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Two-thirds of Consumers in the UK say they Won’t Share their Financial Data with a Third Party
Anthony Duffy, Director of Retail Banking, Fujitsu UK and Ireland:
“It doesn’t come as a surprise that some customers are reluctant to share personal financial information. After all, with cyber-attacks and data breaches being reported by many industries, the natural reaction is to circle the waggons, guard one’s data preciously and treat requests for data sharing carefully.
“And then along comes the idea of open banking, which encourages customers to share information with third parties. To some, this might appear to be counter-intuitive – after all, isn’t guarding personal information jealously the best way to prevent data loss and identity theft? Surely, it cannot be surprising that some will be reticent to embrace this new form of banking.
“But does this tell the full story? Open banking is a new idea. It will take time for the concept to take root and grow. The banking industry will be required to lead and educate their customers as to why open banking might be right for them. It’s not just about sharing data, but about allowing comparisons to be made between providers and products. If open banking works as is planned, and it enables customers with, say, large credit balances to find better paying accounts easily, or those with current account overdrafts to find cheaper borrowing quickly, perhaps attitudes will change.
“Open banking will be a marathon, not a sprint. It will take time for customers to understand the concept, work out if it can benefit them personally and then balance the perceived opportunities against the risks. And, there constantly, will be the issue of data security and the ability of the banking industry to protect customers information fully. It is going to be an interesting race to watch.”
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United Gulf Financial Services Joins The Hashgraph Association and Exponential Science Foundation Adding $1M to Hedera Africa Hackathon Pool Prize
United Gulf Financial Services (UGFS North Africa), a leading venture capital firm offering innovative companies and startups with financial support and mentoring services, has announced a partnership with The Hashgraph Association, a Swiss non-profit organization driving global adoption of Hedera-powered solutions by funding innovation, training, certification, and venture building programs, and Exponential Science Foundation, a not-for-profit foundation accelerating responsible tech adoption, via research, education, and innovation activities, for Hedera Africa Hackathon 2025, the biggest hackathon in Africa aimed at enabling the next generation of Web developers and empower economic inclusion in Africa with a digital future for all.
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More than half (59%) of Brits admit that they’ll use AI to help with their tax return
WorkFusion Raises $45 Million in Funding to Fuel Growth for Agentic AI for Financial Crime Compliance
WorkFusion, a pioneer in AI agents for financial crime compliance (FCC), today announced it raised $45 million in funding.
AI-Powered E-commerce, Stablecoins and Local APMs: Emerging Trends Headline EBANX’s Payments Summit in Mexico
How could AI agents search, compare and pay for things? What makes stablecoins a game-changer for cross-border digital commerce? Why are local Alternative Payment Methods (APMs) crucial for any business wanting to enter and scale in emerging markets?
Second Day of Money20/20 Middle East Unveils Next-Gen Solutions at the Region’s Largest Ever Fintech Gathering
Day two of Money20/20 Middle East in Riyadh brought together global leaders in fintech, banking, and financial services to discuss the future of money and finance in the region.
United Gulf Financial Services Joins The Hashgraph Association and Exponential Science Foundation Adding $1M to Hedera Africa Hackathon Pool Prize
United Gulf Financial Services (UGFS North Africa), a leading venture capital firm offering innovative companies and startups with financial support and mentoring services, has announced a partnership with The Hashgraph Association, a Swiss non-profit organization driving global adoption of Hedera-powered solutions by funding innovation, training, certification, and venture building programs, and Exponential Science Foundation, a not-for-profit foundation accelerating responsible tech adoption, via research, education, and innovation activities, for Hedera Africa Hackathon 2025, the biggest hackathon in Africa aimed at enabling the next generation of Web developers and empower economic inclusion in Africa with a digital future for all.
Payhawk Transforms Spending Experience for Businesses With Four Enterprise-Ready AI Agents
Payhawk announced set of AI agents that complete everyday finance work as part of its product launch
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Ant International will launch cross-border QR code payments between the Saudi Arabia’s (KSA) national payment scheme, mada, Alipay+, during 2026 to drive digitisation and inclusive growth for local merchants.