Big bank market power under close watch by the ACCC

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The Commonwealth Bank of Australia (CBA) earlier this month announced it was investing AU$50 million to take a share of two startups. It has taken a 23% shareholding in online shopping startup Little Birdie and a 25% stake in Amber, which provides subscription-based access to wholesale electricity prices.

Westpac, meanwhile, has partnered with buy-now, pay-later player Afterpay to offer white label services.

After previously stating he welcomed competition in the fintech space, just not for the sole benefit of filling the pockets of the nation’s…

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