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UK government announces open finance task force

UK government announces open finance task force

Bim Ofolami, UK government Economic Secretary to the Treasury, has announced the formation of an open finance task force during a speech at ifgs 2024.

This announcement follows the publication of the Centre for Finance, Innovation and Technology's  (CFIT’s) Blueprint report in February which recommended such a task force.

Ofolami said “The taskforce will craft a clear set of recommendation, pinpointing the data sets of commercial incentives necessary to drive forward CFIT’s SME lending use case.”

The minister also stated they would need a “payments landscape where open banking can thrive” which he states they will do through the National Payments Vision which they will publish by summer recess.

He said “Government can only do so much. I am not from the school of thought that thinks great innovation comes from people like me, it comes from you.”

He also announced their plans for cryptocurrency legislation to go live in the same timeframe. Ofolami stated once this legislation goes live, a range of cryptocurrency activities including operating an exchange and taking in customers assets will come within the regulatory perimeter.

CFIT have announced they will chair the taskforce. 

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