Issue: The wide scope and complexity of the financial industry means tech companies have to navigate through a wide range of regulations and actors to be able to bring innovation to market.
Outcome: techUK has established itself as an important interlocutor on distributed ledger technologies and open banking. As the latter establishes itself, and the market takes shape, we have enlarged our policy discourse to the expansion of open banking principles across further sectors of the economy and engaged with regulators and Government on both ‘Open Finance’ and ‘Smart Data’.
Over the past year, we have emerged as a leading voice on the crucial topic of digital identity, working with the Open Identity Exchange, Government and a wide range of stakeholders towards the establishment of a digital identity market in the UK.
Through a series of events we have brought together all stakeholders and parties together to discuss the long-term strategic vision for open data and the creation of a fully functioning digital identity market as well as taking immediate actions.
techUK continues its regular meetings with the Bank of England, the Competition and Markets Authority, DCMS, GDS, and the Financial Conduct Authority. In addition, we continue to work closely with the City of London Corporation, the BSI, the DIT, Innovate Finance, Nesta and PayUK.