Big banks slammed for 'de-banking' fintech rivals

A Liberal senator has accused Australia’s big banks of acting “like a cartel” in denying services to tech-savvy rival businesses, as regulators probe an issue known as “de-banking.”

During a speech at an industry event last week, Senator Andrew Bragg said it was vital for banks to deal fairly with fintech competitors, especially as the government tries to develop the local cryptocurrency sector, according to a report by The Sydney Morning Herald. 

In “de-banking”, fintechs that compete with banks are denied core banking services due to regulatory concerns. The issue of de-banking has been a hot one recently as Treasurer Josh Frydenberg announced major changes to payments regulation.

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Source: Big banks slammed for ‘de-banking’ fintech rivals | Mortgage Professional Australia