Treasurer Josh Frydenberg wants to expand what constitutes a payments system. That will suit a push by Reserve Bank of Australia Governor Phillip Lowe to broaden the definition. Existing rules from the 1990s are too narrow to include buy now, pay later companies such as Afterpay (APT.AX), digital wallets like those operated by Apple (AAPL.O), and cryptocurrency assets.
Second, Frydenberg would consolidate the fragmented oversight of payments providers. Combined with some red-tape removal, that should help level the regulatory playing field between incumbent banks and tech upstarts without stifling innovation.
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