Australia

APRA updates banking standards to manage interest rate risk more effectively

The updates aim to reduce volatility in the IRRBB capital charge, enhance incentives for risk management, and simplify the IRRBB framework.

Australia to amend retail payments regulation in 2024: governor

Reforms will include better cost transparency from BNPL, mobile wallets.

APRA keeps current macroprudential policy settings

Cost-of-living, the economic outlook, labour market, and borrowing cost were factors considered.

DBS provides S$180m green loan to refinance Melbourne office tower

The 17-level building in Collins Street is wholly owned by public sector pension fund KWAP.

Commonwealth Bank of Australia exploring GenAI use to test products

They are exploring the creation of GenAI chatbots that emulate human behaviors.

ANZ pays A$15m fine for excessive credit card advance fees

ANZ reportedly breached the ASIC Act and the National Consumer Credit Protection Act.

Australia looking to tap potential of AT1 bonds

This exploration will alleviate any potential risks that may dawn the banking sector.

Australia’s Zip teams up with Primer to accelerate US expansion

Primer is expected to help drive distribution of Zip’s BNPL services in the market.

ASIC to take PayPal to court for unreasonable term in SME contracts: Report

The regulator sees it unfair for PayPal to put a penalty over its own overcharging errors.

Consolidation in the cards for Australia’s mutual lenders

Mutuals should scale back branch operations and invest in tech.

Chart of the Week: 1 in 3 online transaction in Australia use alt payments

The e-commerce market will be worth $51b in 2023, according to GlobalData.

Australia's Zip cuts 20% of workforce: report

The CEO did not confirm whether the company is downsizing its workforce.

Grow Finance, Pismo issue credit card for SMEs in Australia

This collaboration aims to provide business owners with improved cash flow management and capital.