Bim Ofolami, the UK government’s Economic Secretary to the Treasury, has announced the creation of an open finance task force during his address at IFGS 2024.
This development follows the publication of the Centre for Finance, Innovation and Technology (CFIT)’s Blueprint report in February, which recommended establishing such a task force. Ofolami stated, “The taskforce will craft a clear set of recommendations, pinpointing the data sets and commercial incentives necessary to advance CFIT’s SME lending use case.”
He emphasized the need for a “payments landscape where open banking can thrive,” which will be facilitated through the National Payments Vision expected to be released by summer recess. Ofolami remarked, “Government can only do so much. I am not from the school of thought that believes great innovation comes from people like me; it comes from you.”
Additionally, he announced plans for cryptocurrency legislation to be implemented within the same timeframe. Once enacted, this legislation will encompass various cryptocurrency activities, including the operation of exchanges and the holding of customer assets within the regulatory framework.
CFIT will take the lead in chairing the newly formed task force.