TagCommonwealth Bank of Australia

Australia’s Science Agency & Commonwealth Bank Trial Blockchain ‘Smart Money’

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Australia

A trial conducted by the Commonwealth Bank of Australia and the Data61 unit of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has proven that blockchain-powered smart money possesses immense social and economic benefits for Australia’s insurance scheme for persons living with disabilities. In the proof of concept, it was demonstrated that participants in Australia’s...

World Bank Picks Australia’s CBA to Deliver ‘World’s First Blockchain Bond’ on Ethereum

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world bank blockchain

The Commonwealth Bank of Australia (CBA), the country’s largest bank, has won a mandate from the World Bank to become the sole arranger of a bond exclusively created and managed on a blockchain. Dubbed ‘bond-I’ – Blockchain Offered New Debt Instrument- with a nod to Australia’s famous Bondi beach, the pioneering issue will be the ‘first bond globally to be created, allocated, transferred and...

Australian ‘Big 4’ Bank Taps Ethereum Blockchain for 17-Ton Almond Shipment to Germany

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The Commonwealth Bank of Australia (CBA) has announced the successful completion of a global trade experiment involving a shipment of 17 metric tonnes of almonds from Australia to Germany using blockchain tech. The CBA, one of Australia’s so-called “Big Four” banks, announced the successful blockchain-powered shipment of the international trade endeavor involving the bank and five Australian and...

Crypto-Wary Australian Bank to Pay Record Fine For AML/KYC Violations

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Australia

The Commonwealth Bank of Australia (CBA), which recently banned customers from buying cryptocurrency with credit cards, has agreed to pay AUD $700 million in addition to legal costs for violating anti-money laundering and anti-terrorist laws that delivered millions of dollars to drug dealers, according to ABC News. AUSTRAC, the federal financial agency, accused the bank last year of failing to...

The Australian Govt. Looks to Build a Fintech Bridge to the UK

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The Commonwealth Bank of Australia (CBA) and the Australian Trade and Investment Commission (Austrade) have signed a collaborative agreement to enable and support the flow of financial technology development and innovation between Australia and the United Kingdom. The CBA is an Australian mulitinational bank with a presence in the United Kingdom. The agreement, signed by Steven Ciobo, Australia’s...

CBA Trials World’s First Government ‘Cryptobond’ with Blockchain Tech

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Bank Blockchain

The Commonwealth Bank of Australia (CBA) has announced the issuance of a ‘cryptobond’ for the Queensland Treasury Corporation (QTC), with the claim as the first blockchain bond issuance by a government entity in Australia or anywhere the world. The Australian banking giant has further claimed that the Queensland Treasury Corporation – the state government’s central financing authority – has...

Apple Battles Australian Banks over Access to Apple Pay Platform

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Apple

Apple Inc. is battling with five of Australia’s banks that are seeking to negotiate collectively with Apple for access to its mobile payment technology. Over the last several months, the banks have complained Apple is not permitting access to mobile payment technology. Commonwealth Bank of Austrailia, National Australia Bank, Westpac Banking Corporation, Adelaide Bank and Bendigo have applied to...