The rise of FinTech and open banking promises a more competitive financial services sector ripe for disruption and transformation. New FinTech providers and neobanks are challenging incumbents with a range of innovative offerings such as ’buy now pay later‘ and digital-only banking products.
The introduction of the Consumer Data Right will serve to accelerate competition. Uncertainty exists over the application of the existing regulatory framework these new products.
Incumbents have vast data assets at their disposal, but will need to overcome the constraints of legacy IT systems to harness its value.
We combine our expertise in technology, data governance and financial services regulation to advise organisations on these issues. Our strong relationships with, and understanding of, the key regulators helps us facilitate successful outcomes for our clients.
We advise on all aspects of FinTech including financial service licensing requirements, engaging with regulators to seek regulatory exemptions, establishing FinTech technology platforms, developing and commercialising FinTech products in Australia and abroad, customer terms and conditions, and data governance and privacy issues.