Global fintechs set sights on Australia as open banking nears

A new cohort of global fintech players are eyeing the Australian market, with UK open banking software player TrueLayer planning to launch here in 2020, opening the door for its European clients to access to Australian consumers.

TrueLayer is a software developer that sells tools for companies to securely access bank data so they can build fintech products, acting as part of the architecture that enables digital banking products.

Local startups are already working with the Australian Competition and Consumer Commission (ACCC) to test digital systems ahead of next February when open banking will be launched. This means data from consenting consumers on mortgage accounts, credit and debit cards and transaction accounts will be free to be shared between banks and fintech providers.

Since its launch in 2016 TrueLayer has expanded into European countries such as Germany and Italy and partnered with digital banking brands such as Monzo. At the start of the year, it was selected by the UK’s department of International Trade for a pilot program in Australia.

The company’s Australian launch comes just months after it raised $35 million in funding from Chinese technology giant Tencent and Singapore’s sovereign wealth fund Temasek Holdings.

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Source: Global fintechs set sights on Australia as open banking nears