Andrew Griffith MP outlines government’s ambitions
IN BRIEF:
Griffith noted that the FinTech community has an important role in the future of the nation with nearly half of Europe’s FinTechs based in the UK
He highlighted that the treasury will be focusing on how open finance can benefit the UK economy
Open finance is the logical next step after open banking with the UK a world leader, recording over 1bn successful API calls every month
What does this mean?
Commenting on the launch of CFIT, Griffith stated: “Its central task is to bring together industry players, entrepreneurs, policymakers, investors, academics, to coalitions to address some of the trickiest challenges facing the sector. I'm delighted to announce today that CFIT’s first coalition will look at open finance and how unlocking financial data can benefit small businesses, entrepreneurs and consumers.”
