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When it comes to how we pay, Apple is coming for the big banks

When it comes to how we pay, Apple is coming for the big banks

Commonwealth Bank boss Matt Comyn says policymakers need to be alert to the dangers of ceding important industries to global tech platforms without scrutiny.

James EyersSenior Reporter

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This week, Matt Comyn wasn’t pulling any punches. The Commonwealth Bank chief executive used his appearance at The Australian Financial Review Business Summit to attack the market power of Apple and other digital platforms.

“One of the things that I find extraordinary is the lack of scrutiny, across some of the tech companies, in particular, which have large businesses in Australia,” Comyn said. It was a comment that came in an environment where the major banks – and more recently, supermarket chains – have been under significant political pressure for their big profits.

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James Eyers
James EyersSenior ReporterJames Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au

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Original URL: https://www.afr.com/business-summit/when-it-comes-to-how-we-pay-apple-is-coming-for-the-big-banks-20240313-p5fc6y