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Banking Royal Commission: Giving Up On Banks



banking royal commission

The Australian banking royal commission was established in December 2017. Commission intended to examine the practices of financial service providers such as banks and car finance companies. It has been investigating four major banks in Australia, among others. The commission discovered many cases of malpractice.

Many Australians became distrustful since the report went public. In his comment, an economist and Blockchain Innovation Hub’s researcher Brendan Markey-Towler said this is especially problematic in Australia because almost every payment is connected to the bank. The controversy resulted in a rising number of Australians who wanted to find an alternative way to manage their own finances.

Many people seem to be happy with Mr. Crabs solution to hide all their riches under their mattresses. If that’s not really an option for you, consider cryptocurrency, peer-to-peer lending and credit unions.

So what are the options?

Dr. Markey-Towler said that technological advancement offered some alternatives. His only advice was to be smart and careful. Every choice has its advantages and flaws so everyone should choose something that suits them best.

ASIC Moneysmart’s executive Laura Higgins agrees with Markey-Towler. She declared that young people are searching for innovative ways to manage their finances. She also finds refreshing and “inspiring” that young people are looking further than traditional ways when it comes to finances. Some of the alternatives are cryptocurrency, peer-to-peer lending, and credit unions.


Dr. Markey-Tower said he believes that in the not-so-distant future we will be able to pay our usual morning coffee, for example, with a Bitcoin.

He explained that many people mistake the terms of blockchain and cryptocurrency. Cryptocurrency is actually based on the blockchain technology. According to his words, everyone in one network has a certain amount of purchasing power. When you want to transfer that purchasing power, you use that network’s related currency. And blockchain works like a bank record, tracking the amount of everyone’s purchasing power on that network.

Dr. Markey-Tower claimed that the regulations are the only thing slowing down the process of cryptocurrency becoming widely used every day. Laura Higgins agreed and added that the exchange platforms in cryptocurrency business need better regulations. Therefore, the risk is still high but will keep stabilizing as we progress further.

Peer-to-peer Lending

Instead of lending money from the bank, you may lend directly from a peer. Dr. Markey-Town stated that platforms that connect a borrower directly to a lender have recently been in demand. Laura Higgins added that ASIC regulates this matter and mostly requires licenses. Even though it seems the lenders are in favor, Higgins highlighted that this way borrowers may find a lower interest rate.

You should always ensure a few things if you’re having a peer lender for your business. The lender needs to have an Australian Financial Services License so you could be protected by law. Also, always check twice the “small letters in the bottom” and ask about the interest rate. That way you’ll protect yourself from many potential risks, for example, from an exorbitant interest rate.

Credit Unions

Higgins suggested that credit unions may be a good choice since they are as safe as banks. Customer-owned banks have different responsibilities than shareholder-owned. Since 2015, there were 4 million clients in 93 customer-owned banks. They included credit unions, building societies and mutual.

There were have been some bad experiences with credit unions due to acquisitions. Clients who exclusively want a customer-owned bank can be disappointed if the small bank merges a couple of times. Then it becomes a big one that they intended to avoid.

In the end, Laura Higgins advised always to check your financial plans now and then. Maybe they don’t suit you any more or there’s a better option somewhere else.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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How Can Foreigners Get Loans in Singapore



loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors




When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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CoinFlip Scores Big with BRD Wallet Partnership




As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies like Bitcoin and Dash, to help protect their assets and hard-earned…

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