Manoj Mistry, Managing Director of IBOS Association, has commented on what the election of Liz Truss will mean for UK FinTech in both FinTech Global and RegTech Analyst.
Open banking itself is an area with huge growth prospects – with a report by the Challenger Banking All Party Parliamentary Group calling for more to be done to allow open banking to offer a view of each person’s financial situation.
IBOS Association managing director Manoj Mistry echoed this push, stating, “The continued roll out of open banking technology is imperative for the future of FinTech in the UK and the wider development of smart data in financial services.
“The election of Liz Truss as the new PM will hopefully see the acceleration of smart data sharing, driven by the government’s Smart Data Council which aims to develop an ecosystem that builds collaboration with industry across sectors. Fresh regulation is also needed as a matter of urgency. A new regulatory framework for open banking and smart data would provide certainty for industry players and protection to end users.”