Open Finance ANZ

Huge congratulations to Dan Jovevski and team on the announcement this morning that WeMoney has closed a A$12 million Series A round valuing the company at A$100 million. 🚀 This funding will support the rollout of AI-powered tools, acquisitions, and overseas expansion. The key use case of the app - which is powered by #OpenBanking under Australia's #ConsumerDataRight - is helping customers to make informed financial decisions, enabling them to pay off debts faster by providing insights into their spending habits. The platform also allows users to compare and apply for credit cards, switch to lower-cost products, and identify savings opportunities by changing service providers. WeMoney's partnership with Mastercard Open Banking is set to expand WeMoney's capabilities, offering users more comprehensive financial solutions. Dan Jovevski, CEO & Founder of WeMoney, said: "Our mission is to empower Australians to take control of their financial future. This investment brings us closer to that goal. With plans to list on the ASX, WeMoney is poised to make a significant impact in the fintech sector." 📖 Read more here - gift link - no paywall: https://lnkd.in/gNFUMKGU #FinTech #FinancialWellness #OpenFinance

At Tuesday's sitting, New Zealand's Customer and Product Bill passed its third reading in parliament, with the motion brought by Hon. Scott Simpson, Minister of Commerce and Consumer Affairs. Some highlights from the Minister's legislative statement: "Until now, businesses holding customer and product data had little or no incentive to invest in better data-sharing technology and/or agreements, and this has stifled innovation and consumers have suffered as a result. This bill sets up the framework to change that and puts power back in the hands of those who own the data: consumers." "This legislation will also support innovation and competition across key sectors, encouraging businesses to offer new products and services using the data they already hold. Better choice and competition, of course, leads to higher productivity and, ultimately, to economic growth." "Let me give you a few examples of how it will work in practice. For banking and electricity, people may no longer need to sift through months of bank statements when they want to get a mortgage, or months of statements and payment bills or invoices when they want to compare electricity plans that sometimes can be confusing, to say the least. If a fintech provider can amalgamate that information in an easy-to-use application, in a format that is customer- and user-friendly, then all power to them." "Budgeting and saving applications will be significantly optimised to help customers make the most of their hard-earned money." "The speedy roll-out of open banking is a big priority for me and my ministerial team, and that's why I've committed to have open banking fully operational by the end of this calendar year." 👏 Let's go, New Zealand! Full steam ahead. 🚂 You can read the Minister's full statement in the Hansard here: https://lnkd.in/gTtDS2xx #OpenBanking #OpenFinance #OpenData #FinTech Phil Cass Lisa Ibarra Vanessa Ronan-Pearce 🎶Jason Roberts Katie Wilson Jason Leong Josh Daniell Dermot Butterfield Jamie K Leach (MAppFin - GAICD) Ellie Duncan Marie Walker Rehan Mark D'Almeida Andrew Brien

New Zealand-based global fintech PocketSmith has published its first white paper on #OpenBanking and says the "consumer" needs to be put back into Australia's #ConsumerDataRight. For #CDR to reach its full potential, PocketSmith's white paper calls out several challenges that must be addressed, including: 1. Continuing the expansion of CDR across different financial sectors like insurance and superannuation. 2. Raising consumer awareness and building trust. 3. Training bank staff and preventing misinformation. 4. Improving data quality and consistency. Despite the consumer being at the heart of CDR’s goals, Co-founder & CEO Jason Leong is frustrated the voice of the consumer is absent from discussions about what’s working and what’s not, which is why the white paper shares real-life examples from nine PocketSmith customers. “When it comes to the success of CDR and open banking, there’s an irony because the consumer’s voice is often missing. Discussions are dominated by financial institutions, data aggregators and businesses enabling open banking, yet the people who stand to benefit the most are rarely heard,” Leong said. “What stands out for me in this white paper is the transformative potential of open banking to enable instant aggregation of financial information in different formats from various sources into one single, cohesive platform that delivers real-time updates and insights beyond basic budgeting,” Rehan Mark D'Almeida, CEO of FinTech Australia said. The peak body for fintech in Australia is a long-standing advocate for open banking. PocketSmith's 27-page white paper is called "The Rise of the Household CFO: How open banking is guiding Australians to financial clarity and control." It highlights everyday challenges such as multiple bank accounts, inconsistent formats, lack of time, low financial literacy, and cognitive overload. It also positions open banking enabled PFM apps as a solution, with specific references to CDR. 🫸Download it here! https://lnkd.in/gsjbH_az #OpenFinance #OpenData Dora Yip Shannon Rennie Chloe Adams

