EU PROPOSES MAJOR FINANCIAL DATA SHARING REFORMS
July 26th, 2023
The European Union (EU) has signalled shifting from its past focus on privacy rights – as per the general data protection regulation (GDPR) - with new reforms encouraging the controlled sharing of financial data. That may see data flow from established financial institutions, such as banks, to their personal and business customers, and thence to other financial services. The aim is promoting more (and maybe novel) financial businesses.
The EU executive, the European Commission, could be eyeing the potential of fintech. An October 2022 report from McKinsey (1) ...
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