The Promotion of Open Banking

Open banking is a significant factor for fintech industry growth; it allows fintech companies to access customer data for fintech services; the Consumer Financial Data Rights (CFDR) coalition has been established to focus primarily on this issue; there initiatives include: lobbying regulators for open access to data, promoting fintech’s rights to use data and serving as a resource center for open access regulation; Business Insider also suggests considering the UK’s open access and regulatory examples and has published a report entitled, “The Fintech Regulation Report.”  Source

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