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Bayes Centre News: The Global Open Finance Centre of Excellence is moving into the Bayes Centre

The Global Open Finance Centre of Excellence (GOFCoE) will be moving into the Bayes Centre later this year, and has made significant progress in recent months as it continues its mission to ‘safely unlock the potential of financial data as a force to improve lives’.

In June, a unique collaboration between the University of Edinburgh, the Financial Data and Technology Association, and Fintech Scotland was awarded £22.5m from UK Government to harness financial data for societal and economic benefit. The Global Open Finance Centre of Excellence (GOFCoE) will be an independent collaboration between governments and regulators, the financial services, industry and academia.

 

To date, GOFCoE has:

  • Successfully unlocked private sector financial data:
    • Established Bank and Fintech data supply into an operational Financial data safe haven at the University of Edinburgh. An active pipeline for further data supply is under development with significant new data sources and use cases being negotiated.
    • Delivered two unique Covid-19 economic dashboards to UK Government and positive feedback from Government stakeholders for example “the outputs developed by GOFCoE are seen as valuable… strong public interest in the continued development of these”.
    • Commissioned extranet for secure results sharing with external partners
    • Dashboards have been built by the GOFCoE data science team using data safe haven supported by safe & secure information governance policies and processes including development & approval of multiple DPIA’s and ethical assessment.
  • Built on this data supply to demonstrate the potential to drive significant new Open Finance Research through applications for two new research projects focussing on Saving and Ageing
  • Delivered first project at intersection of climate and finance
  • Created first research proposal to examine the intersection of Finance and Health
  • Contributed to the Open Finance consultation from the FCA with a follow up call scheduled.
  • Established participation in our first fintech innovation programme working with a high street Financial Services company, charities and other private sector organisations.
  • Co-chairing the UK Digital ID cross sector forum hosted by DCMS
  • Working in partnership with FDATA, established a global working group, including representation from 14 G20 countries, around Open Finance Technical Standards.
  • Initiated design for a scalable innovation environment to support Fintechs taking into account the recommendations of the Kalifa review.
  • Having supported the development of an Academic Research & Innovation Roadmap in late 20202 we are now initiating, in partnership with Fintech Scotland, a Business led Research & Innovation Roadmap with central Scotland financial Services and fintech companies
  • Grown start-up team to 25, with plan to grow to 50.
  • Significant private sector engagement supporting development of a pipeline of commercial opportunities across stakeholder types across all six GOFCoE propositions.
  • Developed Social Impact plan and in active discussions with numerous companies, charities, consumer groups and government on new initiatives. Working with Strathclyde University on data roadmap to support Poverty Premium.