Updated: Nov 23, 2021
Open Banking has been around for a few years now but it wasn’t until recently that it gained significant traction. The technology-enabled innovation gives consumers like you and me the power to securely share our selected banking data with accredited third parties. It’s proving itself critical to improving consumer experience and regulators are recognising it as vital in changing the competitive landscape of the banking sector.
In this conversation with Charles Kerrigan, Partner and Global Head of Fintech at CMS, we consider the development of regulations in the open banking space and highlight the regulatory frameworks developing around it. We also touched on how this sector will affect crypto companies as more institutions look to integrate open banking.
Give us an overview of what Open Banking is.
What were the highlights of Open Banking this 2021, and has there been any major changes in how regulation has addressed it?
What do you see coming in the year 2022? Are there any new regulations coming in or any changes that you see coming in?
How do you see open banking and the way it's evolving, affecting some of the crypto companies going forward? Do you see any, any changes there? And are you seeing increased demand for crypto companies looking to use and integrate open banking?
Did you anticipate more users going to crypto companies if they are bank integrated or to attract newer users? Or how do you see that affecting how users on an individual or on an institutional level?
For crypto companies, what should they be looking at when it comes to open banking?
For open banking firms, what is the main thing that they need to be addressing in terms of approaching crypto companies being aware of the differences in licensing and so forth?
How will open banking come into the DeFi side of the crypto space? And how would that work on a practical and regulatory point of view?
What do you see coming next for open banking and regulation? How will that affect crypto firms and crypto and users?
Meet Charles Kerrigan
Charles Kerrigan is a partner in the Banking & International Finance Team at CMS London.
Charles acts on finance and technology (fintech) transactions and projects. He acts for fintechs, funds, technology companies, governments, trade bodies and corporations.
The Blockchain Industry Landscape Overview 2018 names Charles as one of the UK’s leading influencers on blockchain. He is the UK’s “recommended lawyer” for blockchain and digital technology in the UK Parliament Hub.
He is a lawyer specialising in finance and technology. He works on corporate finance and venture capital fundraising transactions for companies, funds, platforms and financial institutions. He works on consulting projects on blockchain, digital assets, AI and automation/transformation for public bodies, policy makers, standards institutions and corporate clients.
Charles sits on the Bank of England’s Financial Markets Law Committee on Virtual Currencies; he is a board member of the Innovators Board at the Big Innovation Centre, named Think Tank of the Year 2018.
He sits on the advisory boards of the UK All Party Parliamentary Group on Artificial Intelligence (APPG AI) and the UK All Party Parliamentary Group on Blockchain (APPG Blockchain).