Insights

CBA (ASX:CBA) share price wobbles amid regulatory confusion over Apple

Regulators are reportedly confused about who’s meant to hold Apple to account…
The post CBA (ASX:CBA) share price wobbles amid regulatory confusion over Apple appeared first on The Motley Fool Australia. –

The Commonwealth Bank of Australia (ASX: CBA) share price is struggling today and it seems regulators are as well.

The Commonwealth Bank is among a number of bodies worried about the foray into the financial system of Apple Inc (NASDAQ: APPL) and Alphabet Inc‘s (NASDAQ: GOOGL) Google.

However, as the Australian Financial Review reports, regulators are arguing about who should be in charge of looking into international tech giants’ position in the financial sector.

Right now, the CBA share price is in the green by 0.06%, trading for $99.36. However, it’s been seesawing since the market opened this morning.

Let’s take a look at CBA’s newly born campaign against Apple’s payments system.

Who’s meant to regulate Apple and Google?

The CBA share price is wobbling while Australia’s regulators reportedly pass the potato on holding Apple and Google to account.

According to the Australian Financial Review, the Reserve Bank of Australia, the Australian Competition and Consumer Commission (ACCC), the Australian Prudential Regulation Authority (APRA), and the Australian Securities and Investments Commission (ASIC) have all shirked responsibility for the time being.

Commonwealth Bank’s CEO Matt Comyn brought the issue up at a parliamentary joint committee on corporations and financial services on Tuesday.

He said Apple Pay accounts for 80% of iPhone ‘tap and go’ payments. The payments are processed by banks but the banks have no access to an iPhone’s near field communication (NFC) abilities.

This apparently means Apple has cemented itself as the sole provider of ‘tap and go’ payments. It also means banks’ apps are less useful than they could otherwise be.

Apple also communicated with the committee. Unsurprisingly, it disagreed with Comyn’s statements and claimed its Apple Wallet feature encouraged competition.

The Australian Financial Review reported the Australian Treasury has received a report on the matter.

APRA and ASIC are said to be waiting until the report is made public before deciding on regulatory directions.

CBA share price snapshot

Despite today’s wobbles, the CBA share price has been performing well lately.

It has gained 18% year to date. It is also 36% higher than it was this time last year.

The post CBA (ASX:CBA) share price wobbles amid regulatory confusion over Apple appeared first on The Motley Fool Australia.

Should you invest $1,000 in Commonwealth Bank right now?

Before you consider Commonwealth Bank, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Commonwealth Bank wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

Why Alphabet stock popped on earnings

CBA (ASX:CBA) share price closes lower as bank warns of shrinking GDP
Here are the US shares ASX investors were buying last week

Google (NASDAQ:GOOG) share price climbs on blockbuster earnings
CBA (ASX:CBA) share price lower following major regional branch changes

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!