Consumer choice key to open data

Reforms based on consumer choice would make it more straightforward for customers to access data, said participants at a Fintech Australia / Fintech Victoria / Victorian government event.

More than 30 attendees at the open data roundtable debated the key operational and policy issues for the opening-up of financial data, ahead of a final report to be handed down this month on options for the collection and distribution of data from the Productivity Commission.

Representatives from the Australian Securities and Investments Commission (ASIC) and the Australian Federal Treasury joined banking, superannuation, insurance, and legal officials were also present.

Fintech Australia chief executive officer, Danielle Szetho, said both consumers and businesses should have the right to direct institutions on how their persona data was shared to third parties.

“We need ongoing industry engagement to co-design workable standards and governance for the development of safe and easy-to-use online solutions to allow consumers and third-party companies they authorise to seamlessly access their data,” she said.

“By doing this, we can all help meet consumer needs and help create a more internationally competitive and stronger Australian fintech and financial services industry.”

Szetho said Fintech Australia would focus on several key issues related to open data policy moving forward, including the development of a cross-industry group, a higher involvement level from ASIC in the surveillance of third-party companies, and a reassessment of the ePayments code.

 

 

Related Stories

The fintech sector in Vietnam raised a total of $129 million in 2016 with a spike in start-up deals last year, valued at $205 million, according to a Topica Founder Institute Report.
Vietnamese start-ups see 46% rise in investment
Value acquisitions amounting to $110 million are helping the Vietnamese start-up scene to expand,... Read More
H2 Ventures accelerator welcomes a fourth cohort
Seven technology start-ups are preparing to spend six months in the Sydney-based H2 Ventures... Read More
Yes Bank partners with Payjo for AI offering
Yes Bank partners with Payjo for AI offering
India’s Yes Bank and fintech platform Payjo are partnering to deliver the first based artificial... Read More
One million Citibank customers in the Asia-Pacific are active users of the bank’s voice biometrics authentication offering.
Citi hits 1 million biometrics banking clients
After launching in May 2016, Citibank is hitting one million users across its voice biometrics... Read More

Comments