As The Business Times reports IBM and the three largest banks in Australia have joined efforts to test retail financing by the technology of blockchain. The new product is a bank-guarantee platform that is used by shopkeepers. The platform has a shared database. If the project is successful, this will be the very first application…
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Following a review by Australian regulator ASIC, five Australian banks have informed that they will improve their compliance measures and controls for deposit accounts that can be operated by a third party, such as a financial adviser. ASIC’s industry-wide review was prompted by concerns raised through an investigation of the conduct of persons involved in…
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Aussie banks are increasing their commitment to electronification, spurred on by aggressive competition from non-bank market makers – particularly for spot FX business The electronification of FX is of huge benefit to clients globally who need to deal in the Australian time zone. According to Euromoney, Vinay Trivedi, FlexTrade’s senior vice-president, strategic initiatives, suggested Australian banks…
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ASIC has today accepted enforceable undertakings (EUs) from each of the National Australia Bank Limited (NAB) and the Commonwealth Bank of Australia (CBA) in relation to the banks’ wholesale spot foreign exchange (FX) businesses. As a result of ASIC’s investigation, ASIC is concerned that between 1 January 2008 and 30 June 2013, both banks failed…
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