Leeds joins major new Open Finance Coalition to support consumers and SMEs

Leeds has thrown its support behind a new coalition to open up financial data to deliver better outcomes for consumers and SMEs.

Launched today (July 13) by the Centre for Finance, Innovation and technology, the new Open Finance Coalition will demonstrate the power of leveraging financial data to deliver better outcomes and financial awareness for SMEs and consumers.

The first coalition partners who have committed to progressing Open Finance in the UK have also been announced. Leeds is the first city and local authority outside of London to be involved with the project, working closely with others on the list including: the Association of British Insurers, Allen and Overy, Amazon Web Services, Experian and more.

The main focus for the coalition will be demonstrating the power of financial data to deliver better financial awareness for consumers and SME financing.

These two areas represent the biggest opportunity to showcase the power of Open Finance, giving both individuals and SMEs the ability to better manage their savings, cashflow, investments, pensions and insurance and in turn lead to a positive outcome for the nation’s financial health.

The idea comes from recommendations originally put forward as part of the Kalifa Review of UK Fintech, launched in Leeds earlier this year, which seeks to unblock barriers to growth for financial technology and position the United Kingdom as a global leader in financial innovation.

Leeds was identified in the report as being part of one of the most established FinTech hubs in the UK.

Councillor James Lewis, leader of Leeds City Council, commented: “We are delighted to be a part of the new Open Finance coalition to drive better access to financial data for both SMEs and consumers.

“The ethos and work to be done as part of this project feeds perfectly into our inclusive growth ambitions, and therefore we were keen to take this opportunity to further work within the city to increase financial awareness and knowledge in collaboration with our thriving Fintech community.”

By Matthew Neville – Senior Correspondent, Bdaily

• Add me on LinkedIn and Twitter to keep up to date
• And follow Bdaily on Facebook, Twitter and LinkedIn
• Submit press releases to editor@bdaily.co.uk for consideration.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →