A week after announcing the appointment of a new chief executive, the MyState Ltd board has announced a new chair. The new CEO is Brett Morgan, replacing long serving CEO Melos Sulicich. Morgan was most recently the head of banking and wholesale at BNK Banking Corp and he has held a number of executive roles at ING Bank. Retiring chair Miles Hampton is being replaced by Vaughn Richtor, who is best known for setting up ING Direct (now ING Bank) in Australia in 1995. He joined the MyState board in 2019.

 

The Reserve Bank of NZ has launched a review of its policy for regulating and supervising branches of overseas banks. Overseas bank branches pose ‘special risks’ and the RBNZ’s current policy has not been applied consistently, said RBNZ deputy governor Geoff Bascand. “There are inherent limitations on our ability to apply our regulatory standards to all branches and to supervise them effectively,” he said. Submissions are due by 2 March 2022, and there will be a webinar on the review on 27 October.

 

Payments company Novatti announced that it will acquire Malaysian payments company ATX. Novatti has had a partnership with ATX since 2016 and said acquisition risk would be low as a result. The deal is worth A$3.9 million cash upfront plus the issue of $1.9 million of Novatti shares, with a deferred consideration of at least $2.5 million to be paid over two years on an earn-out basis.

 

 

 

Westpac is the third of the big banks to be accredited as a data recipient under the Consumer Data Right. ANZ is the laggard. Data recipients can gather data from all a customer’s financial services providers and use the data to recommend or provide services. So far, none of the big banks have launched an open banking application.