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UK Government To Expand On Open Banking With New Data Laws
The UK government has introduced the Data Use and Access Bill to parliament, promising an economic boost of £10bn over the next decade through expanded data-sharing capabilities.
The legislation aims to make it easier for consumers and businesses to share data securely with authorised third parties such as banks and utility companies, supporting smart data models that build on the success of open banking.
Open finance is part of this, and the government says that advancements will allow consumers to benefit from personalised financial advice and market comparisons, potentially cutting costs on services such as banking and energy.
The bill is also intended to open up innovation opportunities for sectors beyond finance, encouraging competition and helping consumers find better deals.
"With laws that help us to use data securely and effectively, this Bill will help us boost the UK’s economy, free up vital time for our front-line workers, and relieve people from unnecessary admin so that they can get on with their lives," commented Peter Kyle, the UK’s secretary of state for science, innovation and technology.
India Revokes Authorisation Of UAE Remittance Provider
The Reserve Bank of India (RBI) has announced that it has revoked the certificate of authorisation (CoA) of UAE Exchange Centre, a remittance provider and previously a regulated payment system operator (PSO).
The RBI did not give details of the reason for the revocation, other than "non-compliance with regulatory requirements".
UAE Exchange Centre was authorised to conduct inbound, customer-to-customer money transfers as an "overseas principal’ under the Master Direction on Money Transfer Service Scheme (MTSS Master Direction).
Following the revocation, which was confirmed on October 10, the firm can no longer process remittances to recipients in India.
