Financial Services News

Financial Services News

  • FST Media
  • 13 September 2021
After an 18-month delay, the prudential regulator has announced its new data collection platform, APRA Connect, has this week gone live and will now accept submissions for its Superannuation Data Transformation program and Private Health Insurance Reform. APRA-regulated entities can...
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  • FST Media
  • 1 September 2021
Incumbent banks and financial institutions stand to lose increasing market share to digital-only banks that offer tailored and consumer-friendly financial ‘wellness’ functions, including spend analysis and payments management services, a new report by Forrester has shown. The State of Banking...
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  • Nanda Lakhwani
  • 1 September 2021
A major review has recommended that the Federal Treasurer be given a new “designation power” to direct Australia’s payments regulators to make rules for payments system operators and participants in an effort to stem anti-competitive conduct by the likes of...
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  • Nanda Lakhwani
  • 31 August 2021
As lockdowns force more New Zealanders onto eBanking channels, fraudsters are using new financial tools, including cryptocurrency exchanges, as their medium of choice to drain victims’ bank accounts, research from the Bank of New Zealand (BNZ) has revealed. Scams are...
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  • FST Media
  • 30 August 2021
Australian cross-border payments provider, Airwallex, has made its debut in the US, with the fintech announcing it has launched its “full suite” of services for America’s SME market. US-based businesses will now have access to Airwallex’s products, supporting “fast, transparent...
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  • FST Media
  • 18 August 2021
The Commonwealth Bank has become Australia’s first major bank to launch its own buy now, pay later (BNPL) service, with the big four unveiling its pay-in-four offering, StepPay, today. Developed in-house, StepPay will be made available as a dedicated card,...
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  • FST Media
  • 18 August 2021
Despite an unprecedented drop in card-based spending by Australians, card fraud rates have risen for the first time in four years, payments industry regulator AusPayNet has revealed in its latest annual fraud report. Online card fraud also jumped nine per...
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  • Nanda Lakhwani
  • 18 August 2021
NAB is set to embark on a three-month virtual fintech challenge with cloud services behemoth AWS and fellow global banking giants to crowdsource ideas for financial innovation. NAB will be joined by three banking majors and former blockchain bedfellows: Canada’s...
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  • Mike Taylor
  • 18 August 2021
In another push for scale in the medium-sized banking arena, Heritage Bank and People’s Choice Credit Union have entered into a non-binding agreement to explore a merger. The two customer-owned entities announced the possibility of a transaction today, noting that...
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  • FST Media
  • 17 August 2021
The Federal Court of Australia has ordered The Commonwealth Bank of Australia (CBA) to publish notices on its website stating that it had misled business customers with erroneous interest charges. The Federal Court’s ‘adverse publicity order’ will require CBA to...
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  • Nanda Lakhwani
  • 17 August 2021
Building on a nine-year partnership, Bendigo and Adelaide Bank has announced an acquisition deal worth up to $116 million for Melbourne-based fintech Ferocia – a key collaborator on the lender’s Bendigo e-app, internet banking platform, and mobile pure-play, Up Bank....
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  • FST Media
  • 16 August 2021
One of Australia’s leading specialist recruitment firms for financial services, Profusion, has announced the appointment of Matt Bennett as its next chief executive – its first leadership change since the company’s founding. Bennett replaces long-serving Profusion chief Rod Jones, who...
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  • FST Media
  • 4 August 2021
The Financial Markets Authority (FMA) has urged licenced advice providers to fully implement or upgrade their business continuity plans as part of the regulator’s latest guidance on cyber resilience. The information sheet provides general advice to small and medium-sized financial...
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  • Patrick Buncsi
  • 4 August 2021
The Bank for International Settlements (BIS) has unveiled a new blueprint to support national regulators in enabling real-time cross-border payments transfers. The plan, dubbed Project Nexus, was jointly developed by the BIS’s Innovation Hub Singapore Centre and MAS, Singapore’s chief...
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  • Nanda Lakhwani
  • 4 August 2021
Newcastle Permanent and Greater Bank have announced their intention to merge, creating what would become Australia’s largest customer-owned bank in a crowded marketplace fuelled by rapid technology advancements. The merger, set to be formalised in 2022, would create an entity...
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