20 cent party, page-377

Labor is not going to more heavily regulate MasterCard, Visa, payments providers, interchange fees, payment consumer protections, regulating Crypto, ramping up money laundering from lite Reg to heavier money laundering regulations? IMHO not a chance of Labor not doing all and any of that.

NOV will need a money laundering, compliance person for every product person and every developer.

Labor might break up CBA, have NAB, so money laundering affected, taken to task and it will not be easy for NAB but ANZ, Westpac and George Frazis aligned BOQ will be OK.

I do not think a lot of banks and fintechs will survive under Labor unless they improve all their regulation, money laundering (like STAR, ANZ, NAB, Tyro have had to do).

Costs will go up and I think NOV’s banking license will be harder to ever make profitable given RBA is likely to be like the FED here In NYC.

AUstralia probably needs more financial regulation but it will come at a heavy price for small companies who will need to finance a higher regulatory and compliance burden. Good for big players bad for minnows but hey corporate life will never be easy under those that do not make it easy.