with great customer experience in other markets. Digital Banking is one of our high-conviction themes, as we strongly believe finance should be a seamless experience embedded in our customers’ lifestyles. This will continue to be a focus area for SC Ventures.

About Thought Machine

Thought Machine was founded in 2014 with a mission to enable banks to deploy modern systems and move away from the legacy IT platforms that plague the banking industry. We do this through our cloud native core banking platform, Vault. This next generation system has been written from scratch as an entirely cloud native platform. It does not contain a single line of code which is legacy, or pre-cloud. Our customers include Lloyds Banking Group, JPMorgan Chase, SEB, Standard Chartered, Atom bank, and Curve, among others. We are currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne, and have raised more than $340m in funding at a $1bn+ valuation.

For more information visit

Square, Inc. Changes Name to Block

The change differentiates the Square brand, which was built for the Seller Business, from the corporate entity

Square, Inc. (NYSE: SQ) announced today that it is changing its name to Block. Block will be the name for the company as a corporate entity. The Square name has become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce solutions, business software, and banking services for sellers, and this move allows the Seller business to own the Square brand it was built for.

The change to Block acknowledges the company’s growth. Since its start in 2009, the company has added Cash App, TIDAL, and TBD54566975 as businesses, and the name change creates room for further growth. Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.

“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, cofounder and CEO of Block. “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

The name change to Block distinguishes the corporate entity from its businesses, or building blocks. There will be no organizational changes, and Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands. A foundational workforce, which includes teams such as Counsel, People, and Finance, will continue to help guide the ecosystem at the corporate level. As a result of the name change, Square Crypto, a separate initiative of the company dedicated to advancing Bitcoin, will change its name to Spiral.

The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.

Square, Inc. is referred to as “Block” in this press release. The legal name “Square, Inc.” is expected to be legally changed to “Block, Inc.” on or about December 10, 2021, upon satisfying all applicable legal requirements. The company’s NYSE ticker symbol “SQ” will not change at this time. Any changes in the future will be publicly disclosed. No action is needed from current stockholders. The Company’s Class A common stock will continue to be listed on NYSE and the CUSIP will not be changing.

For more information, please visit or follow company news via Twitter @blocks and @blockIR. For media assets, go to

We intend to use the Block investor relations website as well as the Twitter accounts @blocks and @blockIR as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

About Block

Block (NYSE: SQ) is a global technology company with a focus on financial services. Made up of Square, Cash App, Spiral, TIDAL, and TBD54566975, we build tools to help more people access the economy. Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral (formerly Square Crypto) builds and funds free, open-source Bitcoin projects. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD54566975 is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution.


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