The leading Australian peak body of the fintech industry, FinTech Australia, and the global non-profit organization supporting open banking companies, FDATA, have published a joint appeal addressed to politicians calling for the creation of a roadmap for the implementation of consumer data rights (CDR).
This call was announced shortly after the news that the Australian government will commit $88.8 million over two years. The funds will be provided as part of the project for further integration and implementation of CDR.
CEO of FinTech Australia Rehan D’Almeida says that the rights of consumers to data in a positive scenario of their implementation will increase the level of quality of services offered to residents of Australia. Also, in his opinion, this initiative will contribute to improving financial literacy and will have a positive impact on the Australian economic system as a whole.
Rehan D’Almeida believes that during the cost-of-living crisis, public investments of $88.8 million are the right investment. He also called on politicians to outline the future implementation of data rights and ensure maximum return on the budget funds spent. According to him, CDR will become a tool for change in the Australian economy.
Matthew Mitka, FDATA’s Regional Director for Australia and New Zealand, says that in the context of the implementation of intentions on consumer access to data, Australia is on a path that has not yet been overcome by anyone. He noted the importance of the roadmap, stating that it will be a guideline for CDR implementation activities. Also, according to him, a clear reform plan in the field of consumer personal information protection is crucial for realizing the potential.
Matthew Mitka said that part of the budget funds in the amount of $ 88.8 million should be directed to the creation of a roadmap. According to him, there is a powerful code development methodology behind this, reflecting promises to give Australian consumers real control over data.
CDR currently allows the use of consumer data from their banks and energy service providers in third-party services. A prerequisite for providing personal information to third parties is the consent of the consumer.
As we have reported earlier, Reserve Bank of Australia Tests CBDC Use Cases in Pilot.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
