Due to a lack of pre-payment control, demand for using credit cards for procurement purposes is still very low. However, recent developments in Australia could change all that.
The IMF has endorsed the renminbi as a freely usable currency, recognising China’s increased importance in the global financial market. The renminbi’s journey to attaining this status was never straightforward.
Although Australian banks are introducing their own tech solutions, start-up digital players are making inroads with the help of a new government-backed incubator.
Banks have been experimenting with Ripple’s technology, which could make payments far more efficient, but a recent report questions whether it can handle larger volumes.
Three regional banks are gearing up to open their branches in Myanmar – a symbolic and political move that has been pushed through ahead of the country’s elections, CT understands.