FinTech Australia is holding a second Consumer Data Right Summit featuring CDR’s ‘godfather’ Scott Farrell

- May 21, 2024 2 MIN READ
Rehan D'Almedia
FinTech Australia CEO Rehan D'Almedia
Following the massive success of its inaugural CDR (Consumer Data Right) Summit last year, FinTech Australia will run its second gathering in Sydney to start the new financial year.

The CDR summit at The Hilton in Sydney on Wednesday, July 3, will showcase local and international experts, policy makers, founders and builders discussing the future of the CDR and emerging use cases ahead of a broader consumer rollout in the year ahead.

Among the expert speakers are Dr Scott Farrell, the “godfather” of CDR and architect of the federal policy on its potential for fintechs and data startups. Basiq founder Damir Cuca, Tiimely’s chief risk and compliance officer Jodi Ross, and Mastercard’s Australasian open banking boss Brenton Charnley are also on the bill.

FinTech Australia CEO Rehan D’Almeida said that after four years of solid policy groundwork, the CDR has reached the threshold of industry adoption that will precede mass consumer adoption.

“This is a suite of fintech tools that will have a real effect on cost of living pressures, enabling consumers to use their own financial data to power better decisions on their services providers,” he said.

“It’s also set to supplant the practice of screenscraping and over time replace it with a more regulated regimented means by which fintechs can responsibly access consumer financial data.”

Launched in Australia in 2020, the CDR currently enables the use of consumer data from their banks and energy service providers in third-party services, but only with explicit consent from the consumer.

D’Almeida said CDR use is now providing consumers with more meaningful insights on their financial position, better ways to manage their money and also use their funds to contribute to broader issues, such as climate change.

“Our goal for this summit is to connect key industry players to discuss the rollout to date, and set the tone where we enter a crucial phase where consumer adoption and education will be as crucial as considered policy settings,” he said.

“This includes broadening interest in the CDR to those in superannuation, insurance, telecommunications and other key consumer industries that will be involved in its rollout.”

Tickets are available from cdrsummit.com.au.