FinTech Australia welcomes open banking issues paper

FinTech Australia, the peak body for Australias fintech industry, today welcomed the release of an Australian Government issues paper on open banking in Australia.

This paper provides further clarity about key issues that need resolution in order for us to proceed with this important and long-awaited reform to improve consumer choice and banking competition, said FinTech Australia CEO Danielle Szetho.

In particular, FinTech Australia is interested in further discussing the possibility of a phased introduction of the regime to ensure its timely implementation, and we will be working closely with our members to gather their perspectives on how this might work.

We are also keen to further explore the papers option to create banking industry-specific data legislation, rather than tying open banking reforms to a broader and more complicated whole-of-government resolution on data issues.

In short, the Australian fintech industry stands ready to support the speedy introduction of a safe and secure open banking regime which delivers customer empowerment and a stronger fintech industry.

The issues paper can be found here.