In the news
Australian Fintech inquiry calls for reform The Australian Senate Committee recently launched an inquiry into Fintech providers, and has suggest- ed 32 recommendations that aim to promote competition in the sector. The recommendations have particular focus on regulatory reforms, with key issues identified relating to taxation. The inquiry found evidence that the regulators are not properly organised to drive competition, particularly with the larger banks. The report states: ‘the number of regulators with a role in relation to competition and financial services in Australia mean that it is not straightforward to ensure that com - petition is operating effectively in this sector’. The report claims that this lack of com -
petition is a risk and requires regulators to become involved in order to collec - tively provide greater focus on promot - ing financial competition. Whilst the Australian Government took a positive step toward Open Banking through the Consumer Data Right Act, which saw Austalian consum - ers choosing to share their banking data with third party providers, inquiry leader Drew Bragg claims this is not enough. ‘Our Inquiry recommends a new national body to deliver the Con - sumer Data Right. It is too important to be a unit in the Australian Competition and Consumer Commission (ACCC). It needs focus and accountability and the capacity to run a public information campaign’, said Bragg.
Nesta launches A$4.9m Rapid Recovery Challenge Innovation foundation Nesta has launched a A$4.9 million challenge called the Rapid Recovery Challenge to support solutions that will improve access to jobs and money for people hit hardest by the Covid-19 economic downturn in the UK. the greatest potential to help people access financial assistance, manage their cash flow or access affordable credit.
Ravi Gurumurthy, Chief Executive of Nesta, said: “COVID-19 has created a huge economic shock. Millions face severe threats to their job security and household finances, and we know that low-paid workers, people in insecure roles and those under 25 will be hit hardest. I’m looking forward to seeing the range of solutions innovators develop to address these issues and support those whose jobs and financ - es have been most impacted by the pandemic.” Entries for the challenge are now open and close on the 26 October. To find out more about the Rapid Recovery Challenge click here.
Nesta’s own research of those in low paid or insecure work shows that, nearly a third of those surveyed (32%) believe that a second UK country-wide lockdown would send them over the edge financially. In order to attempt to support these people, the Rapid Recov- ery Challenge aims to find Fintechs, charities and other organisations that address the challenges faced by these people. The challenge requires organisations to enter their solutions in a bid to win up to A$844,000 of backing. The most promising solutions will have
04 | Metrics Monthly
September 2020 | AU Edition
Made with FlippingBook - professional solution for displaying marketing and sales documents online