Open Banking has been around for a few years now but it wasn’t until recently that it gained significant traction. The technology-enabled innovation gives consumers like you and me the power to securely share our selected banking data with accredited third parties. It’s proving itself critical to improving consumer experience and regulators are recognising it as vital in changing the competitive landscape of the banking sector.
In this conversation with Charles Kerrigan, Partner and Global Head of Fintech at CMS, we consider the development of regulations in the open banking space and highlight the regulatory frameworks developing around it. We also touched on how this sector will affect crypto companies as more institutions look to integrate open banking.
What We Discuss:
- [00:01:06]Give us an overview of what Open Banking is.
- [00:03:02] What were the highlights of Open Banking this 2021, and have there been any major changes in how regulation has addressed it?
- [00:06:27] What do you see coming in the year 2022? Are there any new regulations coming in or any changes that you see coming in?
- [00:09:42] How do you see open banking and the way it's evolving, affecting some of the crypto companies going forward? Do you see any, any changes there? And are you seeing increased demand for crypto companies looking to use and integrate open banking?
- [00:10:59] Did you anticipate more users going to crypto companies if they are bank integrated or to attract newer users? Or how do you see that affecting how users on an individual or on an institutional level?
- [00:13:49] For crypto companies, what should they be looking at when it comes to open banking?
- [00:15:24] For open banking firms, what is the main thing that they need to be addressing in terms of approaching crypto companies being aware of the differences in licensing and so forth?
- [00:16:43] How will open banking come into the DeFi side of the crypto space? And how would that work on a practical and regulatory point of view?
Episode Resources:
Watch it on Youtube HERE: https://www.youtube.com/watch?v=ddSkBN_fXz8
