Financial Services News

Financial Services News

  • FST Media
  • 5 November 2020
Chief of Australia’s Consumer Data Right (CDR) has confirmed the Australian Competition and Consumer Commission (ACCC) could lose jurisdiction of the CDR to Treasury, contingent on legislation to hit parliament. Speaking at FST’s Future of Financial Services Sydney event on...
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  • FST Media
  • 5 November 2020
Senator Andrew Bragg has again urged Australian industry and governments to “capitalise on the demise of Hong Kong” as a regional centre of finance and technology, believing China’s special administrative region (SAR) will no longer retain its primacy as a...
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  • FST Media
  • 3 November 2020
October saw a number of key appointments and departures across Australia’s financial services sector, with noteworthy additions to ING Australia, ANZ Bank, and IAG. Australia – ING Bank Australia has appointed Melanie Evans to the position of Chief Executive. Evans,...
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  • FST Media
  • 28 October 2020
The Australian Securities Exchange (ASX) has pushed back the launch date for its long-slated CHESS replacement by another year following requests from industry for more testing time. The delayed launch will allow for “[increased] project scope” and extra system testing...
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  • FST Media
  • 27 October 2020
Westpac New Zealand has announced its phase-out timeline for accepting and processing cheques, with June 2021 its final cut-off month cheque users. From 25 June next year, Westpac NZ will no longer accept cheques for cashing out or depositing, while...
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  • FST Media
  • 21 October 2020
Afterpay has become the first business to join Westpac’s new cloud-based ‘bank-as-a-service’ (BaaS) platform, following a deal that will see the Aussie buy now, pay later (BNPL) giant offer white-label Westpac transaction and savings accounts to its more than three...
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  • FST Media
  • 20 October 2020
SME-specialist neobank Judo will implement a new cloud-based ‘Bank Operating System’, supporting the expansion and “streamlining” of its lending operations. Enlisting financial tech developer nCino, the new all-in-one cloud-based platform will enable the neobank to automate key banking processes, it...
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  • FST Media
  • 15 October 2020
At our recent Sydney Banking Summit, AMP’s Jacqui Visch and ING Australia’s Sasitharan Sanmugaratnam, among the industry’s most respected voices in data and digital innovation, came together to explore their the digital-only banks’ tech transformation agendas and big data-readied infrastructure...
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  • FST Media
  • 7 October 2020
One of the chief technologists overseeing the Consumer Data Right’s (CDR) implementation has quashed suggestions of a supposed “backlog” in accredited data recipient (ADR) applications, stressing that processes remain on track and urging eligible business to move their applications forward...
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  • FST Media
  • 2 October 2020
Australia’s Consumer Data Right (CDR) rules have been relaxed to allow accredited intermediaries to collect data on behalf of third-party data recipients – the first in a series of anticipated amendments to the data-sharing regime. The rule change, which comes...
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  • FST Media
  • 2 October 2020
September saw a number of key appointments and departures across Australia’s financial services sector, with noteworthy additions to Westpac, Latitude, and IAG. Appointments Westpac has appointed of Chris de Bruin as Chief Executive of its Consumer division. A 24-year veteran...
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  • Murali Ramesh
  • 28 September 2020
Execution is the key [in Open Banking]. APIs are just one trivial part and building them will not get any value unless an ecosystem for Open Banking is created. Singapore is widely considered the world’s leading light in Open Banking...
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  • Megan Andrew
  • 23 September 2020
Australia’s national science research agency, the CSIRO, and space industry consortium, SmartSat, have launched a “world-first” initiative utilising sensor technologies from the ground to space to help monitor the water quality of Australia’s inland waterways, reservoirs, and coastal environments. Dubbed...
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  • FST Media
  • 23 September 2020
Australia’s first ADI-accredited neobank, Volt, has announced it is developing a “next-generation” Banking-as-a-Service (BaaS) platform that could allow its business partners to offer Volt’s deposit products directly to their own customers and give incumbents a legacy-free environment to “accelerate” their...
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  • FST Media
  • 23 September 2020
Westpac has sought expertise from abroad to lead its largest division, appointing 25-year veteran of financial services, Chris de Bruin, as chief of consumer. De Bruin joins Westpac from Deem, one of the largest lenders and credit institutions in the...
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