February Fintech Roundup: The Open Banking Review and Fintech lending to SMEs
February Fintech Roundup: The Open Banking Review and Fintech lending to SMEs. In February we saw the release of two reports that could have a significant impact on financial technology (fintech) in Australia. The first is the final report of the ‘Open Banking Review’ which is currently open for public consultation. The second is a collaborative report from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), FinTech Australia and the BankDoctor into fintech lending to small and medium-sized enterprises (SMEs). Today we address the key impacts these reports could have on fintech businesses (fintechs). Photo by Fabrizio Verrecchia on Unsplash By Dr Drew Donnelly, Compliance Quarter. Open Banking Review: Final Report In February 2018, the final report of the Open Banking Review was released for consultation (https://treasury.gov.au/consultation/c2018-t247313/). The report recommends that all…