City AM’s Post

This is going to be a game changer if governments have the will and legislation roadmap to see it through. The ability to have data portability between companies , in effect a ‘data passport’ for individuals, businesses and NGO’s with appropriate data governance, security, data privacy etc will accelerate growth , unlock the power of data. Combining curated data sets from different companies and integrating these to create specific insight and models for AI generated decision making will propel the AI Revolution we are currently going through. There will be multiple hurdles , and this is where the ecosystem of regulated firms, innovative data and tech companies, legal firms, consulting firms and importantly regulators can develop frameworks to create innovation whilst protecting customer data in the way the customer wants….(designed from a consumer / customer standpoint) This will also require the thorny subject of international data transfers to be approached for equivalence to be understand between the multiple data protection regimes exist impacting multi-nationals. Exciting times ahead, there will be a few missteps but the country and the FS ecosystem which innovates in this space will see the financial return (together with the customer benefits)…. ‘Central to the body’s plans is a call for ministers to embrace so-called smart data, a form of “data portability” that allows companies to more easily transfer information. Then-Chancellor Jeremy Hunt said last Autumn he wanted to “kickstart a smart data big bang” by overhauling data rules.’ #smartdata #data #datasharing #datatrusts #datacontracts #fintech #datapassport

🗣️ Commenting on the Chancellor’s Autumn Statement, Janine Hirt, CEO, Innovate Finance, said: “Innovate Finance welcomes measures announced today by the Chancellor that will support the continuing success of the UK FinTech sector. Further announcements to progress the ambitions of the Mansion House Compact are a positive step to unlock additional investment for high-growth innovative companies here in the UK. The Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) being extended to 2035 is also something Innovate Finance has previously called for, and welcomes today. “We support the government’s commitment to further unlock the growth of Open Banking and look forward to working with the government on these important developments, including building on Open Banking’s success towards a roadmap for Open Finance. “The Future of Payments Review by Joe Garner published alongside the Autumn Statement highlights the positive contribution the FinTech sector plays as part of the UK’s payment landscape, and it is a positive development that the Chancellor confirmed the government will be publishing a National Payments Vision next year. “The Future of Payments Review also makes a number of observations relating to the issue of authorised push payment (APP) fraud. We support the findings that fraud prevention is critical, emphasising the need to tackle these scams where they originate, in particular social media platforms, and that the Payment Systems Regulator must formally review the costs and benefits of the new fraud and scam rules after 12 months of implementation. This is vital to ensure that while consumers are protected, the rules are both fair and proportionate for payment firms. “We also welcome the call for regulatory requirements applied to FinTechs to be clear and appropriate to reduce complexity for smaller firms which will increase their capacity to innovate”. To read more from Innovate Finance on the Autumn Statement, Headlines & key points for FinTechs click this link 👇 🔗https://hubs.ly/Q029MYYB0 #InnovateFinance #AutumnStatement #FinTech #Policy Adam Jackson | Paul Worthington | Michael Carter | Christopher Foo | Jago Corry | Megan Jenkins

The Innovate Finance General Election Manifesto for the UK sets out three major ambitions aimed at propelling the nation's fintech sector forward. The manifesto advocates for a "FinTech first" approach from the government to leverage fintech in addressing key challenges across various sectors, including environmental and economic areas. 1. **Smart Data Economy**: Innovate Finance calls on the UK to lead in developing a smart data economy, building on its role in pioneering Open Banking, and moving towards Open Finance and broader data-driven initiatives. 2. **Security in Digital Finance**: Another priority is enhancing security to make the UK the safest global environment for digital finance, which includes tackling the rise of online fraud comprehensively. 3. **Leadership in Technology Adoption**: The manifesto also emphasizes the UK’s potential to remain a global leader in adopting new financial technologies due to its favorable regulatory and investment climate, and skilled workforce. These aims are supported by Innovate Finance's ongoing initiatives to foster dialogue and collaboration within the fintech ecosystem, emphasizing the role of fintech in creating a more inclusive and efficient financial sector [oai_citation:1,General Election Fintech Manifesto - Innovate Finance - The Voice of Global FinTech](https://lnkd.in/e5JSdbGx) [oai_citation:2,Innovate Finance - Innovate Finance - The Voice of Global FinTech](https://lnkd.in/euGmU2Ai). For more detailed insights, you can view the complete manifesto on Innovate Finance's website [here](https://lnkd.in/e5JSdbGx).

