Ann: Update on New Banking Business, page-47

https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Financial_Technology_and_Regulatory_Technology/AusTechFinCentre/Final_report/section?id=committees%2freportsen%2f024747%2f77284


https://www.claytonutz.com/knowledge/2021/october/the-bragg-report-the-future-of-crypto-regulation-in-australia
The remainder of the committee’s recommendations (recommendations 9–12) address de-banking (when a bank chooses to no longer offer banking services to a customer, an experience shared by many FinTech businesses, including those in the digital asset sector) and replacement of the Offshore Banking Unit (OBU) following concerns raised by the OECD Forum on Harmful Tax Practices. On debanking, the committee is concerned “that the lack of banking options for digital assets companies in particular is not only hampering innovation and investment in Australia but is potentially creating a single point of failure for the industry… and also leading to ineffective competition and a concentration of risk”.

Potential huge opportunity for RADI+ Novatti: perhaps worth a pivot from the migrant/student idea, at least while covid is lingering- add in B2B servicing in the crypto space just before it booms in Aus. Seems Aus can use surplus peak renewable solar for low cost bitcoin mining, and with progressive regulation attract global crypto activity here. What an opportunity for an agile neobank...