By: Javier Ampuero
UDD Ventures and Evolution Labs UK, held today the event «Open Finance, Opportunities from Innovation», in the context of the new regulatory framework and in order to contribute to the collaboration between different industry players, such as the Regulator, the Academy, the Fintech world and the traditional financial system.
Open Finance is a paradigm shift that seeks to increase the contribution of value to customers, based on the concept that the data belongs to the customers and that there is technological interoperability at the industry level that fosters financial innovation. Along these lines, the presentations were given by: Claudia Sotelo, Head of the CMF Financial Innovation Centre, José Gabriel Carrasco, President of Fintech Chile, Jorge Ruiz, Board Member of Evolutions Labs UK, Mario Ernst, Director of the Open Finance UDD – FELABAN programme and Ángel Morales, Executive Director of UDD Ventures.
Claudia Sotelo, Head of the Centre for Financial Innovation – CMF- explained the benefits of the Fintech Law for clients and the growth that the industry should present, «The Fintech Law is beneficial for users, because what it seeks is to update financial regulation, recognising the new business models that exist in the different financial services that are based on technology».
José Gabriel Carrasco, President of Fintech Chile, took a look at unforced errors made by previous regulations developed in other countries, «The CMF has taken these learnings, so we are seeing the development of a very good regulatory framework to encourage innovation. Open finance is positive for clients.»
Mario Ernst, Director of the Open Finance programme at UDD/FELABAN, commented that «Open Finance is not a business model in itself, but rather a technological and regulatory enabler to boost Banking as a Service and Banking as a Platform, emphasising the importance of having the habitants (e.g. a Sandbox) that allow accelerating the monetisation of these models.»
Along the same lines, Jorge Ruiz, Board Member of Evolutions Lab UK contributed with his experience carrying out Open Innovation processes at a global level from his position at CITI and explained the contribution of the Finconecta platform in the acceleration of Open Finance and Open Innovation: «The recommendation is to start now by making innovation for your customers, regardless of the regulation that is being made. We at CITI were doing Open Innovation 10 years ago when there was no regulation at that time. TEST, LEARN, REPEAT.
Finally, Ángel Morales, Executive Director of UDD Ventures explained the value proposition it has in alliance with Evolution Labs UK, to accelerate Open Innovation processes and the relationship with startups and fintechs «We can bring all our experience in corporate innovation and acceleration of startups in early stages, to help financial institutions to take advantage of the opportunities generated by Open Finance».
The day had a very good evaluation by the attendees, who were able to interact with the speakers and learn about different approaches to the challenges of Open Finance.
