Financial Services News

After a more than six-month deliberation, the Australian Competition Tribunal (ACT) has approved the Australia and New Zealand Banking (ANZ) Group’s proposed takeover of tier-two rival Suncorp Bank.  The ACT’s decision effectively overturns the competition watchdog’s August 2023 ruling denying...

Payments and data company Cuscal has announced the forthcoming departure of deputy chief executive and company veteran Bianca Bates. Bates, who also serves as Cuscal’s chief client officer, is set to take on a new role at employee management services...

Aussie paytech firm Tyro has announced its intention to settle court action against rival Kounta, a rival point-of-sale (POS) terminal and software developer, after an alleged attempt by the Canadian firm to poach terminal clients from Tyro in the hospitality...

Regional Australia Bank has been given a green light from the Australian Prudential Regulatory Authority (APRA) to merge with fellow regional NSW bank Macquarie Credit Union. The banks have announced they will now proceed to a special general meeting with...

The Commonwealth Bank of Australia (CBA) has revealed it hired more than 900 engineers in the first half of FY24, as the bank moves to accelerate the development of artificial intelligence (AI) and Generative AI technologies. Outlining the figures as...

Macquarie’s Banking and Financial Services (BFS) technology chief Richard Heeley has signalled the group’s intention to make a “significant” investment in personalised banking in coming years, with ambitions to create Australia’s “leading omnichannel experience in financial services”. “We see the...

Mutual banking group Police & Nurses Limited (PNL) has announced the appointment of Chris Malcolm to the newly created role of chief data and products officer (CDPO). Malcolm currently serves as PNL Group’s general manager of data and open banking,...

The value of deals made within Australia’s fintech industry has declined by 76 per cent year-on-year, while deal counts have dropped by a third, as the local market continues to be battered by both domestic and global economic headwinds, KPMG’s...

Payments and credit card giant Visa has revealed that its proprietary scam-busting technology, Visa Advanced Authorisation (VAA), has helped to prevent the loss of more than $700 million over the last year to scammers globally. Planned for rollout in Australia...

The Commonwealth Bank of Australia’s (CBA’s) group executive for technology and group chief information officer, Gavin Munroe, has revealed that the overwhelming majority of the bank’s early adopting staff would not go back to working without Microsoft’s generative artificial intelligence...

Westpac has announced the deployment of an added layer of transaction monitoring which it says can detect early warning signs of misuse of a power of attorney on its bank accounts –  an often underreported form of financial abuse. The...

Apple Pay has nearly doubled its share of Australian users over the last three years, according to new data from pollster Roy Morgan, becoming the third most widely used digital payments service in the country. As of December 2023, the...

Andrew Irvine, National Australia Bank’s (NAB’s) business and private banking head, will step up to lead the group, the firm announced today. Irvine will succeed NAB’s current CEO and managing director Ross McEwan in early April 2024, after McEwan declared...

Fat Zebra, a payments technology developer for enterprises and SMEs, has announced it has acquired fellow Aussie fintech Adatree for an undisclosed sum. Adatree, an accredited data recipient within the Consumer Data Right (CDR) framework, effectively functions as an intermediary...

Bank Australia and Qudos Bank have signalled their intention to merge, creating what would become Australia’s fourth-largest ‘customer-owned’ bank and continuing a wider sector trend of mutual marriages. Flagging the prospect of a merger at recent board meetings, the mutuals...