Britain's financial regulators said on Monday they would set up a new body over the next two years to encourage more competition in banking services through the use of third-party apps from fintech firms.
Open banking refers to third-party firms using banking data from customers at mainstream lenders to offer tailored services such as lending or payments, a sector that has helped to turn Britain's fintech sector into the world's third largest with 2,500 companies.
"We will also work with open banking participants over the next few months to undertake further analysis of the options for the structure, governance and funding of the future entity," the Financial Conduct Authority and Payment Systems Regulator said in a"While significant progress has been made, there is more to be done to deliver the full benefits of open banking within retail banking markets, and beyond," the statement said.
"It's rare that legacy firms have the ability to innovate at the pace required to make the most of changing technology and to keep us internationally competitive," Britain's financial services minister, Andrew Griffith, told UK fintech industry body Innovate Finance's annual conference.
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