Financial crimes authority urges vigilance on AML as Covid-19 brings fraudsters out of the woodwork08/04/2020 Anonymous News
The Financial Action Task Force (FATF) has warned FSIs and regulatory bodies not to take their eyes off the ball as criminals exploit gaps in national anti-money laundering/counterterrorism financing (AML/CTF) exposed during the Covid-19 panic.
Neobank 86 400 secures $34m in March amidst Covid-19 market panic08/04/2020 Nanda Lakhwani News
Amidst Covid-19-triggered market volatility, digital-only challenger bank 86 400 has pulled off an impressive $34 million capital raising effort last month, completing its $90 million Series A equity funding round.
APRA suspends licensing in face of Covid-19 fallout08/04/2020 Anonymous News
Industry watchdog APRA has suspended the issuance of new operating licences for at least six months as it responds to the economic fallout of Covid-19.
Contactless payments limit doubled in bid to reduce Covid-19 spread07/04/2020 Nanda Lakhwani News
In an effort to lower Covid-19 transmission risks, Australia’s payments industry has agreed to temporarily increase the contactless payment transaction limit from $100 to $200, reducing consumers' need to physically contact payment terminals.
Allianz’s innovation powerhouse creates new chief data officer role01/04/2020 Anonymous News
Allianz Global Corporate & Specialty (AGCS) has appointed its first chief data officer, with XSE's former digital transformation lead, Ali Shahkarami, to take on the newly created role.
Xinja secures multi-cloud platform deal01/04/2020 Anonymous News
Upstart neobank Xinja Bank has its eyes on the next phase of its all-in-the-cloud expansion, confirming it has deployed a new multi-cloud support platform developed by Silicon Valley-based cloud networking provider Aviatrix.
Crack cybersecurity team enlists in fight back against Covid-19 hacks01/04/2020 Shahida Sweeney News
A global coalition of 400 cybersecurity experts assembled from the world's leading tech firms has come together to tackle a surge in phishing scams exploiting concerns around Covid-19.
Movers and Shakers | March 2019–April 202001/04/2020 Patrick Buncsi News
March saw a number of high-profile appointments and departures across the financial services sector, with noteworthy additions to AIA Australia, Suncorp, and Police Bank.
ASX defers CHESS replacement, cites Covid-19 uncertainty31/03/2020 Nanda Lakhwani News
ASX has announced it will delay the launch date for its world-first, blockchain-backed CHESS replacement, giving market participants time to cope with volatility wrought by the coronavirus crisis.
Open Banking set for July launch despite objections from former ACCC chair31/03/2020 Nanda Lakhwani News
Open Banking will go ahead on its scheduled 1 July launch date despite volatility induced from the coronavirus crisis, with ACCC chair Rod Sims citing the benefits of increased competition for rebuilding Australia's post-pandemic economy.
Insurance Beyond 2020: Why risk is the biggest game-changer in insurance – Lessons from Digital Leaders at the Future of Insurance, 202019/03/2020 Patrick Buncsi News
What does success look like at the end of the digital transformation rainbow? Why should incumbent insurers embrace, not fear, the insurtech surge? And what should insurers expect out of a collaborative, and fruitful, industry partnership – and why are they failing?
We take a look at some of the key insights shared during the Digital Leadership panel at FST's Future of Insurance, 2020.
CBA to face court over alleged consumer protection breaches18/03/2020 Anonymous News
Corporate watchdog ASIC has launched civil proceedings against CBA for alleged violations of consumer protection laws.
SWIFT defers ISO 20022 cross-border payment migration18/03/2020 Nanda Lakhwani News
SWIFT, the international standards body and network that underpins global financial transaction data, has announced it will delay its original ISO 20022 go-live date for cross-border payments by 12 months, acting on feedback from the SWIFT community.
Complaints against banks surge, with more than $70m in compensation paid in 201917/03/2020 Anonymous News
The Australian Financial Complaints Authority (AFCA) has recorded a 13 per cent jump in complaints against local banks in the second half of 2019, with the sector receiving a total of 14,096 complaints between July and December.
Life or death: the risks for insurers that miss the 'big picture' – Louise Portelli at the Future of Insurance12/03/2020 Anonymous News
Insurers must make a drastic shift in their propositions or risk a fatal step towards obsolescence. This was the stark warning of MLC Life’s chief customer experience officer, Louise Portelli, addressing delegates at the Future of Insurance.