On Wednesday last week, 10 financial services companies got together in a room in Melbourne for a meeting with Australia’s big four banks. They, along with the national competition regulator, discussed how they could share customers’ financial data with each other to improve products and services, and stimulate competition and
A neobank, budgeting tools and payment services are among the first 10 companies selected by the ACCC to trial data sharing as part as Australia’s incoming open banking regime. Open banking, based on the recently passed Consumer Data Right (CDR) legislation, is set to kick off formally in February 2020,
From today, Australians can move their money into savings and transaction accounts offered by neobank 86 400. The challenger bank’s public launch will also introduce users to new tools to help them manage upcoming bills and subscriptions, and provide an overall view of their finances across multiple banks. The launch
COVER STORY: Australia’s Neobanks have Cleared Key Regulatory Hurdles, But Will Customers Embrace Them?
The Australian market for neobanks is less than a year old, but the new entrants have big ambitions to change the way consumers bank — putting the pressure on Australia’s biggest and most established banks. The newcomers have already cleared significant hurdles by appeasing Australia’s regulators to secure their banking
The title of Australia’s newest bank has changed hands once again, with neobank 86 400 receiving its ADI licence from APRA today. 86 400 is the third fintech upstart to earn itself an unrestricted banking licence this year, after Volt Bank collected its banking licence in January, followed by Judo
A new digital bank is set to take on Australia’s big four, investing heavily in proprietary technology and shunning bank branches. 86 400, which has been in stealth mode for the last two years, launched publicly today. The challenger banks plans to make its app to the public in the