The data rush is on as start-ups get set for open banking

Paul Chapman believes banking is only going to get more complex.

"We like to say Japan is living in the future," he says. "People have a very fragmented life with three to four banks and several different financial products. There is so much complexity and we think that is happening in Australia."

The Australian co-founder of financial management app Moneytree, which is based in Japan and launched in Australia last year, is one of a number of start-ups jostling for position as the government looks to introduce open banking to Australia.

Speaking to Fairfax Media on the sidelines of the Salesforce World Tour in Sydney this month, he said open banking presented an opportunity for small businesses and start-ups. Open banking is the basis on which consumers will be able to securely and easily share their financial data with trusted parties such as banks, financial technology firms or potentially tech giants like Facebook.  Read more

Cara Waters - Brisbane Times - 22 Mar 2018