This Month
Card payment surcharge billions under RBA microscope
The RBA has brought forward an inquiry into card payment costs amid increased political scrutiny of the estimated $4 billion that Australians pay in fees each year.
- Updated
- James Eyers
This trader spotted a ‘really big gap’ – and made a fortune
Stake’s Matt Leibowitz loved his job as a derivatives trader, but when his friends started asking how to invest in US stocks, he saw an opportunity.
- Yolanda Redrup
Apple finally opens up tap-and-go, but banks remain very wary
In a decision seemingly forced by a European antitrust deal, the US tech giant said access to the payment functionality would be granted to outside developers.
- Paul Smith
Familiar with the consumer data right? Here’s why you should be
The philosophical basis for the right is that data generated by consumers of commercial services is their property and not that of the company.
- James Eyers
- Exclusive
- Open banking
‘Badly executed’: Labor unveils plans to simplify consumer data right
A raft of enhancements to the open banking and energy sector data-sharing regime will be unveiled on Friday to boost adoption.
- James Eyers
Superhero swoops on MYOB’s Slate Super
The online share-trading platform is one step closer to its goal of becoming a superannuation platform of scale after nabbing the $502 million fund.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Banks say consumer data right ‘action initiation’ rescue will cost $3b
Ahead of a parliamentary vote next week to extend the consumer data right to boost switching, the ABA is pointing to costs and risks as reason for delay.
- James Eyers
Christie’s-backed art fintech puts finishing touches on recap
It also opened a $US50 million debt book opportunity alongside the equity round and told backers it would be open to a sale or join venture discussions.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Nick Molnar to step up at Block, will report to Jack Dorsey
On the three-year anniversary of Afterpay’s blockbuster sale to Block, its founder Jack Dorsey has promoted Nick Molnar to head of sales.
- James Eyers
July
ACCC wants banks to make foreign exchange calculators more accurate
The regulator has proposed changes to FX calculators to ensure banks subtract fees, so customers have genuine transparency.
- James Eyers
Resurgent Zip raises cash and pays big break fee to eliminate its debt
Zip has indicated it will push the accelerator on growth in the United States despite regulators investigating whether it has violated consumer protection laws.
- James Eyers
Revolut’s ambition adds to major banks’ headache
“If we do a good job, we can attract more customers from traditional banks,” says the global CFO of Revolut, which has more than 600,000 users in Australia.
- James Eyers
Fintechs accuse banks of sabotage on ‘open banking’
The start-ups attacked the banks for trying to sabotage the consumer data right, arguing figures on low usage misrepresent growing interest in account switching.
- James Eyers
- Exclusive
- Funding
Financial adviser tech firm $20m richer after funding dash
Dash Technology, a Sydney fintech that sells software to financial advisers, has secured $22 million funding, with $20 million coming from ASX-listed VC firm Bailador.
- Paul Smith
June
Mastercard’s call to save open banking
If Treasury can iron out the teething issues, the government’s consumer data right is ready for take off, according to a new report from the US payment giant.
- James Eyers
NAB clarifies crypto strategy with investment in Zodia Custody
NAB Ventures joins Standard Chartered and Northern Trust on the register of London-based Zodia, revealing NAB’s crypto play may involve custody services.
- James Eyers
CBA unveils aggressive business banking strategy to take on Macquarie
Among measures outlined by the bank is a plan to target $20 billion in deposits real estate agents hold for renters, a niche dominated by Macquarie.
- Michael Bleby, James Eyers and Lucas Baird
NAB kills its stablecoin, bankers decamp to form Ubiquity
The bank canned its digital Australian dollar, known as the AUDN, so Rob Waugh and Drew Bradford left to set up their own product, to be called Ubiquity.
- James Eyers
ASX investors spooked by rising technology costs
Shares in the equities market operator slumped 8 per cent after it revealed elevated capital expenditure over the medium term, as it continues with the CHESS fix.
- James Eyers
Apple to drive iPhone users towards buy now, pay later loans
The global technology giant will upgrade Apple Pay to bring buy now, pay later-style payment options to the point of sale. ANZ is the first major bank to join up.
- James Eyers
