Now might be exactly the right time in Australia to start a fintech, but what exactly the best investors are looking for can be a mystery for new founders.
Open banking will be phased in with all “major banks” to make data on credit and debit card, deposit and transaction accounts available by 1 July 2019.
Open banking will “revolutionise” Australia’s financial services sector by giving consumers the right to share their data to get themselves a better deal, Treasurer Scott Morrison said.
Data registries and analytics business Illion, formerly Dun & Bradstreet, has acquired Adelaide fintech startup Proviso as it gears up for the arrival of Australia’s open banking regime.
The Consumer Data Right will be rolled out sector by sector, starting in the banking, energy, and telecommunications sectors.
Sydney-based open banking startup Basiq has secured seed investment from NAB Ventures and Westpac’s VC fund Reinventure Group.