Fintech is now becoming the first choice for financial services for many Australians, according to Fintech Australia which has welcomed a new report that shows Australia has among the best fintech market penetration.
The Australian federal budget has opened the door for new entrants into the banking sector by changing the limitation on closely-held ownership in the relevant act, removing the Prohibition on the use of "bank" by some authorised deposit-taking bodies, and changing the bank-licensing process.
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