Commonwealth Bank of Australia (CBA) has announced it will allow customers to view account balances from other lenders through its app, in a push to improve digital banking relationships.
CBA, Australia's largest bank, said its move came under the country's Consumer Data Right (CDR) law that will soon be extended to energy and other sectors, according to Reuters. The bank aims to invest USD 38.68 million in two startups, picking up a 23% stake in online shopping platform Little Birdie and 25% in Amber, which provides access to wholesale electricity prices.
Among the Big Four, National Australia Bank has broadened its digital offering by snapping up neobank 86 400, while Westpac Banking Corp has partnered with Afterpay to offer banking platform services.
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