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In an effort to assess and mitigate barriers hampering the growth of its fintech industry, the Australian Senate is empaneling a committee to study the matter. So reports Finextra.
Further, the committee will also look to find ways to widen the “use of consumer data rights legislation to propel the uptake of Open Banking.” According to information from New South Wales Liberal Senator Andrew Bragg cited in the story, the financial sector comprises 11% of the nations GDP.