THELOGICALINDIAN - The Australian cyberbanking and banking area has the adroitness of authoritative into the account for arguable affidavit The latest one involves accelerated acquisitions of fintech startups by the four above banks in the country
In a latest report, the Australian Competition and Consumer Commission (ACCC) has appear that it will be carefully ecology the accretion bacchanalia of the “Big Four” namely, The Commonwealth Bank of Australia (CBA), Westpac, National Australia Bank (NAB) and Australia and New Zealand Banking Group (ANZ). The authoritative body’s account comes in the deathwatch of the banks’ accretion convenance of affairs abate fintech rivals to access their ascendancy over the bazaar share.
According to the Chairman of ACCC, Rod Sims — The antagonism regulator will be ecology the bearings as these four banks are more accepting or entering into blockchain partnerships with startups and baby firms in the fintech sector. With over 80 percent of the lending bazaar allotment already broadcast amid these four, these accomplishments may acutely appulse antagonism in the banking area in the abreast future.
“I anticipate we charge to, as an organization, booty a absolutely abutting attending at these things [acquisition and partnerships]. This agency authoritative a advanced judgment,” said Sims. “Will these things be confusing in the future? …They may be baby now. What can they alleviate in the future?” he added.
Last year, the arch Australian banks came beneath the analysis of the ACCC afterwards they blocked accounts of abounding Australian Bitcoin exchanges and companies. The activity on banks’ allotment was questioned by the afflicted parties, arch to an investigation. Eventually, the banks were cleared of any anti-competitive practices adjoin Bitcoin.
However, the divide amid the country’s cyberbanking area and Bitcoin industry is a acclaimed fact. There are abounding instances area the banks accept belittled the accent of Bitcoin in their reports. In addition, the austere AML and KYC regulations implemented by AUSTRAC has added aside the advance of Bitcoin in the country. The cardinal of merchants accepting Bitcoin payments has acutely bargain due to the adverse atmosphere created by the banks and regulators.
On the added hand, the cyberbanking area is Australia is more attractive into the use of blockchain technology. Commonwealth Bank of Australia, National Australia Bank, and Westpac are additionally associates of the R3 cyberbanking consortium. The Australian Securities Exchange has already implemented blockchain based barter adjustment system.
