Leeds has affirmed its commitment to a transformative alliance that aims to revolutionise the use of financial data for Small and Medium Enterprises (SMEs) and individual consumers.
This alliance, christened the Open Finance Coalition, is a brainchild of the Centre for Finance, Innovation and Technology.
A New Dawn for Financial Data in the UK
The establishment of the Open Finance Coalition underscores a shift in the UK financial landscape, primarily focusing on how financial data can be optimised to benefit both businesses and consumers.
The initiative brings together a notable ensemble of partners, with Leeds being the first city and local authority outside London to be associated with the project.
Collaborating closely with other eminent entities such as the Association of British Insurers, Allen and Overy, Amazon Web Services, and Experian, the coalition aims to catapult the UK to the vanguard of financial innovation.
At the core of the coalition’s agenda is the empowerment of SMEs and consumers through effective financial data management.
By harnessing the power of open finance, it plans to offer tools that could help manage savings, cash flow, investments, pensions, and insurance more efficiently.
These proposals emanate from the recommendations of the Kalifa Review of UK Fintech, an initiative launched in Leeds earlier this year.
The review, which seeks to alleviate barriers to growth in the financial technology sector, has recognised Leeds as a part of one of the UK’s most established fintech hubs.
Leeds City Council: Embracing the Potential of Open Finance
Councillor James Lewis, leader of Leeds City Council, expressed the council’s delight in participating in the Open Finance coalition.
The ethos of the initiative aligns seamlessly with their ambitions for inclusive growth, making it an opportunity that couldn’t be overlooked.
With the launch of the Open Finance Coalition, Leeds continues to uphold its commitment to fostering an environment of financial literacy, innovation, and economic growth.
This aligns with its broader goal to strengthen its foothold as a leading fintech hub while creating an inclusive financial landscape that benefits SMEs and consumers alike.
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