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UK Smart Data Roadmap unveiled

UK Smart Data Roadmap unveiled

The UK government has published its Smart Data Roadmap laying out its plans for smart data schemes across seven sectors, including banking and finance.

The Data Protection and Digital Information Bill will provide the government with the powers it would need to implement these plans. The bill is currently going through the committee stage in the House of Lords.

The seven sectors the roadmap looks at are energy, banking, finance, retail, home-buying, transport and telecoms.

Within banking and finance the roadmap reiterates that the Treasury will use its Smart Data powers to provide Open Banking with a long-term regulatory framework by laying secondary regulations.

Additionally, the report states it will continue to consider the recommendations made by Centre for Finance, Innovation and Technology (CFIT) in its recently published open finance report.

This comes after the announcement was made by Bim Ofolami, UK government's Economic Secretary to the Treasury, that an open finance task force has been formed. This was one of the recommendations from CFIT’s report.

Kevin Hollinrake, UK Minister of State for Enterprise, Markets, and Small Business, said: “The data economy is a large and growing part of the economy. Smart Data unlocks data for individuals and businesses that is currently held and underutilised in a small number of existing companies. It allows businesses to easily access this data, with consumers consent, to provide new services that drive investment, productivity, competitive outcomes and ultimately economic growth.”

Henk van Hulle, CEO, Open Banking, said: “Developing new smart data schemes will accelerate the economic benefits of open banking to other key sectors, including energy, retail, transport, home-buying and telecoms, further increasing these opportunities.”

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