The Impact Of Generative Al On Financial Services 2024
In 2023, 99% of financial institutions embraced AI, setting the stage for continued prominence in 2024.
This report summarises insights from the roundtable organised in collaboration with MENA Fintech Association at Citi Offices during Abu Dhabi Finance Week 2023, delving into current Generative AI applications, considering advancements in 2024.
Building Open Finance: From Policy to Infrastructure - CFTE Policy Working Paper
Open Finance is a revolutionary step toward creating financial systems that are more inclusive, interconnected, and globally accessible. But what does it take to build such frameworks?
Open Finance has evolved from Open Banking and is characterised by the sharing of customer-permissioned data across a broader range of financial services providers, not just banks. This shift allows new entrants, like FinTechs and BigTechs, to develop innovative financial services.
Open Finance promotes competition by breaking data silos and empowering consumers to share their financial data with third parties. When we look at different jurisdictions to implement open finance systems around the globe they are at various stages, different approaches and governance frameworks.
This paper will give you an insight into different approaches and governance frameworks:
- Mandatory approach: EU, UK, Australia, Brazil, and UAE have adopted a mandatory framework where financial institutions are required to share customer data via APIs. This approach aims to enhance competition and innovation by facilitating secure data sharing between financial institutions and third-party service providers
- Collaborative approach: Singapore and Hong Kong are examples of jurisdictions using a collaborative approach, where financial institutions and regulators work together to establish standards and promote data sharing without legal mandates. The focus is on encouraging industry participation and developing API standards
- Other approaches: China and India have broader data ecosystems being developed. These jurisdictions focus on the aggregation and sharing of data across different sectors, beyond just financial services, to promote innovation and competitiveness
Contributors
Douglas W. Arner
The University of Hong Kong; The University of Hong Kong - Faculty of Law
Ross P. Buckley
Scientia Professor at UNSW Sydney
Christine Menglu Wang
Post-doctoral Fellow,
the University of Hong Kong
Dirk A. Zetzsche
Professor,
University of Luxembourg
Explore the report
In the News
In your feed
