UK’s £28B Open Banking Push: Smart Data Group to Lead

UK’s £28B Open Banking Push: Smart Data Group to Lead

The UK government is expanding its open banking initiative, aiming to unlock £28 billion in economic value across multiple sectors. Last week, the Data (Use and Access) Bill passed in parliament, setting the stage for this expansion. The bill enables consumers to share their data securely and standardised across new use cases in energy, finance, telecoms, and retail, provided they give explicit… Source

UK Launches Smart Data Group to Expand Benefits of Open Banking | Fintech InShorts: Latest fintech news, analysis by experts

Unlocking the Potential of Open Banking for Multiple Sectors in the UK Economy Highlights: The UK government has formed a Smart Data Group to explore the benefits of open banking beyond the financial sector. The initiative is aimed at enhancing consumer data rights and fostering innovation across various industries. Key sectors identified for leveraging open banking include energy, telecoms, and transport, promoting competition and consumer cho…