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Bitcoin has since spawned a world of imitators
Crypto will take over the world, and we need full banking services,” she told CoinDesk. “We want to be that pillar of banking for the ecosystem to support how it gets done. If anything, [we’re learning] how to wean off traditional banking and getting crypto to be that platform.”Pandolfino said the bank raised $10 million so far and is looking to raise $30 million more in the near future. The bank’s leading investors include the crypto exchange Binance (also based in Malta), the hedge fund Polychain Capital and the Czech firm Carduus Asset Management.
Pandolfino said the bank might explore compliant ways to work with tokens in the more distant future. After all, she was one of the advisors who contributed to Malta’s Virtual Financial Assets legislation. That process took more than a year. But it eventually created a European gateway, as Pandolfino put it, for compliant innovation in the crypto space.“Our secret sauce is centered around building a know-your-customer, anti-money-laundering platform which is fintech-focused,” she said, describing Founders Bank.
The Mortgage Broker Forum (previously referred to as the Mortgage Industry Forum), a group of 11 independent broker firms that have been working with the support of hundreds of individual brokers, commissioned and funded the report in response to calls for changes in the financial services industry over the past 18 months and following the commencement of the Royal Commission (RC) into Misconduct in the Banking, Superannuation and Financial Services Industry.
After outlining the value of mortgage brokers and what they do, the report delves into broker remuneration and potential conflicts of interest before providing a summary of several recommendations that have been forwarded from different bodies relating to changes in the sector and outlining the forum’s own responses, including their six recommendations.
After stating that the upfront and trail commission remuneration structure provides a strong incentive for mortgage brokers to put customers in the right loan the first time and promotes competition, it recommended that upfront and trail commission (which the MBF suggested would be “more correctly referred to as a ‘deferred upfront commission”) should be calculated on a “fair, equitable and reasonable basis for mortgage brokers and lenders”.
As ASIC’s remuneration review said that a clearer disclosure of ownership structures is necessary, the MBF stated that “disclosure should occur at all distribution points” where the ownership of the entity employing the broker is more than 20 per cent, and where less than 20 per cent, a board seat is held or a white label product is offered by a substantial shareholder.
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