Pulse Alert – News Pulse for July 9, 2019

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

ASIC says it never planned to add new lending standards

The Australian Securities and Investments Commission has dismissed suggestions it has softened its approach to responsible lending in response to industry and government pressure, insisting it never intended to add additional standards to its responsible lending rules.

ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au commissioner Sean Hughes said an ongoing review of the rules governing responsible lending, launched in February, was only ever intended to be an “update to provide clarity for lenders”, and would not “add additional standards for them to meet”.

Not a game changer: Retailers concerned customers won’t spend new tax cut

Small business owners say the government’s income tax cut will put money back into the pockets of shoppers but are sceptical the cash injection will turnaround a tough first half of the year.

After a week of bluster and posturing in Canberra, the government’s income tax cuts passed the Parliament late last week, securing a $1,080 in savings for some 4.5 million Australians.

Open Banking in Australia: Wait for the Bang | CDOTrends

July 1, 2019, was the first milestone in rolling out Australia’s Open Banking regime. While it might have begun with a whimper, it is expected to have a transformative impact. Not just in banking, but across a wide range of industries.

The first phase in what will be a gradual rollout began this month with a pilot project. The Big Four banks allowed customers to access their data and share with third parties.  They include financial services providers, and soon telco or utility providers.

Why Australia’s banks should fear Facebook’s Libra

Banks should be afraid, very afraid, as Facebook will issue its cryptocurrency, the Libra, next year. Libra will function as a stable alternative currency tied to major government currencies. Its potential to disrupt banking in Australia is massive.

English regulators are harrumphing that they see no reason why Libra will succeed when such good payment options are available in pounds sterling. They are right and wrong. Right to suggest Libra’s usefulness will initially be limited in highly developed countries like England and Australia; and wrong to imply Libra won’t be a game changer. Some 1.7 billion people today lack access to the most basicAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au financial services. Libra is mobile money in the Kenyan M-Pesa, mobile phone-based money transfer sense, on a global scale – it will take off in poor countries.

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