Against the beautiful backdrop of the sun setting over Sydney Harbour on Monday evening, a rapt audience listened to every single word of this fireside chat hosted by Hannah Glass in conversation with the global architects of #OpenBanking, Dr Scott Farrell and Dr Bill Roberts. The room was full of bankers, regulators, lawyers, data scientists, corporate executives, fintech entrepreneurs, industry advocates and policy advisors. Dr Scott Farrell's seminal 2017 paper kicked off Australia's journey to an economy-wide #ConsumerDataRight focused on the customer's choice, convenience and confidence. He reminded the audience that the broader context of his work was the Productivity Commission's inquiry into data availability and use. As Head of Open Banking for the Competition and Markets Authority, Dr Bill Roberts led the UK's bold moves to force the 'CMA 9' into a brave new world of data sharing and bank account switching, at the same time as Europe was opening up payments initiation via PSD2. Two regimes with common themes but different origins and guiding visions. On the question of whether it's the banks, the consent journey, a lack of valuable use cases - or something else - that's holding Australia back from getting where the UK is, with 1/6th of its population regularly using it, there were some insightful comments. Dr Roberts: - "If the only thing the banks see is risk, they'll put controls in." - "Look at the evidence, rather than listen to the observations. If authentication is the problem, you'll see it in the abandonment rate. If it's usefulness - in other words a lack of good ideas - you'll see a clear difference in the offerings available in Australia versus overseas markets." Dr Farrell: - "CDR is only one part of our digital economy. We need to prepare for the next 10 years. Data is valuable hence CDR is bigger than banking. It's the rails for data." - "We should have uplifted our Privacy Act to protect Australians when using CDR ... but that's not what got through the Senate." - "There is no benefit to regulation unless businesses can deliver better services." Ms Glass: - "CDR isn't a reaction to a problem ... unlike scams." 📝 Ben Ford has kindly written up his key moments from the evening for our Open Finance ANZ blog. Read it here: https://lnkd.in/gEcntvwS #OpenFinance #OpenData #FinTech #CDR

Non-Bank Lending is coming into the #ConsumerDataRight with just over a year to go! Drawing on the lessons learned by the banks going down the "compliance vs competitive advantage" route, Accredited Data Recipient Fiskil has published an insightful blog with key take-aways for lenders on how to get ready for #OpenFinance. ➡️ Read more here: https://lnkd.in/gMZZHRG9 #OpenBanking #CDR #FinTech

New Zealand based Wych is gearing up for growth on both sides of the ditch! Taking up the newly created role of "Head of Sales, Australia" is Ben Ford, who has previously held senior roles at Tiimely, Frollo, illion and Envestnet | Yodlee. Via its Australian subsidiary, Wych is an active Accredited Data Recipient under the #ConsumerDataRight, offering services for data recipients and data holders, including those requiring testing services. Known to many as "Fintech Ford," Ben has been a regular fixture in the Australian #FinTech and #OpenBanking scenes since 2017. “I’m excited to join Wych at a time when open banking momentum is picking up again, especially following the recent formal announcement about the inclusion of non-bank lenders under the Consumer Data Right," Ben said. Dermot Butterfield, Founder & CEO of Wych said: “We are delighted to have Ben on board. He’s been around the open banking ecosystem for many years and knows first-hand the challenges but also the rewards it can bring. We remain committed to developing a ‘Complete Open Banking’ approach and we feel that this provides a unique point of difference to CDR participants and shortens the time-frame to adoption.” Read more here: https://lnkd.in/gN7FxGuy #OpenFinance #OpenData #CDR

Timely update on New Zealand's journey to #OpenBanking from Andrew Dentice ⬇️

💜 The 5th edition of the Australian Open Banking Ecosystem Map & Report has landed! 💜 In collaboration with Mastercard Open Banking and Open Finance ANZ, FinTech Australia has just released the latest update on our #ConsumerDataRight ecosystem’s growth and emerging use cases. Key insights (as measured by the data from May to November 2024): 1. The #CDR ecosystem continues to grow steadily with 190 participants accessing the framework. 2. Use cases have grown by 25% with a focus on lending, money management and small business accountancy. 3. There is a continued trend in access pathways to the CDR Representative model and the use of an OSP by ADRs. 4. Recent government reforms to the CDR Rules for simplified consent and operational enhancements are expected to boost participation and high-value use cases even further in 2025. We anticipate a year of material growth in consumer uptake and consents as these reforms take effect. 5. Scaling the success of the #OpenBanking ecosystem will require harmonising privacy rules to resolve the dreaded ‘derived data’ issue. 6. The expansion of CDR to non-bank lending will allow CDR to play a key role in helping borrowers find the best mortgage, whether from a bank or a non-bank. 7. Amidst ongoing cost-of-living pressures, continued support by the Government for regulated data sharing in banking and energy will help to achieve CDR's purposes of giving consumers greater choice, convenience and confidence. 💜 Download the full report here: ➡️ https://lnkd.in/gpreuni5 ⬅️ Brenton Charnley John Harrison Mitchell Thorp Joyce Xie Claude Maroun Tilen C. Rehan Mark D'Almeida Katie Wilson Harris De Angelis Jennifer Harrison #OpenData #OpenFinance #FinTech

Did you know the Australian Data Standards Body has a YouTube channel? The DSB is responsible for the development and implementation of the common data standards to be followed by #OpenBanking participants when sharing consumer and product information. The videos provide information on the Consumer Data Standards to assist banks and #FinTech ventures in their implementations. 📺 Check out their channel here: https://lnkd.in/g2dNjxWe It has 136 videos ... and counting! #ConsumerDataRight #CDR #OpenFinance

What does #OpenBanking need to thrive in 2025? According to Lauren Applegate from Envestnet | Yodlee, it's a combination of: 1. Increased consumer education 2. Support for the #FinTech startup ecosystem, and 3. Expansion of #CDR into new sectors. Read more here: https://lnkd.in/gBNQ8Zjk Startup Daily #OpenFinance #OpenData #ConsumerDataRight