Morrison to fintechs: ‘Don’t stuff it up’
Treasurer Scott Morrison has told leaders of the fintech industry he’s counting on them “not to stuff up” the implementation of open banking because he wants the government’s new consumer data right to be a driver of competition and productivity gains across the economy.
With the major banks lifting technology investment to fend off disruptive threats, Mr Morrison said he’s relying on start-ups to use his open banking and comprehensive credit reporting policies to increase pressure on the incumbents.
“You are all in the business of financial technology disruption. I am in the business of policy disruption,” Mr Morrison said at Ashurst on Wednesday night.
“I am frankly counting on you not to stuff this up. You need to make this work … In today’s global economy, the ability for economies to become more productive is not being done the old way: the biggest transformer of productivity [will be] innovation.”
Even though National Australia Bank CEO Andrew Thorburn has lifted spending to transform NAB in order to fend off fintech start-ups and Westpac Banking Corp CEO Brian Hartzer recently described equity stakes in various start-ups as a “strategic asset” for the bank, Mr Morrison said the new consumer data right will be a “game changer for competition” by giving more power to consumers.
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