Barry O’Donohoe, Raidiam’s CEO and Co-Founder, looks back at this year’s UK FinTech Week.
I’ve been reflecting back on UK FinTech Week 2024 after getting chance to catch my breath after a particularly busy month. The week before I’d had the pleasure of being part of a Department for Business and Trade (DBT) delegation to New York for their FinTech week, which had been a jam-packed agenda of meetings, events and networking. It was a great opportunity to engage with counterparts over in the US and acquire an understanding of how their market operates.
But back to the UK.
Innovate Finance Global Summit 2024
The week started with the 10th anniversary edition of the Innovate Finance Global Summit (IFGS) – a standing diary entry for our sector. This year did not disappoint with a number of key announcements being made and a stellar line-up of speakers.
I was delighted to be speaking on a panel on the subject of Tomorrow’s Threatscape – Cyber Trends, AI dynamics and Global Risks – a hot topic with the McPartland review of cyber security and economic growth currently considering its recommendations.
The key message I was keen to convey was that cyber resilience needs to be incorporated from the get-go – and the best way to do that is with proven international security standards that are robust and stand the test of time. FAPI (Financial-Grade API), the open global standard that all our tech is built on, not only delivers the cyber-resilience that is required but provides the capabilities and trust for businesses to grow and innovate. A win-win for any enterprise.
It was also great to sit down with Oana Ifan from The Paypers for a chat about Raidiam, the role we play in enabling consumers, businesses and governments to unlock the value of their data, and my thoughts on the future of data sharing by leveraging the accomplishments of Open Banking to establish a robust Smart Data economy.
Open Finance session for DBT delegations
Following IFGS we were delighted to host visiting DBT delegations from all over the world for a session on Open Finance developments and the importance of Trust Frameworks. We were lucky enough to have Rory O’Kane from the UK’s DBT team open the session for us, highlighting the role that Raidiam has played in Brazil with the implementation and success of Open Finance and Open Insurance there. David Beardmore, Marie Walker and I presented on how best to establish and maintain that all-important trust and build on the learnings we have accrued from the global implementations we’ve been involved in. It was a really great discussion with the delegates, sparking debate and questions on the best approaches to take.
Facilitating connections at the DBT dinner
I was honoured to be invited as a guest to a DBT dinner hosted in partnership with Evelyn Partners on US expansion – particularly pertinent timing having just returned from New York. This is a vast market that needs a considered approach and careful planning to execute a successful entrance. The DBT has been an excellent source and supporter of UK companies exporting around the world, with this dinner a perfect example of how they facilitate the right connections and discussions.
Enabling other UK FinTechs
And just to finish the week on a high, we were privileged to have Raidiam featured by the DBT as a UK FinTech success story. This recognition is a source of great pride for myself and fellow co-founder, Ralph Bragg. In a few short years, the Raidiam team has achieved so much. Not only do we underpin the exchange of data and payments between every fintech, across every bank, for every consumer and business every day in all fully functional national Open Finance ecosystems; by creating this central market infrastructure, we have enabled other UK FinTechs to also export their services globally.
This unique positioning of ourselves at the centre means that we create ecosystems with solid foundations to establish and nurture trust, the key to any successful data sharing. And with the week also seeing three big announcements concerning Open Data – the Smart Data Roadmap, a new Open Finance Taskforce being chaired by CFIT, and the report out from JROC – it was the perfect week to explain and celebrate the personal impact that Raidiam has had and will continue to have on the advancement of secure and trusted data sharing.
Interested in learning more about how we deliver secure and trusted data sharing ecosystems? Get in touch today!
Barry O’Donohoe is CEO and Co-Founder of Raidiam.
