NSW wants fintechs to be part of the country’s largest bank contract

The NSW government is encouraging the big four banks and their smaller competitors and fintechs to make a run at its banking contract, one of the largest in Australia, which processes about $200 billion in payments every year.

Incumbents Westpac, ANZ and Citigroup will be keen to hold on to the contract, which has gone to tender. The government processes about 200 million transactions every year, nearly 1 per cent of all transactions in Australia, with a value of close to $200 billion.