Article: Mastercard Report Finds UK and Nordics Lead Open Banking in Europe

Money, Open Governance

Mastercard Report Finds UK and Nordics Lead Open Banking in Europe

According to a new report by Mastercard, which conducted in-depth research into how prepared European countries are to embrace the open banking ecosystem, the Nordic countries have been crowned best placed to take advantage of it, together with the UK.

Open banking is fast becoming a worldwide phenomenon. It empowers consumers and businesses to take control of their financial data and their financial futures while stimulating competition and innovation among financial service providers. The report – ‘Open Banking Readiness Index: The Future of Open Banking in Europe’ – found the Nordics’ and UK’s digital infrastructures ensure the countries are very well-placed to allow widespread use of this concept.

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Article: Powering new banking business models with open banking platforms

Money, Open Governance

Powering new banking business models with open banking platforms

While the concept of Open Banking has been around for some years, the industry mostly espoused it for the sake of regulatory compliance. However, in the wake of the pandemic, there has been a definitive and rapid uptake of open banking approaches and adoption globally. For instance, in Covid’s devastating aftermath, many beleaguered borrowers – especially small businesses and individuals – have found the Open Banking ecosystem to be an easier source of credit.

By authorizing their banks and various other institutions to share their data with third-party providers in real-time, the borrowers are able to tap a wider supply of credit on more favorable terms. And this is just one of the many forces driving the accelerated adoption of Open Banking that has made it a key transformational lever of our world today.

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Article: Digital is driving open concepts in several industries

Money, Open Governance, Open Health, Procedures (Medical)

Digital is driving open concepts in several industries

The concept of open office has transformed much of the work life. This was driven primarily by the desire to improve collaboration, efficiency and effectiveness. In the context of a rapidly evolving digital platform, similar impetus for collaboration is shaping some of the underlying industries of the US economy.

Different industry sectors deal with the concept of openness in different ways, and the factors that drive the concept of “open industry” are different. However, there are clear similarities. Increased openness is seen as the key to digital success and customer satisfaction, and with the rapid acceleration of digital platforms, it is needed as well as smart.

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Article: The Future of Business Is Open: How Open Data Is Changing Established Industries

Access, Money, Open Decision-Support, Open Governance, Open Health, Procedures (Medical)

The Future of Business Is Open: How Open Data Is Changing Established Industries

The open office concept reshaped much of working life — and was largely driven by a desire to improve collaboration, efficiency and effectiveness. A similar drive for collaboration is reshaping some bedrock industries of the American economy, albeit in the context of quickly evolving digital platforms.

Different industry sectors have treated concepts of openness with a range of responses, and the factors pushing them toward the “open industry” concept also differ. But there are definite similarities, as increased openness is seen as a key to digital success and customer satisfaction, one that quickly accelerating digital platforms make not only smart but necessary.

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Article: Your Essential Guide to Open Banking

Money, Open Governance

Your Essential Guide to Open Banking

According to Mastercard, open banking is helping fuel a revolution in financial services. It can provide people with more convenient ways to view and manage their money and simpler ways to access credit or personalized deals and rewards. Open banking can also power different kinds of payment services, such as payments in video games or using business accounting apps.

The practice is already helping to widen access to financial services for millions of people and build on the broader introduction of real-time payments and other emerging payment technologies.

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Article: Abu Dhabi and Singapore join forces to accelerate smart city development

Cities, Innovation, Open Space

Abu Dhabi and Singapore join forces to accelerate smart city development

Abu Dhabi Investment Office joined forces with Enterprise Singapore (ESG), a government agency championing enterprise development, and its subsidiary IPI Singapore to accelerate smart city development in the emirate. Under the agreement, Singaporean companies will submit solutions to address challenges outlined by the Abu Dhabi-based entities.

Eligible companies will also receive funding from ESG to develop smart city solutions. This will increase “collaboration, connect innovation ecosystems and promote the exchange of knowledge and expertise between both sides”, Adio and ESG said in a joint statement on Thursday.

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Article: Open Banking: What It Means for Your Privacy and Convenience

Money, Open Governance

Open Banking: What It Means for Your Privacy and Convenience

At this point in your life as a consumer, you’re accustomed to having less privacy than you used to. Technology makes your life easier in myriad ways, but also far less private.

Your financial life is no exception. In the fintech industry, where financial services intersect with technology, new products roll out all the time — from robo-advisors that oversee your investment portfolios for nominal fees to third-party payment services like PayPal, Venmo and Zelle. Open banking is one of the trends making such innovation possible.

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Article: Finding European synergy in the transition from Open Banking to Open Finance

Money, Open Governance

Finding European synergy in the transition from Open Banking to Open Finance

Pioneering a defined strategy in 2020, the European Commission outlined its intention to adopt a legislative proposal for a new Open Finance Framework by mid-2022. Since its announcement, the Framework has seen significant attention throughout Europe as financial services players speculate the ways in which Open Finance will evolve from its predecessor, Open Banking.

During a Finextra webinar on: ‘The impact on financial services as the EU drives from Open Banking to Open Finance,’ panellists called for cohesion, standardisation and effective regulation enforcing a stronger European ecosystem, where Open Finance can flourish, and where consumers will ultimately reap the financial benefits.

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Article: How can banks respond to the open banking revolution?

Money, Open Governance

How can banks respond to the open banking revolution?

Open banking possibilities are endless, yet many banks are still stuck in the dark ages. It’s time for banks to move with the times. The success of open banking has been widely documented, with more than two million people and small businesses currently using it in the UK.

These services give third-party financial service providers open access to financial data from banks and other financial institutions through Application Programming Interface (API) driven ecosystems. Open banking’s popularity is no surprise considering the benefits it offers customers.

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Article: What we can learn from Singapore’s Smart Nation initiative

Cities, Innovation, Open Space

What we can learn from Singapore’s Smart Nation initiative

A smart city is an urban area that uses different types of electronic Internet of Things (IoT) sensors to collect data, using it to manage assets, resources and services efficiently. Smart cities look at all aspects like mobility, public safety, governance and health, improving existing local institutions, digitizing access to employment while maintaining the security of their citizens, and Singapore is a nation that is recognized for its efforts in successfully doing this.

In 2014, Singapore announced its Smart Nation initiative which encourages the use of digital innovation and technology to drive sustainability and liveability. There are three key pillars which support the goals of the initiative: Digital economy, digital government and digital society – where not only the government, but the people and the agencies have an important role to play.

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