Why it matters: Google and Apple are increasingly central to financial systems
The RBA does not have the power to regulate them under existing payments laws
CBA says it is urgent that laws are extended before their power is entrenched
The Reserve Bank should urgently be handed more powers to curtail the growing influence of technology companies in finance, Commonwealth Bank has urged in its submission to a Treasury review of payments.
The country’s largest bank said the rise in digital wallets – applications that allow money to be stored and tracked on phones – had made payments easier but created “new risks to both users and financial stability”.
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James 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
