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 Australias 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.
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