MyState Bank chief Melos Sulicich says fintech upstarts will soon struggle because ever cheaper financial technology means smaller banks that already have banking licences and thousands of customers will copy them or take them over. Tasmania based MyState is one of only two listed banks outside the majors and regional banks. It has grown its loan book by about 16 per cent a year in the past two years – much faster than the majors or regional banks – after buying The Rock building society, based in Rockhampton. Mr Melos says it is expanding on the mainland via brokers and online, and will have the capability to originate and fully settle mortgages online...
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