open banking

Feb
19

Fintechs are ready and waiting for Australia’s open banking framework

The Consumer Data Right bill has been introduced to parliament. The national association for Australia’s fintech startup community FinTech Australia, as well as its members, have welcomed the progress of Australia’s Consumer Data Right bill. The bill was introduced to parliament by Federal Treasurer Josh Frydenberg and gives Australians control over the use of their […]

By Elizabeth Barry | Banking . FinTech
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Feb
05

Bank sector transformation will come with open banking, competition: Xinja

Australian neobank Xinja said transformation of the financial services sector, described by Royal Commissioner Kenneth Hayne as often driven by greed, will only happen when consumers have clear choice, and can move easily and quickly between banks and other providers within the banking sector. The final report from the financial services Royal Commission paints a […]

By Australian FinTech | Banking . FinTech
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Feb
04

Australian regulator vows to tackle ‘cosy oligopoly’ of big banks

Australia’s competition regulator plans to wrest open the “cosy oligopoly” of the country’s four largest banks and punish misconduct via the courts, saying competition is the best way to fix the troubled sector. In an interview before the publication of a public inquiry report into the finance sector on Monday, Rod Sims, chief executive of […]

By Reposted by Australian FinTech | Banking . FinTech
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Jan
17

Open banking quietly delayed

The much-anticipated launch of open banking in Australia has been quietly delayed by the federal government by eight months. On the last Friday before Christmas, a day typically used to “take out the trash” and make some unfavorable or unpopular announcements, Treasurer Josh Frydenberg put out a statement late in the afternoon revealing that the […]

By Reposted by Australian FinTech | Banking . FinTech
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Jan
09

Millions looking to leave major banks

New research has found that over two million Australians are currently seeking new banking providers, with many currently customers at one of the big four. The research produced by Nielsen found that 2.1 million Australians are seeking new providers and 67 per cent of them are currently customers at one of the big four. The […]

By Reposted by Australian FinTech | Banking . FinTech
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Dec
18

How businesses will pivot AI strategies to align with human-centric goals

Trends like Digital Transformation, Internet of Things, Blockchain and Artificial Intelligence have beset the tech and finance industries for some time now. But what was now yesterday’s buzzwords will be tomorrow’s reality. The question is, how will these buzzwords evolve into real solutions in 2019? Jayajyoti (JJ) Sengupta, Head of APAC, Cognizant shared his thoughts […]

By Reposted by Australian FinTech | Banking . Blockchain . FinTech
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Dec
05

Josh Frydenberg says ‘open banking’ will let customers navigate complexity

Treasurer Josh Frydenberg says growing complexity in financial services has made it tough for customers to compare prices and products but “open banking” will help overcome this by ensuring banks present information in a standardised, simpler way under a policy that aims to facilitate account switching and stir competition. With the government planning to introduce […]

By Reposted by Australian FinTech | Banking . FinTech
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Nov
29

Aussie-founded fintech Banked secures $2.7 million in seed funding, to launch open banking data solution

An Aussie-founded fintech, based in London, has secured £1.5 million ($2.66 million) in seed funding, while it’s still pre-product, pre-revenue, and less than a year old. Founded in early-2018 by Australian native and chief executive Brad Goodall, along with co-founders Neil Ambler, Patrick Cox and Ellen Fernandes, Banked aims to open up the possibilities of […]

By Reposted by Australian FinTech | Banking . FinTech . Investing . Venture Capital
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