Aussie Banks, Fintechs Finally Lay Eyes On Open Banking Rules

The Australian competition regulator has issued draft rules for financial data portability under the proposed Consumer Data Right (CDR) — the foundational legislation for bringing open banking to the country.

A bill to introduce the CDR was introduced into parliament in February and earlier in March waved through a Senate committee.

While garnering widespread support in principle, it has been subject to furious objections from privacy advocates, lingering concerns from banks and threats of disruption from the opposition Labor Party.

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