Original article by James Eyers
The Australian Financial Review – Page: 13 & 16 : 15-Jan-20
The Australian Competition & Consumer Commission is responsible for the accreditation of financial services providers under the federal government’s ‘open banking’ regime. However, Fintech Australia has criticised the complexity of the process, and notes that it is expected to cost financial technology companies between $50,000 and $100,000 to gain accreditation. Fintech Australia contends that this cost will be prohibitive for many business start-ups. The open banking regime will commence in July, after initially being slated to begin in February.
FINTECH AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION