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Thereâs a hidden cost to national pride in global recognition of Australiaâs booming fintech sector â as demonstrated by Afterpayâs $39 billion takeover by US payments giant Square.
That is the failure of Australiaâs financial regulators to adapt quickly enough to the transformation of the national payments system by global tech giants, with the biggest banks forced into the front line of defence against overwhelming odds.
As the Afterpay share deal with Square shows, thereâs no pause in the ability of foreign tech giants to overwhelm payments systems and national oversight.Â
David Rowe
This is not unique to Australia, of course. European regulators are also in a permanent struggle against the power of US tech giants.
Cuscal Leverages BHMI s Concourse to Support NPP Australia s PayTo Initiative
financialit.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialit.net Daily Mail and Mail on Sunday newspapers.
Cuscal turns to BHMI s Concourse for NPP PayTo initiative
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Cuscal Leverages BHMI s Concourse to Support NPP Australia s PayTo Initiative
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Mortgage Business
Westpac admits to dumping fintech customers By Sarah Simpkins 15 July 2021
The big four banks have explained why they may choose to debank businesses, while Westpac has confessed to cutting off banking services to around eight fintechs.
In submissions to the Senate Select Committee on Australia as a Technology and Financial Centre, the big four banks have discussed the practice of debanking – when a bank decides to stop providing services to customers.
Committee chair and Liberal senator Andrew Bragg previously flagged debanking as part of a “major concern for the fintech sector”, amid other allegations of anti-competitive conduct.
The senator also noted the practice could also threaten fintechs’ access to the New Payments Platform, the infrastructure allowing real-time payments across banks that was