Australia Considers Competition Implications For Consumer Data Right Law

An Australian senate probe into FinTechs headed up by the government will look into how much Big Tech firms might harness the consumer data right (CDR) going forward to create financial services businesses, itnews reported.

A committee said in an issues paper that it would look into requirements for “accredited data recipients, particularly with the potential for big non-bank technology companies to become accredited,” as reported by the outlet.

It noted that “consideration must be given to whether the regulatory framework governing the use of financial data can adequately maintain a level playing field if, for example, a large tech multinational … where to start offering banking or other financial services in Australia.”

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