The federal government has marked the importance of the Australian financial industry in the Asia-Pacific region with the establishment of a fintech advisory group.
Latest from Aimee Chanthadavong
Afterpay will soon be offering Westpac products and tools to its customers under the deal.
The latest investment round was led by Shanghai-based venture capital and Alibaba's venture capital fund manager Gobi Partners, joined by angel investors Huashan Capital One and Easylink Payments CEO Billy Tam.
Purchases of smaller-ticket items are helping drive the growing trend of consumers choosing to pay with MasterCard's MasterPass at checkout.
The ACCC said it needs more time to deliberate on whether the banks may negotiate collectively with Apple, given how complex the issue is, and plans to deliver a draft decision by October
A parliamentary committee has recommended that banks ensure contactless payments on debit and credit cards include a feature that requires the consent of customers before it is activated.
Bendigo and Adelaide Bank has reported capitalised software reached AU$148.8 million, while IT expenses dropped to AU$69.7 million during the 2016 financial year.
The Commonwealth Bank of Australia has reported the ongoing investment it makes in technology drove IT spend for FY16 to AU$1.5 billion.
In partnership with Samsung Electronics Australia, Bendigo Bank has launched its retail POS payment solution that allows consumers to make payments at point of sale, but also to make a donation to a local charity.
In its final submission as a response to the Financial Services Inquiry's final report, ANZ Bank believes that if new policies are developed, it will provide the Australian banking sector with more digital opportunities.