Fintech Market Overview

This article does not constitute legal advice.

Data protection in Australia

Fintech Software

Fintech businesses are also subject to the Australian Consumer Law, which is administered by the Australian Competition and Consumer Commission (ACCC). Broadly, this includes prohibitions on misleading and deceptive conduct, false or misleading representations, unconscionable conduct and unfair contract terms. While the Australian Consumer Law does not apply to financial products or services, many of these protections are enforced by ASIC, either through mirrored provisions in the Australian Securities and Investments Commission Act 2001 (Cth) (the ASIC Act) or through delegated powers.1

In Australia there is no requirement to make client data accessible to third parties; however, this is often necessary for lenders and credit reporting agencies who must comply with obligations regarding the use, collection and disclosure of credit information.1

The Privacy Act includes 13 Australian Privacy Principles that impose obligations on the collection, use, disclosure and destruction of personal information.1

The Privacy Act includes a notifiable data breaches (NDB) scheme, which requires regulated entities to notify any affected individuals and the Office of the Australian Information Commissioner in the event of a data breach (i.e., the unauthorised access to or disclosure of information) that is likely to result in serious harm to those individuals.1

Cross-border payments in Australia

Fintech in Australia

Fintech in other countries

  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/australia
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