Source: Fintech Australia
FinTech Australia and the Australia/New Zealand chapter of Financial Data and Technology Association (FDATA) have announced a strategic partnership to ensure the efficient and effective rollout of Australia’s Consumer Data Right (CDR) regime.
FinTech Australia is a not-for-profit membership-based industry body driving the introduction of both the CDR and Open Banking in Australia for fintechs and data intermediaries. Fintech Australia represents their members by advocating for successful outcomes that facilitate the FinTech ecosystem’s growth to make Australia a leading FinTech market.
By partnering with FDATA, a global not-for-profit representing key financial, data and technology participants in the Australian Open Data ecosystem, it will enable the fast track rollout and a push for critical changes to CDR to ensure greater access, benefits and data protections for consumer and businesses alike.
FDATA is leading the campaign to deliver Open Finance worldwide in Europe, the United Kingdom, South America, North America, Australasia, India and Africa. They have been instrumental in creating and implementing the Open Banking regime in the UK, with the country now considered the world-leader with Open Banking technology.
“We look forward to working with The Financial Data and Technology Association to drive the best outcomes for the CDR rollout in Australia,” FinTech Australia CEO Rebecca Schot Guppy said.
“It’s crucial we get this right and move as quickly as possible. Bringing in the broader expertise will be key to ensuring we balance all fintechs interests in the CDR roll out and deliver the best outcome for all businesses and consumers across Australia.”
“We see the shared goal of finalising Open Banking in Australia as an absolute priority. Before we explore additional use-cases for the Consumer Data Right, we need to finish Open Banking. In this case, FDATA will partner with FinTech Australia to ensure the rules makers have unlimited access to the pieces they need to finish this framework.” FDATA ANZ Regional Director Jamie Leach said.
“Building on our Global experience of deep policy, technology and data standards development and implementation, FDATA has chosen to partner with Fintech Australia to ensure that the final components of Open Banking are complete, concise and market-ready. We need to see the vision of encouraging innovation and introducing competition readily available to the ecosystem if we are to realise Scott Farrell’s vision.”