Fintech

A major bank has been fined for failing to share customer details under the Consumer Data Right

- July 13, 2022 2 MIN READ

Complaints from the fintech sector that some major banks have been slow to get with the program when it comes to open banking have proved true with the competition watchdog slapping a $133,200 fine on the Bank of Queensland. The Australian Competition and Consumer Commission (ACCC) issued the penalty and infringement notice against BoQ for allegedly… Read more »

piggy bank
Fintech

The Australian government wants feedback on the next steps in open finance from the Consumer Data Right

- March 15, 2022 2 MIN READ

Consultation on expansion of the Consumer Data Right (CDR) to open finance has been kicked off by the Australian government.  A consultation paper released today calls for public input on datasets to be considered from non-bank lending providers, offering fintechs the chance to develop innovative consumer use cases.  Earlier this year, the federal government announced… Read more »

Brenton Charnley, CEO – Australia & New Zealand, TrueLayer
Data

In 2021, the Consumer Data Right train finally left the station. But where is it going? And when will it get there?

- December 22, 2021 4 MIN READ

Open banking in Australia is the first train to leave the station under the Consumer Data Right (CDR). This past year has been critical in laying the tracks.  We have 72 banks registered by the Australian Competition and Consumer Commission (ACCC) with the status of Data Holder, so they can now supply data. This covers… Read more »

money plant grow
Fintech

How open banking is helping fintechs thrive

- September 1, 2021 3 MIN READ

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 »

Fintech

EML Payments releases Open Banking white-label digital wallet

- May 3, 2021 2 MIN READ

Brisbane fintech EML Payments (ASX: EML) has released a white-label digital wallet giving lenders and other fintechs great access to Open Banking as part of the Consumer Data Right. The digital wallet, Nuapay, combines Open Banking with personal finance management and payments in a customisable solution digital solution, in a partnership with fellow fintech Frollo.… Read more »

Adatree, Shane Doolan. Jill Berry
Funding

Consumer data platform Adatree raises $1.2 million seed round

- January 28, 2021 2 MIN READ

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 »

Data

How Open Banking can fuel the rise of fintechs and neobanks

- January 6, 2021 4 MIN READ

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 »

Fintech

4 months after Open Banking launched in Australia, a new report reveals the fintech sector is keen but struggling to get involved

- November 4, 2020 4 MIN READ

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 »