Global: UK Government Launches Open Finance Task Force

Bim Ofolami, UK government Economic Secretary to the Treasury,
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Bim Ofolami, the Economic Secretary to the Treasury for the UK government, has revealed the creation of an open finance task force during his address at the International Fintech and Global Summit (IFGS) 2024.

The formation of this task force comes on the heels of the publication of the Centre for Finance, Innovation and Technology’s (CFIT) Blueprint report in February, which advocated for such a body.

Ofolami explained, “The task force will develop a detailed set of recommendations, identifying the necessary data sets and commercial incentives to propel CFIT’s initiative on SME lending forward.”

In his speech, the minister highlighted the importance of creating a payments ecosystem conducive to the growth of open banking, which will be supported by the forthcoming National Payments Vision expected to be published before the summer recess.

Ofolami emphasized the government’s limited role in fostering innovation, stating, “Government can only do so much. I am not from the school of thought that believes great innovation comes from people like me; it comes from you.”

Additionally, Ofolami announced forthcoming cryptocurrency legislation scheduled to be implemented in the same period. This legislation will bring various cryptocurrency activities, such as operating exchanges and managing customer assets, under regulatory oversight.

CFIT has been designated to chair the newly established task force.

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