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.”
Harrison Polites (FinTech Australia)
Jamie Leach (FDATA)
0413 075 671
About FinTech Australia
FinTech Australia is a national association for the Australian FinTech Startup community. Our vision is to make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry, and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.
About FDATA ANZ
The Financial Data and Technology Association is a not-for-profit global association for companies that supply or use open finance in their business models. Our members provide innovative financial applications and technical/data-related services to empower customers to make better decisions and take fuller control of their financial lives across all their payment accounts, credit cards, loans, mortgages, investments, pensions and retail insurance. We work with the government, regulatory authorities and the financial services industry in our mission to enshrine the rights of customers to be able to share their financial data with regulated actors of their choosing.
FDATA has played an active role in ANZ, particularly in relation to the Consumer Data Right, during its introduction of Open Banking. Our liaison with the regulators and Treasury has seen us provide advisory works and recommendations around the customer experience, the global perspective and the role of Third Parties and Intermediaries within Open Banking. FDATA has also worked with the regulators about the next layer of CDR and will continue to lobby for a common-sense approach to remediating the existing framework.