Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Payments General

Australia makes progress towards Open Banking: introduces Consumer Data Right bill

Tuesday 19 February 2019 | 10:51 AM CET

Australia’s Consumer Data Right bill, which gives Australians control over the use of their data and the right to direct their data to be shared, has been introduced to parliament.

The bill was introduced to parliament by a Federal Treasurer and lays the framework for open banking in Australia, due to start by 1 February 2020. Moreover, it enables Australian fintech companies to develop products and services to benefit consumers.

The national association for Australia's fintech startup community FinTech Australia, as well as its members, have welcomed the significant progress made. Better access to data can lead to better lending decisions and access to credit, according to joint CEO of fintech business lender Prospa. Moreover, this initiative will have a positive flow-on effect to the Australian economy, as it creates jobs and stimulates business ideas.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement