Briefs: CBA's passage to India, FlexiGroup launches ABS, Moody's cautions on Australian RMBS

Commonwealth Bank plans to use technology acquired through TYME to allow customers in India to open a bank account using an analog mobile phone. The Australian reports that the bank's CEO Ian Narev and the group's head of international financial services Rob Jesudason briefed local regulators on TYME and the bank's plans for the Indian market. Each TYME account reportedly costs the equivalent of 70 cents to open, compared with at least A$100 through traditional channels.
FlexiGroup has launched an issue of asset-backed securities, seeking A$210 million of funding. Flexi ABS Trust 2015-1 is backed by a pool of unsecured commercial equipment lease receivables originated by Flexirent Capital. The average contract size is $15,938. Printers, copiers and faxes make up 24 per cent of the leases and fitness equipment 13.4 per cent.
Moody's Investors Service said the credit quality of global residential mortgage-backed securities would remain stable over the medium term, as the world economy strengthens. In Australia the credit quality of RMBS collateral would slip, as the underlying loans are being underwritten at historically low interest rates during a period of rapidly rising house prices, Moody's said.