Pulse Alert – News Pulse for July 19, 2019

A daily download of SME, startup, fintech and tax news from around Australia.

Accountants push for compensation after ATO outage

It is the latest in a series of outages that have impacted ATO Australian Taxation Office portals, including on 4 June this year and a wave of problems experienced in 2017 and 2018.

That raised concerns about the resulting economic losses and potential reputational damage on individual accountants and their practices.

Following the latest outage, accounting body the Institute of Public Accountants (IPA) called for the industry to be compensated financially.

Uber Eats admits bullying restaurants into taking responsibility for botched deliveries that weren’t their fault

If you’ve ever been the victim of a botched Uber Eats delivery and been refunded by the restaurant, turns out it might not have even been their fault.

An investigation by the competition watchdog has found that since 2016 Uber Eats has been insisting on “unfair contract terms” with its participating restaurants, essentially trying to shift blame onto them for delivery problems they had no control over.

Start-up bank race heats up as 86 400 gets APRA green light

The race among a new wave of digital start-up banks is heating up, with the latest player, 86 400, to begin accepting retail deposits within weeks before moving into mortgages soon after.

86 400, owned by payments business Cuscal, on Thursday received a full banking licence from the Australian Prudential Regulation Authority (APRA), passing a key milestone as it eyes a major capital build-up from new shareholders over the next three years.

SME lender joins FAST panel

OnDeck Australia has become the latest non-bank lender to join the aggregator’s panel, enabling broker members to write the fintech’s small-business loans.

FAST has welcomed online SME lender OnDeck Australia to its lender panel, enabling its 1,300 broker members to offer clients OnDeck’s short-term business and unsecured term loans, as well as its new plant and equipment finance products .

APRA grants Aussie fintech 86 400 a banking licence

The Australian Prudential Regulation Authority (APRA) has granted 86 400 Ltd a licence to operate as an authorised deposit-taking institution (ADI) under the Banking Act 1959 .

As a result of the licence, Australia’s newest bank is gearing up for its launch of transaction and savings accounts, with its app to appear on the Apple Store and Google Play “soon”.

Australian fintechs urged to look at the super apps of China to take their business to the next level

Australia’s banking regulator APRA has started licensing banking disruptors like Volt and Judo. It’s a sign that the ecosystem for Australian fintech is growing and taking on an importance in the local financial sector that will only grow through time.

That is particularly the case as Open Banking – what the Federal government calls Consumer Data Right – creates opportunities for further inroads by fintechs into the traditional banking space.

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