A daily download of SME, startup, fintech and tax news from around Australia.
Tensions appear to be building in the banking sector over its own reform process aimed at tidying up the industry and rebuilding customer trust.
The latest quarterly update from the banks’ independent governance expert shows many key initiatives dealing with sales commissions, rogue advisers, reporting of breaches and dispute resolution are still a fair way from being implemented.
Australian Bankers’ Association and National Australia Bank boss Andrew Thorburn yesterday received the best news he has had in months, with APRA giving the banks a clean bill of health and demanding lower than expected capital levels to be classed “unquestionably strong”.
The prudential regulator may still need to adjust individual risk weightings and other matters, but the big news is a lower capital hurdle for banks than the market had feared , and in the process one big hurdle has been cleared .
Online delivery platforms have opened up a whole new world of possibilities, with one startup making a bottle shop in your pocket a reality with a few taps of the finger.
Since launching in November 2015, online alcohol delivery service Tipple has continued to expand its offering, stocking over 500 product lines and servicing 262 suburbs across Melbourne and Sydney.
The Turnbull Government will seek advice on implementing an open banking system regime in Australia, and examine how such a framework can help boost competition and innovation in financial services for the benefit of Australian customers and businesses.
Open Banking is about giving Australians greater access to their own banking data and has the potential to transform the way in which Australians interact with the banking system.
Online lender Prospa has been recognised as a leading Australian business, winning the 2017 Telstra New South Wales Medium Business Award.
The firm is the first fintech to be given the accolade. The win is the culmination of three consecutive years as a finalist in the Telstra Business Awards which have been running for 25 years.