Australia’s fintech industry association, FinTech Australia, is challenging the status quo of the local financial services sector and securing access for its members to the open banking scheme, among other things.
The fintech sector, while small, is growing. According to the 2020 KPMG Fintech Landscape report, there are 733 fintechs in the market, up from 629 in September 2019.
Open banking came into force on 1 July last year and FinTech Australia has been hard at work ensuring local fintechs can participate.
Open banking gives consumers control of the data banks hold about them. One of its aims is to provide fintechs access to this data so they can create innovative banking products and increase competition across the banking sector. FinTech Australia is working through the practicalities of this, which is challenging