The Commonwealth Bank (CBA) has paid $792,000 in penalties following action by he ACCC over breaches of the Consumer Data Right (CDR). It’s the second time in six months that a major bank has been busted for dragging its feet over CDR, also known as open banking, which launched in Australia 5.5 years ago. NAB… Read more »
The federal government has appointed data scientist Dr Ian Oppermann as a commissioner of the Australian Consumer and Competition Commission (ACCC). Dr Oppermann, the keynote speaker at this year’s Startup Daily Best in Tech awards, was previously NSW Government’s inaugural Chief Data Scientist, a startup founder and CSIRO director and entrepreneur-in-residence, and a pioneer of… Read more »
New Zealand fintech Wych has raised NZ $1.5 million (A$1.32m) to accelerate open banking delivery in New Zealand and Australia . The round was New Zealand FinTech Fund (NZFF) with participation from the NZX-listed Booster Innovation Fund (BIF) and other strategic investors. Wych provides secure, real-time financial information and data exchange to power the next generation… Read more »
Fintechs often complain quietly, lest they cop blowback, than one of the things that’s slowing the roll out of the Consumer Data Right (CDR), aka Open Banking, is that the major banks are dragging their feet. Well, the competition watchdog thinks so too, and National Australia Bank (NAB) has copped $751,200 in penalties after the… Read more »
More than 100 fintech leaders have signed a letter to both the Labor government and Coalition opposition ahead of the May 3 election calling on them to live up to promises made in previous campaigns for reform in financial services, saying the sector’s growth is being hampered by “policy inertia”. Issues such as crypto and… Read more »
The founder of fintech PocketSmith believes ordinary Australians should be prioritised by the federal government through the Consumer Data Right (CDR) to address cost-of-living pressures. The call, by cofounder and CEO Jason Leong, follows a record 859 pre-Budget submissions to the Commonwealth Treasury, up from 789 last year, with more than a quarter highlighting the… Read more »
FinTech Australia is calling for an urgent recalibration of Research and Development tax incentives (RDTI) and the Early Stage Venture Capital Limited Partnership (ESVCLP) Program in its submission to treasurer Jim Chalmers ahead of the federal budget next week The peak body’s 21-page pre-Budget submission makes 11 recommendations to Treasury, arguing that with the right… Read more »
2024 was a pivotal year for Australian open banking. While Australia is seen as an open banking leader, its CDR regime has been criticised for issues including quality of data, slowness of adoption, cost of execution and cumbersome user experiences. This led to Assistant Treasurer and Minister for Financial Services Stephen Jones announcing a CDR… Read more »
Despite being drafted and tabled in the Australian Senate in 2022, the Action Initiation Bill was only passed last week. Action initiation would transform the Consumer Data Right (CDR) from merely a data-sharing framework into a dynamic system that empowers consumers to take action based on the insights they gain. The CDR was created to… Read more »
This week’s passing of the Treasury Laws Amendment (Consumer Data Right) Bill 2022 by the Australian Parliament has reignited discussions about its potential to drive positive change. While concerns about complexity, data quality, low consumer uptake, and high implementation costs persist, the government’s commitment to extending and simplifying the CDR by focusing on high-value use… Read more »
The federal government says it will “reset” the Consumer Data Right (CDR) after three years to improve its uptake and make it cheaper to access. Assistant treasurer Stephen Jones is going back to the drawing board, opening a month-long consultation process, with Treasury releasing a paper on proposed changes to the consent and operational rules… Read more »
Next week, the Australian Parliament will cast a pivotal vote on advancing the Consumer Data Right (CDR) to Action Initiation. This decision could redefine consumer freedom and competition across the nation, making it one of the most significant moments in our history. What is Action Initiation? Action Initiation will enable consumers to take unprecedented control… Read more »
Australia’s Consumer Data Right (CDR) turned four this week, and as the fintech sector gathered at a sold out event to discuss and debate its progress and possibilities, industry lobby group the Australian Banking Association (ABA) released a massive whinge on the issue. The ABA commissioned a strategic review of open banking from consultancy giant… Read more »
Following the massive success of its inaugural CDR (Consumer Data Right) Summit last year, FinTech Australia will run its second gathering in Sydney to start the new financial year. The CDR summit at The Hilton in Sydney on Wednesday, July 3, will showcase local and international experts, policy makers, founders and builders discussing the future of… Read more »
Brisbane startup Biza.io, which help banks and others navigate the introduction of the Consumer Data Right (CDR) has promoted the company’s head of customer success, Jessica Booth, to the newly created role of chief operations officer (COO). Booth joined Biza in September 2023, having previously worked at cloud enterprise software startup Mastt, as well as holding… Read more »
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