Author: ewanrobertson

by ewanrobertson ewanrobertson No Comments

FDATA’s Ghela Boskovich on Open Wishes for the New Year

My wishes for 2024 hastening an open data sharing economy are centred around two things:

1) Enhancing trust in the system by ensuring permissioned data sharing and consent best practice principles are adopted by each and every government, industry, sector and scheme. Without a robust consent and authentication framework, trust in the system cannot exist. Consumers need to trust their data is safe and secure before even considering sharing it; without trust, adoption is doomed. Consent and permission is the key to unlocking data sharing.

2) Getting governments to accelerate opening up their own data sets, leading by example in those jurisdictions that have active data sharing legislation in play or being developed. If they want specific industry sectors to participate in those wider schemes, governments can easily incentivise that by cracking open government held data. It also increases outside investment in creating the necessary frameworks to enable safe, secure data sharing across sectors.

by ewanrobertson ewanrobertson No Comments

FDATA’s Walter Pereira on Open Wishes for the New Year

In 2024, I believe that some countries in the region will still face technical challenges and issues related to the financing and maintenance of data-sharing infrastructures.

However, Brazil, with its advanced implementation and exploration of investment and insurance data, and the regulatory advancements in Chile, could position both countries as regional and global benchmarks.

The primary challenge for Brazil, in my opinion, may revolve around the monetization of the data collected by institutions, whether they are major banks or third-party providers (TPPs). As for Chile, the key challenge might be the implementation of a technical and governance model that enables the emergence of new use cases.

by ewanrobertson ewanrobertson No Comments

FDATA’s Steve Boms on Open Wishes for the New Year

As we usher in the new year, members of FDATA North America are poised with great anticipation for the advancements in open banking and open finance, both regionally and globally. With significant strides made in the United States and Canada, there’s a collective optimism about shaping a more consumer-focused financial landscape.

In the United States, the attention is riveted on the Consumer Financial Protection Bureau’s proposed rule under Section 1033 of the Dodd-Frank Act. FDATA NA members view this as a pivotal shift towards a mandatory regulatory framework in open banking. The hope is that this change will catalyze a financial ecosystem that champions innovation, competitiveness, and inclusivity, breaking free from the traditional dominance of large institutions. The expectation is a financial marketplace that is not only dynamic but also more attuned to the needs and rights of consumers.

The recent developments in Canada, particularly the anticipated enactment of the Fall Economic Statement Implementation Act, 2023, also resonate positively with FDATA NA members. This move is seen as a foundational step towards a structured, mandatory open finance regime. Members anticipate that these measures will significantly advance Canada’s open banking framework, fostering an environment ripe for innovative financial solutions tailored to consumer needs.

Overall, FDATA NA members are hopeful that these regulatory evolutions in the U.S. and Canada will lead to a broader global transition towards secure, efficient, and consumer-driven open banking and finance systems. As we step into this new year, there’s an air of expectancy for transformative changes that could redefine the interaction between consumers and financial services on a global scale.

by ewanrobertson ewanrobertson No Comments

Financial Inclusion in Developing Countries

 

This article explores the pressing issue of social inequalities in developing countries and how financial inclusion can act as a public policy tool for empowering marginalized populations. By examining government aid programs, disruptive financial technologies, and open data in financial services, the article highlights the potential of a financially integrated population to improve social conditions. The adoption of an inclusive and amplified public policy, alongside access to basic infrastructures and formal education, can significantly impact social inequalities in developing countries.

View Full Document Here

 

Top