Australia’s National Commerce and Industry Commission is poised to launch the nation’s first smart commerce bank, which it says will enable Australians to shop online and make payments online.
Key points:The National Commerce Commission will establish a smart commerce fundThe Smart Commerce Fund will include online-only products and servicesThe bank is expected to launch by the end of 2018The bank’s head, David Cripps, says the fund is designed to help “innovate” the Australian economy with “new, innovative and relevant products and products”The National Competition and Consumer Commission will also establish a Smart Commerce Bureau.
The commission has been charged with overseeing the rollout of the new online payments system, the Smart Commerce Visa, which has been in operation since December 2016.
“We will create an infrastructure that is enabling the Australian public to shop, shop, and shop for goods online and online-based transactions, as well as online payments,” Cripp’s statement said.
“By developing a network of smart commerce banks that operate through Australia’s existing banking networks, the commission will provide Australians with a means of online shopping, online payments and digital payments, and allow them to shop for their favourite products online.”
The National Bank of Australia will oversee the rollout, and will be responsible for establishing an online shopping and payment network.
The bank said in a statement it was “confident” that the launch of the bank would create jobs and boost the Australian economic health.
“The bank will provide Australia with an innovative and accessible payment system that can help enhance the economy, attract new businesses and jobs, and drive economic growth,” it said.
The Smart Currency Fund will allow Australians to “pay with smart currency” and to use the bank’s services to shop.
Cripps said the fund would be designed to encourage the creation of “smart” products and “smart commerce” that would allow Australians “to shop online, make payments in real time, and access all the products and goods in the online shopping marketplace”.
“We are creating a national smart currency bank that will provide Australian consumers with the opportunity to shop and shop online for products and to pay with smart currencies,” he said.
The Smart Finance Bank will be managed by a new entity called the Smart Finance Infrastructure Fund.
“It is our intention to use our existing banking network to offer innovative products and businesses that are not available in other countries, as we seek to expand the international reach of our online commerce and payment systems,” Crazys said.
Crazys also promised the fund’s chief executive would be a “leading figure” in the rollout.
“David Cripp of the National Bank will lead the development and launch of this innovative new bank,” the statement said, adding he was “the perfect choice” to lead the bank.
The National Financial Services Authority (NFSA) will manage the bank and will have a “significant” role in ensuring the fund was operating.
The NFSA is also overseeing the roll out of the Smart Business Visa, and the bank has promised the bank will be a leading figure in the development of the service.”NFSAs role will be to deliver the bank, to ensure that it is fully operational and to ensure it remains compliant with all Australian consumer laws and the new National Commerce Law,” it read.
“At the same time, we will work closely with the Federal Government to ensure the bank is operated in accordance with the law, the principles and principles of the Australian Consumer Law and other applicable laws and regulations.”
The Australian Taxation Office is also responsible for running the fund, but the regulator said it was too early to speculate about how it would operate.