The Fintech sector has witnessed tremendous growth this past decade, with the potential for so much more in the coming years. With the Union Budget around the corner, Namita and I have penned down our wishlist for the Fintech market, in this piece for Business Today . While there is little justice that an 800 word piece can do to underscore the true potential of the Fintech market, we have tried to cover some key steps that we hope the government will action on, in this financial year

Breaking News in Fintech: Labour Party Unveils Ambitious Financial Services Review 🚀 The future of financial services in the UK takes centre stage in the latest Financial Services Review released by the The Labour Party. The 28-page Financing Growth Review outlines six key policies aimed at bolstering the UK financial sector, emphasising the critical role of fintech in shaping the nation's economic landscape. Here's a breakdown of the groundbreaking proposals and the fintech industry's reactions: Regional Growth & Innovation 📈 Labour's plan prioritises fostering growth in regional financial centres, collaborating with the EU, and implementing innovative regulations. The fintech industry welcomes this approach, seeing it as crucial for maintaining the UK's competitive edge in the global financial arena. Pensions & Capital Markets 💸 The review pledges to reinvigorate capital markets by reviewing the pensions and retirement savings landscape. Fintech leaders, including Rebecca O'Connor FRSA from PensionBee, commend Labour's commitment to building on existing initiatives, unlocking capital, and supporting consolidation. The focus on outcomes and streamlining regulations aligns with the industry's goals. Open Banking & Digital Currencies 💱 Labour expresses support for the next phase of open banking, emphasising collaboration with regulators and industry stakeholders. Fintech unicorn GoCardless and Volt's Ben Ruffels appreciate the cross-party support, emphasising the need for execution and user experience in driving mass adoption. Tokenisation & Blockchain ⛓️ The Labour Party aims to position the UK as a global leader in tokenisation by clarifying laws and establishing a regulatory regime. CryptoUK welcomes the commitment, highlighting the potential economic benefits and the importance of addressing privacy and financial inclusion concerns. Regulation & Supervision 🔧 Labour vows to pursue a more joined-up and innovation-centred approach to regulation, aiming to identify overlaps and gaps in regulatory mandates. Fintech experts, including Riccardo Tordera-Ricchi from The Payments Association, applaud the promise to cut through red tape, creating a dynamic and inclusive financial ecosystem. Mortgages & Consumer Security🛡️ Labour aims to encourage longer-term fixed-rate mortgages, promoting stability and financial security for consumers. Industry players like 🇳🇱 Arjan Verbeek from Perenna support the initiative, emphasising its potential to contribute to a more sustainable future. The industry looks forward to further discussions and potential advancements under a Labour-led administration, recognising the potential for continued growth and global leadership in the financial services sector. Stay tuned for more updates! 💼 Read more here: https://lnkd.in/edNpHJGd #Fintech #LabourFinancialReview #UKFinance #Appmilla

Innovate Finance is delighted to launch our General Election FinTech Manifesto! Building on our policy work with members, this document looks to kick start an ambitious conversation on our vision for the UK FinTech sector. We want to hear from you over the coming months as we develop our ideas further. In the manifesto we highlight the role FinTech can play as a force for good to tackle some of the biggest issues facing the UK, and call on the next government to take a ‘Fintech first’ approach when considering the role FinTech can play. We outline three main ambitions for the next government: 1. Build the world's first smart data economy 🌐 2. Make the UK the most secure place in the world for consumers and businesses to use digital finance 🏦 3. Make the UK the world leader in adopting new technology in finance 🤖 Take a look at our manifesto to find out more about how these ambitions can be realised. We're inviting stakeholders from the FinTech ecosystem and beyond to get in touch with their views and questions on our manifesto and our three priority ideas, so we can develop the vision in Q1 of 2024. Get in touch via the link on our website or contact our policy team via [email protected] Read the manifesto here 📃 https://lnkd.in/eWYhi6N6 #FinTechPolicy #GeneralElection2024 #UKGeneralElection #FinTechManifesto Adam Jackson Paul Worthington Michael Carter Megan Jenkins Jago Corry Christopher Foo