Financial Services News

Financial Services News

  • Oksana Patron
  • 24 May 2022
Singapore-based payments platform provider, Nium, has acquired SoCash, a fellow Singaporean alternative payments network platform that offers a digital platform enabling cash circulation without the need for ATMs, cash logistics, and branches. SoCash’s platform brings together financial institutions and digital...
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  • FST Media
  • 18 May 2022
In the world of the ever-present bigtech, how have customer demands and behaviours evolved – not only in the retail banking space but also for those at the top end of town? What defines a great customer experience today? And,...
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  • FST Media
  • 18 May 2022
Westpac has announced it has commenced work on a new cloud-native transactional platform for its institutional bank (WIB), enlisting existing partner 10x Banking to help build the platform’s core technology. Westpac confirmed it has signed a ‘Letter of Understanding’ with...
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  • FST Media
  • 18 May 2022
Australian Payments Network (AusPayNet), the payments industry’s self-regulatory body, has released a set of voluntary guidelines for facilitators of Quick Response (QR) code payments, in response to the rapid uptake of QR-based check-in services during Covid. While voluntary, the guidelines...
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  • FST Media
  • 18 May 2022
Around two out of three Australians (68 per cent) would use Open Banking to switch banks, according to a new survey by CDR-specialist fintech, Frollo. The survey found that the most sought-after function of the current Consumer Data Right (CDR)...
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  • Patrick Buncsi
  • 17 May 2022
NAB-owned UBank has announced the launch of its new, money management-focused app, following its merger with fellow digital-only bank 86 400. In a statement, the subtly rebranded neobank (now known as ‘ubank’), said its new app combines the “established customer...
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  • FST Media
  • 17 May 2022
The Commonwealth Bank of Australia (CBA) has announced a slew of new digital service offerings, including a dedicated digital-only loan service, a money app for kids, and a new rewards program, dubbed ‘Yello’. CBA chief executive, Matt Comyn, said the...
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  • Patrick Buncsi
  • 5 May 2022
Will hybrid working prove merely a stop-gap relic in a post-Covid world or will it continue to be a permanent fixture of the modern workplace? What did remote workers gain or perhaps lose in the shift to WFH? And, how...
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  • Patrick Buncsi
  • 4 May 2022
With the cost of technology acquisition dropping substantially over the last decade, financial services have developed and integrated new, state-of-art software and digital systems at breakneck pace. ANZ chief technology officer, Tim Hogarth, however, cautioned banks on an unchecked approach...
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  • Patrick Buncsi
  • 4 May 2022
National Australia Bank (NAB) has become the second of Australia’s big four banks to create a dedicated Chief Design Officer role, recruiting US-based digital, UX and design veteran, Lance Thornswood to the new position. As part of his new role,...
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  • FST Media
  • 4 May 2022
National Australia Bank (NAB) has agreed to an enforceable undertaking (EU) with Australia’s financial intelligence agency, AUSTRAC, following concerns raised around the bank’s anti-money laundering and counterterrorism financing (AML/CTF) controls. The enforceable undertaking follows an investigation (and formal assessment) by...
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  • Patrick Buncsi
  • 4 May 2022
Several of Australia’s major banks have stalled the forthcoming launch of the New Payment Platform’s (NPP’s) PayTo capability, with the Reserve Bank of Australia’s (RBA’s) head of payments policy, Ellis Connolly noting the delay will “significantly limit the availability of...
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  • Karen Noack
  • 22 April 2022
Australia and Singapore have signed the Australia-Singapore FinTech Bridge Agreement in a bid to strengthen bilateral and multilateral cooperation on financial technology and support fintechs looking to expand in each other’s markets. A joint statement by the Australian Government’s Treasury...
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  • Karen Noack
  • 22 April 2022
Singapore-based buy now, pay later (BNPL) start-up, Pace, is expanding its payments services, including a new virtual card in Singapore after acquiring local BNPL rival Rely last month. Pace Enterprise bought fellow Singaporean BNPL player Rely at the end of...
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  • FST Media
  • 20 April 2022
Countries have made “huge progress” in improving their technical compliance with anti-money laundering and counterterrorism financing (AML/CTF) regulations, but many are still struggling to properly investigate and prosecute high-profile cross-border cases, according to global the AML/CTF authority, the Financial Action...
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