Australia

Fintech / Regtech

Nikko Set to Enter New Zealand’s Robo Advice Market

By Manesh Samtani | 29/08/2018

New Zealand’s FMA has granted an exemption allowing Nikko to enter the robo-advice market; new digital platform to be launched later this year.

Enforcement

NAB, CBA Could Face Criminal Charges: Australian Royal Commission

By Garima Chitkara | 27/08/2018

Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.

Fintech / Regtech

SWIFT Trials Instant Cross-Border Payments Service in Asia Pacific

By Garima Chitkara | 27/08/2018

SWIFT is set to trial its gpi payments service using Australia’s New Payments Platform, together with banks from China, Singapore and Thailand.

Market Infrastructure

Major Banks Slow to Adopt New Payments Platform – RBA

By Garima Chitkara | 24/08/2018

RBA governor says major banks are slow to adopt NPP, Australia’s new real-time settlement system; however, banks have begun to speed up the uptake process, the assistant governor said.

AML / KYC

AusPayNet Consults on Online Fraud Mitigation Framework

By Editors | 23/08/2018

‘Card-not-present’ fraud accounts for 85% of all card fraud, as criminal activity migrates to online channels following the success in chip technology in preventing in-person fraud.

Big Picture

Finance, Banking Professionals Considered Most Unethical In Australia

By Garima Chitkara | 22/08/2018

The Governance Institute of Australia’s 2018 Ethics Index revealed that public trust in banking and financial services is at a new low.

Capital / Liquidity

Australia Considering Changes to Bank Capital Framework

By Garima Chitkara | 16/08/2018

APRA is seeking industry feedback on potential new approaches to the capital framework for banks to make them more internationally comparable and flexible.

Enforcement

New Zealand FMA Work Plan to Focus on Conduct, Culture

By Garima Chitkara | 16/08/2018

New Zealand’s Financial Markets Authority expects firms to put customer interests first; work plan to focus on conduct, culture, governance.

Market Infrastructure

ASIC Asks Banks to Take Steps to Mitigate Financial Adviser Fraud

By Garima Chitkara | 16/08/2018

ASIC has asked 5 banks to put in place measures to monitor, review and better explain to customers the potential risks of providing account access to third parties like financial advisers.