In my career, I have been passionate about working with startup founders and leaders to solve big problems, particularly in industries set for rapid change through technology.
I have had the pleasure of being part of this technology change in the insurance industry over the last five years. Firstly, by helping to change the way insurance is distributed through APIs at global insurtech Cover Genius. I have also had the wonderful opportunity of playing key roles in building the Australian insurtech ecosystem with Insurtech Australia and then launching the Global Insurtech Alliance. I am incredibly proud of what we have achieved to advance insurtech globally and locally. Insurtech Australia members have grown from less than 10, to now over 60 and the Insurtech Alliance from 4, to now over 20 global members.
But now, it is time to be part the change in a new part of financial services — Open Banking.
Who is TrueLayer?
TrueLayer is a global Fintech enabling the future of open banking and financial services through our API platforms (currently Data & Payments). Founded by Francesco and Luca, and supported by a great team (now 160 strong), TrueLayer is a market leader in the UK and EU and are already enabling some of the biggest global Fintechs like Revolut, Zopa, Plum and Crunch.
TrueLayer is also backed by some wonderful investors that believe in changing the future of financial services including Anthemis, Connect Ventures, Northzone and Singapore’s sovereign wealth fund Temasek Holdings.
Why now? The future of Australian banking is here
Australian financial services has entered an exciting phase of change with the first step of Open Banking going live via the Consumer Data Right (CDR) on the 1st July with the Big4 Banks releasing their public APIs for certain account types. Whilst we have many more steps to go, it is important step in changing the way consumers’ banking data is treated, and in turn, how consumers will engage with their money into the future.
Over the coming months we will see the rollout for the remaining banks (140 or so) and new banking and technology players accredited as Accredited Data Recipients (ADR) to start sharing banking data. There will also be ongoing consultation process with Treasury and the Australian Competition & Consumer Commission (ACCC) to continuously improve the CDR Rules to drive participation and outcomes for both consumers and businesses.
TrueLayer has already played a key role in the CDR consultation over the last 18 months and will continue to be part of advocating for change. Recently the ACCC amended the CDR rules permitting the use of accredited intermediaries such as TrueLayer to collect data on behalf of other accredited businesses which will enable greater participation in the CDR by Fintech firms as we have seen in the UK.
TrueLayer is in the process of obtaining full accreditation as an Accredited Data Recipient from the ACCC and will formally launch in early 2021 with our Australian product.
What I will be up to?
Over the next few months, I’ll be focused on working closely with the regulators to finalise our Australian licensing and to support our current clients through their accreditation journey. Concurrently I will support the establishment of the Australian business, and bolster the broader APAC team led by Marie Steinthaler to support our global and local partners to go live in Australia.
I will also be part of the broader community of Fintech entrepreneurs and banking leaders progressing the CDR in banking but also into broader industries over the coming years (like energy & telcom).
The future of the CDR in Australia is really exciting and I look forward to being part of this important agenda with TrueLayer and contributing to a new era of financial innovation in Australia.