Australian neo-bank Volt ties up with crypto exchange BTC Markets

Sydney Opera House, Sydney, Australia. Photo by Frans on Unsplash

Australian neo-bank Volt said on Monday it had partnered with BTC Markets (BTCM) to provide integrated banking capabilities to the crypto-currency exchange, a first-of-its-kind deal in the country.

Neo-banks rely on digital technologies to break into the banking market with low-cost offers and have been licensed in Australia in recent years to improve competition as the “Big Four” lenders dominate nearly 80% of the market.

The Volt-BTCM partnership comes at a time of a marked shift towards online banking and payment, and which effectively led to the growth of neo-banks and other alternate financial platforms.

The deal will provide BTCM, which has around 325,000 Australian customers, access to a corporate cash management account with real-time notifications and payment automation, the companies said.

BTCM will invite its customers to open Volt bank accounts in the coming months for real-time trading, they said.

The firms added that the total of all deposits in Volt accounts are covered by protection of up to a maximum of A$250,000 ($185,900) per account holder under the Financial Claims Scheme.

Earlier this year, Australia’s banking watchdog initiated stricter requirements for companies seeking banking licenses and increased scrutiny of new entrants in the market, highlighting concerns around “neo-banks”.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.