The new policy is expected to benefit smaller card issuers and encourage competition from internet platforms and tech giants.
January 17, 2021Consumers will be able to top-up their e-wallets directly through their bank accounts, rather than using a debit or credit card. Fund transfers between e-wallets will also be made possible.
December 1, 2020ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.
November 2, 2020Effective from 3 November, credit card issuers can charge a maximum 2% per month on unpaid outstanding credit card balances.
September 27, 2020Digital lending platforms have 12 months to enhance disclosures and transparency to ensure borrowers are made to understand the implications of their borrowing decisions.
September 7, 2020The BSP says it is looking to impose a maximum finance charge equivalent to an effective annual interest rate of 24 percent for credit card cash advances and installment purchases.
September 1, 2020China Merchants Bank and Bank of Communications were fined for failing to protect the personal data of credit card customers.
August 9, 2020The big four banks have opened up their deposit, transaction account, credit and debit card data for customers to share with other major banks or accredited fintech providers.
July 2, 2020ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.
June 8, 2020Under a $7.9bn stimulus plan, banks will distribute working capital loans with the interest cost to businesses partly subsidised by the government.
April 6, 2020