A daily download of SME, startup, fintech and tax news from around Australia.
The Commonwealth Bank of Australia’s backflip on its longstanding Apple Pay boycott has paid off in spades, with more than half a million people flocking to the new payment service just two weeks after it was made publicly available to customers.
The stampede of iPhone users is so big it has boosted the CBA’s total number of mobile banking by half, propelling the number from 1 million Android users to a total of 1.5 million total mobile numbers.
Franchisors are to be subject to a new wave of compliance checks under the Franchising Code of Conduct, just weeks after a multimillion-dollar penalty was given to one franchise network for disclosure failures.
Competition watchdog the ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion. has unveiled plans to scrutinise franchise networks in the food services industry as part of ongoing compliance checks, which will include take-away operators as well as café and restaurant chains.
Taking action on the Banking, Superannuation & Financial Services Royal Commission: Going further with a financial counselling review | The Hon Josh Frydenberg MP
The Coalition Government has agreed to take action on all 76 recommendations contained in the Royal Commission’s Final Report and, in a number of important areas, is going further, including conducting an immediate review of financial counselling services.
In his Final Report, Commissioner Hayne observed, “The desirability of predictable and stable funding for the legal assistance sector and financial counselling services is clear and how this may best be delivered is worthy of careful consideration.”
Financial technology firms are set to move from disruption to collaboration as the industry seeks to be a credible alternative to established firms amid the fallout from the banking royal commission , Fintech Australia’s new general manager Rebecca Schot-Guppy says.
“Fintech in Australia has moved beyond pure disruption of the major banks – it is no longer a case of fintech versus the big four. This is the line that I am drawing,” she said last week in her first interview as general manager.
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