The CFIT has launched the groundbreaking Open Finance Coalition, uniting ecosystem organizations to drive collaboration and scalability.
The first “Open Finance Coalition” was launched by the Centre for Finance, Innovation, and Technology (CFIT), who also announced its founding members. The coalition, which brings together a variety of ecosystem organizations, represents a big step forward in increasing collaboration and scale.
In order to remove obstacles and promote the creation of high-paying tech-based jobs, CFIT has together renowned professionals from finance, technology, academia, and policy-making in accordance with the Kalifa Review’s mandate to accelerate fintech growth in the UK.
The coalition’s main objective is to raise financial data’s profile so that people and small businesses can better manage their savings, investments, pensions, and insurance.
ABI, Allen and Overy, Amazon Web Services, City of London Corporation, Experian, EY, HSBC, IBM, Innovate Finance, iwoca, KPMG, Leeds City Council, Lloyds Banking Group, Mastercard, MBN Solutions, Monzo, Open Banking Limited, Open Finance Association, Revolut, Smart Data Foundry, and Zopa are among the founding coalition partners. The FCA also provided support.
This summer, the Open Finance coalition will begin its program of work to identify and open up access to data sources that could enhance consumer financial outcomes and SMEs’ access to financial services.
Working groups will then expedite the ideation process starting in September and produce targeted products, such as new proofs of concept, goods, or data collaborations between incumbents and fintechs, which will significantly impact businesses and customers throughout the UK.
The work of the Open Finance and all upcoming coalitions is made possible by industry associations and local fintech organizations, according to Ezechi Britton MBE, CEO of CFIT. We appreciate the constant support of Innovate Finance, FinTech North, FinTech Scotland, FinTech Northern Ireland, FinTech Wales, FinTech West, and SuperTech.
This coalition’s importance stems from its capacity to pool the knowledge and resources of its many different members. “Initiatives like these are critical for the UK to establish a regime that encourages innovation and empowers customers to take control of their financial lives,” said Andy Sacre, head of payments at Monzo, in a statement that underlined the initiative’s potential.
“We’re excited to work in coalition with so many fantastic organizations to create real impact in this area, driving positive change for consumers and SMEs alike,” said Bryn Coulthard, chief product and technology officer at Smart Data Foundry.
As stated by Sheldon Mills, executive director of consumers and competition at the FCA, and Jessica Rusu, executive director of data, technology, and innovation: “Supporting competition and innovation to benefit consumers and companies is a priority for the FCA. The UK’s financial services could be transformed through open banking and open finance, which will also make the country more inventive and competitive. As a result, we are thrilled to support the inaugural coalition of CFIT.
The FCA stated that it will support the alliance by imparting its knowledge and experience in regulatory matters.