The fintech industry has expressed excitement over the announcement by Facebook that it was set to introduce a new cryptocurrency to market with the help of some of the biggest names in tech. The cryptocurrency, dubbed Libra, has been announced by a Facebook white paper stating their mission to empower billions worldwide to enter the financial market. “The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people,” said the white paper.

UK neobank Revolut has rolled out its beta launch in Australia with around 20,000 consumers on the waitlist to try out the fintech. The company is yet to gain an Australian banking licence, for now being classified as an electronic money institution. Revolut has previously said it is intending to add commission-free investing to its app, the details of its establishment are still to be announced.

For now, it is giving consumers the ability to exchange money to other Revolut customers in the UK and Europe instantly and for free, as well as spend and transfer abroad at the real exchange rate without fees or markups. Australian consumers will be able to hold and exchange 15 currencies directly in the app, including Australian, New Zealand and US dollars, British pounds and Euros. In the UK and Europe, customers can hold and exchange 29 currencies, a feature that Revolut plans to extend to Australians. Users can also spend and transfer cryptocurrency, with the app offering bitcoin, litecoin, ether, XRP and BCH.

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ASX-listed Link Group will offload its corporate services arm to UK-based Apex Group for approximately $450 million after meeting all regulatory approvals. Earlier this year, Link Administration Holdings Limited announced the sale of its Corporate & Private Clients business (CPCS), part of the Link Asset Services division, to global fund administrator Apex Group for a cash-free, debt-free consideration of £240 million. Link Group this week advised that all regulatory approvals have been received and completion is expected to occur on 28 June 2019.

“After considering Link Group’s broader strategy, the decision was made to sell CPCS, and it is pleasing that all regulatory approvals have now been received to allow the sale to complete by the end of the financial year,” Link Group managing director John McMurtrie said. The net cash proceeds of the sale will be used to reduce Link Group’s debt and strengthen its balance sheet. Including the proceeds and excluding the EBITDA generated by CPCS, the pro forma net debt to operating EBITDA ratio is expected to fall into the bottom half of Link Group’s guidance range of 1.5x to 2.5x.

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