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Save Share There’s a hidden cost to national pride in global recognition of Australia’s booming fintech sector – as demonstrated by Afterpay’s $39 billion takeover by US payments giant Square. That is the failure of Australia’s financial regulators to adapt quickly enough to the transformation of the national payments system by global tech giants, with the biggest banks forced into the front line of defence against overwhelming odds. As the Afterpay share deal with Square shows, there’s no pause in the ability of foreign tech giants to overwhelm payments systems and national oversight.  David Rowe This is not unique to Australia, of course. European regulators are also in a permanent struggle against the power of US tech giants.

Jonathon shapiroJames eyersMatt comynJosh frydenbergPhilip loweConsumer commissionTreasurer josh frydenbergAustralian financial reviewReserve bankAustralian competitionNew payments platformபிலிப் குறைந்தநுகர்வோர் தரகுஆஸ்திரேலிய நிதி விமர்சனம்இருப்பு வங்கிஆஸ்திரேலிய போட்டி