UK Gov’t Launches Industry-Led Taskforce for Open Finance

The UK government is spearheading an industry-led open finance taskforce, chaired by the Centre for Finance, Innovation and Technology (CFIT), with the aim of maximising the potential of open finance.

Described by CFIT CEO Ezechi Britton MBE as a significant opportunity for the economy, open finance builds upon the foundation of open banking, expanding data sharing beyond transactions to include savings, credit scores, pensions, and more.

Announced by the Economic Secretary to the UK Treasury, Bim Afolami, at this year’s Innovate Finance Global Summit (IFGS) in London, the task force will build upon the recommendations outlined in the CFIT’s Blueprint Report released in February 2024. The focus includes securely unlocking financial data to enhance access to credit for small to medium-sized enterprises (SMEs).

The task force’s objectives encompass identifying and prioritising data sets for unlocking, determining optimal APIs to facilitate improved SME finance accessibility, and exploring additional use cases for open finance.

Additionally, the government initiative will emphasise uncovering commercially viable approaches to incentivise enterprises to share financial data securely.

Established early last year, CFIT is a private sector-led organisation committed to harnessing industry expertise and fostering growth within the UK’s fintech sector.

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