Australia’s NAB Bank Won’t Process Payments To “Risky” Exchanges

A newly published assessment of the Reserve Bank of Australia’s take on the current financial system has revealed multiple endeavors by the central bank to study and develop blockchain solutions. The Reserve Bank of Australia’s report [PDF] on new developments on financial infrastructure has notably pointed to the establishment of a previously unknown ‘internal working group’ to consider the implications of blockchain technology. The Australian government has been pushing a FinTech-friendly agenda to encourage industry firms and startups to develop solutions in the country. The central....

Australia’s central bank, the Reserve Bank of Australia (RBA), has completed its pilot program exploring the potential use cases of a central bank digital currency (CBDC). The research project, carried out in conjunction with the Digital Finance Cooperative Research Centre (DFCRC), involved 16 selected industry participants, including Mastercard, Australian Bond Exchange, and Fame Capital. This […]

Australia’s so-called “Big Four” banks will be closely monitored for any attempts to purchase Fintech or blockchain-based startups by the country’s competition regulator. The Australian Competition and Consumer Commission (ACCC) will scrutinize any dealings or attempts by Australia’s biggest banks to swallow Fintech companies developing technologies like blockchain solutions in the financial sector, revealed the body’s chairman Rod Sims. As has been the predominant narrative for well over a year now, the Fintech revolution is seen as the banking industry’s biggest disruptive threat.....

When BnkToTheFuture’s chief executive Simon Dixon says that stock exchanges around the world have a long history in listing gold and oil mining stocks, but Australia will become the first ever to list this new form of mining stock, it makes a lot of sense. The country has a hot and cold reaction towards the digital currency technology; however, the latest move where the world’s first Bitcoin mining IPO is drawing near, it is moving ahead vis-à-vis other nations. As Australia’s Bitcoin Group Limited has set a process to ensure a smooth IPO, a lot of investors will have an opportunity to....

A petition to collectively bargain and boycott Apple on Apple Pay by three of Australia’s “big four” banks is set to be dismissed by the Australian Competition and Consumer Commission (ACCC), the country’s antitrust regulator. Fintech is all the rage and Australia’s big banks want in, by demanding access to Apple’s in-house Apple Pay platform with their own terms. The Commonwealth Bank, the National Australia Bank and Westpac are three of Australia’s ‘big four’ banks complaining that Apple is barring them from gaining access to its Apple Pay platform, after negotiations between the banks....