Open banking holds enormous potential to reshape the banking industry and the broader economy, as well bringing greater control and benefits to Australian consumers and small businesses, according to a fintech practice leader at professional services firm KPMG.

Online spare parts retailer Big Warehouse has paid a $12,600 penalty after the ACCC issued an infringement notice against the company for allegedly breaching Australian Consumer Law (ACL) by misleading a consumer about their consumer guarantee rights in relation to spare parts they had ordered.

China’s largest telco Huawei says a new report from independent global telecoms consultancy Ovum proves that a ban on the company from participating in Australia’s 5G rollout was based on incorrect advice from security agencies including the ASD.

Google and Facebook have acquired enough market power to distort the ability of businesses to compete on merits in advertising, media and a number of other markets, the Australian Competition and Consumer Commission says in its final digital platforms inquiry report.

The Federal Government has released the final report of the Australian Competition and Consumer Commission's digital platforms inquiry, which was handed to it a month ago, but has given no indication of how it would react to the recommendations, saying only that it would finalise its response by the end of the year.

Giant online retailer Amazon has destroyed the sector, the US Treasury Secretary Steve Mnuchin claims, telling the news channel CNBC that the Justice Department was right to include the company in an anti-trust review.

Australia Post's Digital iD services has been accredited by the government as an trusted identity service provider under the Trusted Digital Identity Framework.

The UK says a lack of clarity about the US Government's stance on the Chinese telecommunications equipment vendor Huawei Technology has forced London to delay its own decision on using 5G technology from the firm.

Software giant Microsoft has paid US$25 million to the US Government to settle investigations into bribery by its Hungarian operations, with the company entering into a non-prosecution agreement with the US Department of Justice and a cease-and-desist order with the Securities and Exchange Commission.

US lawmakers’ stance on cryptocurrencies is outdated and bordering on negligent, the founder and chief executive of independent financial advisory organisation, deVere Group, Nigel Green, has claimed.

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