Financial Services News

Financial Services News

  • FST Media
  • 9 June 2021
Australia’s financial crimes investigation agency, AUSTRAC, has released a new guide to help financial organisations and other businesses detect and counter ‘cuckoo smurfing’ – a money laundering technique seeing increasing prevalence across the globe. Cuckoo smurfing involves several steps, but...
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  • FST Media
  • 9 June 2021
We need to build those storytelling skills, to have tools that can help with making data visually exciting, because humans like drama! We all like a good narrative – Abhi Toraskar The banking industry is blessed as one of the...
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  • Nanda Lakhwani
  • 8 June 2021
Australia’s financial crime watchdog, AUSTRAC, has escalated its engagement with NAB to its enforcement arm, identifying critical shortcomings in the bank’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) risk management capability. In a letter to the bank, AUSTRAC flagged “potential...
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  • FST Media
  • 7 June 2021
Volt Bank has secured a $15 million investment from mortgage broking group AFG, a deal that will see the home loan specialist gain access to Volt’s ‘white label’ digital mortgage product, deposit services, and tech platform. The “strategic alliance”, which...
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  • FST Media
  • 26 May 2021
One of the chief architects of the ASX’s blockchain-based CHESS replacement system, Peter Hiom, is set to leave the organisation at the beginning of July. Hiom, who has served as the stock exchange’s deputy chief executive and group executive business...
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  • FST Media
  • 26 May 2021
Kiwi Buy Now Pay Later (BNPL) provider, Laybuy, has pulled in $35 million in its most recent capital raising drive, putting it firmly on track to pursue its expansion objectives in the UK. The funding boost would support further investment...
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  • Nanda Lakhwani
  • 26 May 2021
Suncorp is moving 7,000 of its agents to a new omnichannel-ready contact centre platform in a bid to boost workforce capacity, flexibility, and quicken the company’s response time to claims events. Partnering with contact centre software specialist Genesys, the phased...
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  • FST Media
  • 26 May 2021
Open Banking data specialist, SISS, and financial services comparison site, Finder, have become the latest businesses to be accredited under the Australian Government’s Consumer Data Right (CDR) scheme, with SISS taking aim at the excessive “time” and “cost” of the...
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  • FST Media
  • 26 May 2021
Underwriting, actuarial, and retirement services group Aon Australia will offer its clients valuable data to help track extreme weather events and climate risk, announcing a partnership with critical event management platform developer, Catalyst Technologies. Through the deal, Aon clients will...
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  • FST Media
  • 12 May 2021
Global financial transactions standards body, SWIFT, has predicted that emerging central bank digital currencies (CBDCs) will be able to leverage existing payments rails, with new solutions simply extending current infrastructure rather than demanding a significant overhaul of today’s domestic and...
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  • Nanda Lakhwani
  • 12 May 2021
New Zealand banks’ anti-money laundering/counterterrorism financing (AML/CFT) controls are “of a good standard”, with the country overall appearing to have a “robust understanding” of ML/TF risks, yet gaps around supervisory powers and preparedness for emerging risks are evident, a report...
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  • Nanda Lakhwani
  • 12 May 2021
Tyro has announced its acquisition of HealthTech start-up Medipass Solutions from majority shareholder NAB Ventures, underscoring an increasing push by financial businesses, both old and new, to expand their interests in Australia’s $130 billion healthcare market. Medipass’s digital platform, which...
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  • FST Media
  • 10 May 2021
The Bank for International Settlements (BIS), the ‘bank of central banks’, is hoping to unearth the next generation of ‘green finance’ technologies, resolving a number of critical operational problems challenging sustainable finance practices today. The second-ever G20 TechSprint Initiative, launched as...
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  • FST Media
  • 10 May 2021
Nuapay, a joint venture of Aussie fintechs EML Payments and Frollo, has propelled itself to the forefront of Australia’s Open Banking innovators, unveiling the country’s first digital wallet to tap into Consumer Data Right (CDR) data. The white-label digital wallet,...
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  • FST Media
  • 28 April 2021
The Federal Government’s Select Senate Committee on fintech, officially known by its newly extended title the ‘Select Committee on Australia as a Technology and Financial Centre’, has tabled several new recommendations, including an expansion of the Consumer Data Right (CDR)...
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