Open Banking and Open Finance: What Role – And Benefits – For Governments?
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Open banking – which aims to boost competition by enabling third parties, such as fintech companies, to use customers’ financial data (with their permission) to develop new apps and services – is ‘set to become globally ubiquitous’, according to a report (June 2021). Open finance is the extension of open banking data-sharing principles across a far broader set of financial fields. Governments worldwide are encouraging its development but rolling it out at different speed and in different ways, while also themselves – at least in the case of the UK’s HMRC – exploring the use of open banking to improve the delivery of public services. This webinar explored: what progress has been made to deliver open banking and open finance across the world? What role should and could government have to drive implementation? How can governments themselves benefit, in terms of delivering citizen services? Should – and how – can governments move faster?
#openbanking
Panel
Diogo José Sousa da Silva, Head Of Division, Financial System Regulation Department, Central Bank of Brazil
Diogo Silva is head of division in the financial system regulation department @ the Central Bank of Brazil. He has extensive experience dealing with financial system regulation issues, having spent the past 16 years researching market trends and proposing innovative regulatory approaches in order to mitigate market failures and promote fair business conduct from market participants, including banking fees, financial ombudsman, customer policy and portability rules. For the past 2 years and a half he has led the team responsible for proposing the open banking regulatory strategy in Brazil, which has recently evolved into an open finance environment in Brazil by encompassing the possibility of data pertaining insurance, investment and foreign exchange products being shared by participants, in addition to the initial scope of the project that allowed consumers to share their registry and transaction data associated with other traditional banking products, as well as initiating payment services through regulated third parties. Diogo holds a bachelor of economics degree from the University of Brasilia and a post-graduate degree on Organizational Communication and Management from FIA Business School
Jessica Robinson, Assistant Secretary, CDR Policy and Engagement, Treasury, Australia
Jessica joined the Consumer Data Right Division (CDR) in Treasury in December 2020 as the Division was being established. Jessica is responsible for the CDR policy, engagement and governance teams. Jessica is passionate about delivering good government policy outcomes. With almost eighteen years of public service experience, she has worked across the Australian Government in various agencies including the Treasury, PM&C, the Attorney General’s Department and the Australian Communications and Media Authority leading complex policy and regulatory reforms in topics such as critical minerals and critical technologies, foreign investment, critical infrastructure and cyber policy, and has performed general counsel roles in two Royal Commissions. She is lawyer by training and started her career in private legal practice. In this current role, Jessica is bringing her passion and enthusiasm to building a world-leading Consumer Data Right in partnership with other government agencies and the CDR community.
Nick Down, Head of Payments, HM Revenue and Customs, United Kingdom
Nick helped to set up HM Revenue and Custom’s (HMRC’s) first functional business, payments, which he leads. He is responsible for payment strategy, change delivery and business operations. HMRC makes or receives around 350 million payments worth about £900 billion each year.
Nick started out as a traditional civil servant, working in policy, operational management and as a programme director, and qualifying as a consultant and management accountant. He became increasingly interested in all aspects of change, launching HMRC’s problem solving and prototyping service, and working with the then Cabinet Office Behavioural Insight Team on some of the earliest UK Government nudges, which were to encourage people who were late paying their tax to do so, and he piloted and implemented a new HMRC business model for preventing and managing debt.
Michelle Beyo, CEO & Founder, FINAVATOR, & Board Member, Open Banking Initiative Canada
Michelle Beyo is the CEO & founder of FINAVATOR, an award-winning FinTech and Payments Consultancy. She is also a strategic advisor to FinTechs, a Money 20/20 Rise Up alumni, a Global Council Member of Women in Payments, the Membership Chair at Canadian Prepaid Providers Organization, a Payment Advisor at National Crowdfunding and FinTech Association of Canada, and a Board Member at Open Banking Initiative Canada. Michelle started FINAVATOR as she is passionate about payments and financial inclusion. She has 20 years of extensive industry experience driving innovation across the retail and payments industry. Michelle Beyo was named the “Top 30 Best CEOs of 2021” by The Silicon Valley Review and FINAVATOR was awarded “Most Influential Leader in FinTech Consulting –
Canada” in 2020.
Valentina Ion, Government Industry Strategy Director, Microsoft
As Director of Government Public Finance Industry, Valentina is in charge of Microsoft sales and industry solutions strategy for this industry, enabling a strong organization that supports Governments embark on the Digital Transformation journey based on deep understanding of their industry, drivers and the critical line of business processes. She is also in charge of building and developing strategic partnerships with ICT, Advisory, Academia or International Organizations such as OECD, IOTA, WCO etc.
She has a diverse background in industry sales strategy and execution, partnerships management, marketing and product management as well a business operation and she holds a Master in Finances and Accounting. With more than 21 years’ experience in ICT and Business transformation Valentina is passionate about business re-engineering and digital transformation for better economy and society.
Webinar chair: Ian Hall, Editor, Global Government Fintech
Ian is editor of Global Government Fintech and also writes for media including City AM and #DisruptionBanking. He is former UK director for the pan-European media network Euractiv (2011-2018), editor of Public Affairs News (2007-2011) and news editor of PR Week (2000-2007). He was shortlisted for ‘Editor of the Year’ at the British Society of Magazine Editors (BSME) Awards in 2010. He began his career in Bulgaria at English-language weekly the Sofia Echo, with his year in the Balkans (1998-1999) sandwiched between a BA in Economics and MA in Urban & Regional Change in Europe (both from Durham University).
Interested to check out our editorial coverage? Check out Global Government Fintech’s dedicated ‘Open Banking & Open Finance’ topic section
