2024 was a pivotal year for Australian open banking. While Australia is seen as an open banking leader, its CDR regime has been criticised for issues including quality of data, slowness of adoption, cost of execution and cumbersome user experiences. This led to Assistant Treasurer and Minister for Financial Services Stephen Jones announcing a CDR… Read more »
Despite being drafted and tabled in the Australian Senate in 2022, the Action Initiation Bill was only passed last week. Action initiation would transform the Consumer Data Right (CDR) from merely a data-sharing framework into a dynamic system that empowers consumers to take action based on the insights they gain. The CDR was created to… Read more »
Next week, the Australian Parliament will cast a pivotal vote on advancing the Consumer Data Right (CDR) to Action Initiation. This decision could redefine consumer freedom and competition across the nation, making it one of the most significant moments in our history. What is Action Initiation? Action Initiation will enable consumers to take unprecedented control… Read more »
A slew of recent media reports from around the world have confirmed what we and many of our friends and family have known for a very long time as immigrants to a predominantly white and western country: there is a “built in” penalty for being brown and from somewhere else when it comes to banking.… Read more »
Buy Now, Pay Later (BNPL) services have dramatically changed the landscape of personal lending, largely by being easy to access and not charging interest – thus avoiding national credit laws. In the 2021-22 financial year, according to data from the Reserve Bank of Australia, the number of active BNPL accounts in Australia rose from 5… Read more »
The news that Volt Bank, the last of the three true Australian neobanks to secure a banking licence, is shutting down sent waves through the banking and fintech community this week. It is the second neobank to return deposits and surrender its banking license after the high profile collapse of Xinja, as well as the… Read more »
Buy now, pay later market leader Afterpay posted a staggering $345.5 million loss after tax for the six months to end 2021, a 336% increase on the $79.2 million loss the fintech posted in the corresponding period in 2020. The figures are the first published by the BNPL since Jack Dorsey’s US payments platform Square… Read more »
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