Banks and FinTech businesses are supporting a proposal made by an Australian senate committee, urging the government to launch a new data watchdog.
The recommendations were part of an interim report from the ongoing investigation into the Australian FinTech and RegTech space by a senate committee, Financial Review reported.
The senate committee’s recommendations were made with the hope that they would boost competition and bring commercial law into the modern world of digital financial service providers as well as assisting with the economic recovery from Covid-19.
The new data protection regulator is expected be officially announced in the budget next month and would take ownership over some of the supervision previously done by the Australian Competition and Consumer Commission.
The people supporting the initiative includes the Australian Banking Association and the FinTech Australia chief executive Rebecca Schot-Guppy.
Although, Labor senators have expressed concerns about the rollout of open banking and therefore urged the government to keep the supervision in the hands of ACCC as of now.
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