Business
ACCC’s Sims warns big banks’ fintech deals could be blocked – Sydney Morning Herald
The ACCC has waived through NAB’s acquisition of 86 400. But competition tsar Rod Sims says this will not set a precedent.
The Australian Prudential Regulation Authority (APRA) has now raised the bar for new entrants to ensure these companies have sustainable business models. Mr Sims said neobanks were essential to stimulating competition in banking and could represent a legitimate threat to the big fours incumbency if they chose to partner with second tier banks.
The message Id like to convey here is that firstly we look at every deal on its merit. To fintechs themselves, the approval process will be a lot shorter…
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