In this episode of The Fintech Times Podcast, we discuss how open banking can help navigate cross-border payments with a focus on Australia.
Global digital banking platforms are attracted to the Australian market due to the top four banks holding over 80 per cent market share by total assets and being amongst the most profitable banks in the world.
In July 2021, the Australian Government’s consumer data legislation, called CDR, went live for all banks. This means consumers can share financial data with multiple services providers. The CDR rules were designed to encourage more fintech and other participants to get involved in open banking.
New specialised players are now challenging the dominance of incumbent banks by offering innovative solutions to traditional pain points.
In this podcast, Tyler Smith, journalist at The Fintech Times, chats to Brenton Charnley, CEO at TrueLayer, Craig Rees, SVP, global head of platform at Airwallex and Brian Collins, fintech and foodtech managing director at Startupbootcamp (SBC Australia).
We chat about topics including:
- What does the embedded finance sector look like in Australia?
- What makes Australia an attractive market for open banking?
- What are the opportunities within this sector as we move into the future?
- How are fintechs challenging the incumbents in this area?
- What are the benefits of open banking payments?
- What are the key challenges and regulations that need to be considered?