Former Regional Australia Bank (RAB) chief digital officer Rob Hale has joined TrueLayer as the fintech’s Head of Banking. Hale, a banking technology expert, championed the Consumer Data Right (CDR) at RAB, helping make it the first Australian bank to be both a Data Holder and unrestricted Accredited Data Recipient. “It’s been great to be involved… Read more »
The fintech ecosystem is booming and is showing no signs of slowing down. Research from KPMG showed that, despite being in the middle of a pandemic, there has been an increase in the number of fintechs active in Australia, with 733 FinTechs recorded. Investment in Australia’s FinTech sector has also soared, with US$1.4 billion invested… Read more »
Just over a year into the Consumer Data Right (CDR) regime and Australia is now beginning to understand the competitive advantage this new world of data can offer. Designed to give consumers greater access and ownership over their own data to increase competition, CDR has first been introduced to banking, to be followed by energy… Read more »
Consumer Data Right startup Adatree has raised $1.2 million in a seed round co-founder Jill Berry says was nearly three-times oversubscribed. Tyro Payment co-founder Peter Haig and the company’s chair, Kerry Roxburgh, led the round alongside Equity Seed, Kylie Frazer and Rachael Neumann of Eleanor Ventures, and bank executive Angus McBean. Equity Seed’s Mark Hutchins is… Read more »
Two areas that could soon dominate the Australian finance space are the increased success of the fintech industry and the movement toward the adoption of open banking. Interestingly, an ecosystem built on the security needs of banks for sharing consumer data will see fintechs become more intrinsically linked to the innovation opportunities open banking allows… Read more »
Access to Open Banking under the Consumer Data Right (CDR), introduced in Australia in July 2020, will be expanded next year to include more business customers after federal treasurer Josh Frydenberg approved the ACCC’s expansion plans for the roll out. From 1 November 2021, major banks will enable business customers to share their data with… Read more »
78% of survey respondents were familiar with Open Banking (CDR). 71% of industry respondents intend to use CDR, 58% of whom stating that they intend to use CDR data within the next 12 months 64% of banks and lenders, and 54.6% of technology providers plan to spend more than $500,000 54.2% of fintechs expect to… Read more »
Competition watchdog the ACCC has pushed out timelines for the implementation and launch of some aspects of the Consumer Data Right (CDR), known as open banking from February until July 1, 2020, as it continues to look at testing for data privacy and security. Banking is the first sector to to address CDR, which… Read more »
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