In its first fortnight of operation, the New Zealand government's Small Business Cash flow Loan Scheme has processed close to a billion dollars in interest-free loans to SMEs, said Revenue and Small Business Minister Stuart Nash. More than 55,000 businesses have applied, with 95 percent approved. The average loan is around NZ$17,300, and 90 percent of applications came from firms with ten or fewer staff. A wide cross-section of businesses have applied, but the most common are those from the construction industry, accommodation providers, professional firms, and retail. UBank “has 600,000 customers who like dealing with it” a confident NAB CEO Ross McEwan tells the Financial Review. “It's the only all-digital player in the marketplace of the big banks. People are shifting across to digital, so this is a unique opportunity,” the NAB boss said. A new partnership between the Australian Bond Exchange (ABE) and Iress “enables Australian private investors, self-managed superannuation fund (SMSF) trustees, brokers, financial advisers, and other market participants to digitally invest directly in Australian bonds, diversifying their sources of income and reducing their portfolio risks” or so they say.