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If ‘open banking’ is anything to go by, creating interoperability in fintech markets leads to the emergence of a few big winners, a number of compliance failures, and dozens if not hundreds of ambitious but generally limited tech firms serving niche areas of the financial sector. The policy is also extremely expensive for banks to comply with.
However, it also creates something very important and valuable – the encouragement and public sector blessing to spark innovation and excitement in the industry, which can lead to the development of breakthrough applications that improve individuals’ wellbeing.