WHY LIMIT NEW DATA SHARING REGIMES ONLY TO THE FINANCIAL INDUSTRY?: OPEN BANKING THE AUSTRALIAN WAY



On June 13th, C Minds invited key Mexican government officials to participate in “The Australian Approach to Open Banking”, the second Finance Innovation Series of our Keep Up by C Minds initiative for global knowledge exchanges. Our special guest was Scott Farrell, Partner at Wood & King Mallesons, who was also the Senior Reviewer for Open Banking in Australia. He spoke about the country’s view on the open banking topic and their challenges.


THEIR METHODOLOGY

In 2017, the Australian government decided to implement open banking and appointed Scott to develop recommendations and policies. He began working on the Report of the Review into Open Banking, completing it in December 2017 with over 50 recommendations. Soon after, the government approved all the recommendations and set open banking to be implemented in July 2019 for bank deposit, credit and transaction accounts. While the requirement to join the data sharing platform only falls upon banks, others can participate in the system if they meet the accreditation standards.


While discussing his role as the principal decision-maker, Scott explained that Australia’s approach would not involve an implementation entity such as the UK´s because the governm