also last month warned the banks against wholesale de-banking of fintechs, saying cutting off customers in this way can have a devastating impact.Earlier at the conference, Reserve Bank governor Philip Lowe signalled that cross-border payments was an area where banks should lift their game.
Previous RBA research has shown that relatively poor countries in the South Pacific derive a large share of their income from money being sent from people in developed countries, such as Australia, suggesting disadvantaged people are often the ones affected by the high fees.
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