Budget delivers $138m to fintech sector

The 2018 federal budget has set aside $138 million for open banking, digital identity programs, blockchain applications and the fintech sector.

The government has unveiled its 2018-19 federal budget, which revealed plans to support an open banking framework; the acceleration of the GovPass program; exploring the use of blockchain for government; and the promotion of the industry.

The government will pledge $44.6 million across four years from 2018-19 for the creation of a “national consumer data right”.

The CDR will help “consumers and small to medium enterprises to access and transfer their data between service providers in designated sectors,” the budget papers said.

Over four years, the $44.6 million – which also includes $1.4 million in capital funding in 2018-19 – will be split across three government agencies:

• The Australian Competition and Consumer Commission (ACCC) will receive $19.6 million;
• CSIRO will receive $11.6 million; and
• The Office of the Australian Information Commissioner (OAIC) will receive $12.1 million.

A fact sheet from industry body FinTech Association said the ACCC’s role would be to “oversee sectors that will be subject to the CDR”.

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Source: Budget delivers $138m to fintech sector – InvestorDaily