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FinTech Australia Launches New Sector Ecosystem Map

FinTech Australia has launched its newest resource for the sector: a map detailing companies in the Australian fintech ecosystem.

The new FinTech Australia ecosystem map aims to provide a comprehensive overview of fintechs in the market. The new map follows past releases in 2022: September’s regulatory and November’s investor maps. The map is free for all to use.

The ecosystem map launched following a collaboration between Open Finance Advisors, FinTech Australia, FDATA ANZ and Open Finance ANZ.

The launch version of the map mainly focuses on the fintech industries’ major players. However, FinTech Australia also enables fintechs to add their business to the map. Fintechs can log into the member-driven organisation’s website and register their details to ensure inclusion.

Rehan D’Almeida, Australia fintech ecosystem
Rehan D’Almeida, head of strategic partnerships at FinTech Australia

Rehan D’Almeida, head of strategic partnerships at FinTech Australia, discussed the map on its launch. D’Almeida said: “This map is another step in our mission to provide more resources for the fintech sector. This map can be used in conjunction with the Investor and Regulator Maps to create a rounded view of the ecosystem in Australia.

“Through creating Australia’s most comprehensive map of fintechs, we’re taking the burden of keeping a detailed contact book off of any stakeholders in the industry. Like our prior maps, we’ll be maintaining this resource but welcome any additions or edits from our members and community.”

Consumer Data Right

The Australian government’s chief competition regulatory body Australian Competition & Consumer Commission (ACCC) looks to ensure that companies comply with Consumer Data Right (CDR).

CDR aims to give consumers the right to share their data between service providers of their choosing. It is currently active in banking, enabling consumers to share their banking data with a prospective bank to get a better offer, or with an app to access a new service.

Open Finance Advisors explained that it hopes to highlight a range of important participation metrics with the map alongside its own report. It also aims to acknowledge businesses that are working to make the CDR successful on both the data holder and data recipient sides.

The consultant company said that data reliability and completeness issues are currently holding open banking back from taking off. The ACCC rectification schedule identified 70 per cent of data holders did not comply with the implementation timelines and 90 per cent of ADIs still have outstanding rectification works. Four ADIs are still not yet actively sharing data.

Brenton Charnley, Australia fintech ecosystem
Brenton Charnley, CEO and founder of Open Finance Advisors

Brenton Charnley, CEO and founder of Open Finance Advisors, said: “It is wonderful to see new sectors being designated as data holders, energy data sharing going live and action initiation on the horizon. But we haven’t yet completed the first phase of open banking.

“We now have high consumer bank coverage but for the CDR to really take off it also needs to be reliable (speed, completeness and accuracy of data). Great coverage and data reliability is the launchpad of a strong Open Banking operating system.

“Ultimately, data holders need to be accountable to comply with the rules but also respond quickly to rectification work and tickets so the system is reliable.”

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