Purpose Driven FinTech Founder: What is open banking, open finance and open data, and how it will change the world | Huw Davies, Co-founder and Chief Commercial Officer at Ozone API
Huw Davies is the Co-founder and Chief Commercial Officer at OzoneAPI. Huw believes open banking, open finance and open data will change the world, and he is a man on a mission to make it happen. He’s spent over 20 years in banking and payments building high growth businesses and teams at places like Barclays, MasterCard and HSBC before turning his attention to building FinTech start ups.
To me Huw gives us the best explanation of open banking, open finance, and open data on the internet today! We cover what do we mean with “Open APIs”, the benefit of open, how does open banking enables embedded finance, the role of the regulator, understanding open banking APIs as a Product, the challenges of Ozone API’s Product team, global expansion, and we go back to full circle to explore how open banking has the potential to improve the quality of millions of lives.
Ozone API and Smart Data Foundry created a free industry tool to help deliver more clarity in this complex world of open banking, open finance and open data. They just launched the Standards Library and Innovation Atlas where you can explore the evolution of worldwide standards for open banking, open finance and the open data economy, and learn more about the ecosystems they exist in at The Global Open Data Tracker.
👉 You can find Huw here:
- LinkedIn: https://www.linkedin.com/in/huwwilliamdavies/
- LinkedIn Company: https://www.linkedin.com/company/ozoneapi/
- Website: https://ozoneapi.com/
- Ozone API and Smart Data Foundry Standards Library and Innovation Atlas: https://ozoneapi.com/resources/the-global-open-data-tracker
👉 And you can find Monica here:
- LinkedIn: https://www.linkedin.com/in/monicamillares/
- Newsletter: Innovating FinTech: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7062789745407340544
- TikTok: https://www.tiktok.com/@moni_millares
- YouTube: https://www.youtube.com/@moni_millares
- Website: https://www.moni.millares.com
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In this Purpose Driven FinTech episode we cover:
(0:00:00) Exploring the role of purpose in life and business
(0:04:16) Finding purpose in FinTech
(0:06:29) Open banking and Open Finance
(0:07:54) What are Open Banking APIs
(0:11:57) Benefits of Open Banking and Open Finance
(0:13:50) Open Data in financial services and beyond
(0:16:30) Challenges of Open Data
(0:20:25) Embedded Finance
(0:24:33) Global expansion and regulatory challenges
(0:29:46) Building a core platform for global Open Banking Standards
(0:37:58) Challenges for Product and Tech
(0:39:49) Financial Inclusion
SEARCH QUESTIONS
- What is open banking and how does it work?
- What is the difference between open banking and open finance?
- What is open data in financial services?
- How do open banking APIs work?
- How does open banking enable embedded finance?
- What are the benefits of open banking for consumers?
- How can banks implement open banking APIs?
- What is the role of regulators in open banking?
- How does consent work in open banking?
- What security protocols protect open banking data?
- How is open banking different from screen scraping?
- What are the challenges of implementing open banking?
- How can open banking improve financial inclusion?
- What is payment initiation in open banking?
- How does open banking drive economic growth?
- What are the global standards for open banking?
- How can fintechs leverage open banking APIs?
- What is the future of open finance?
- How does open banking enable better customer experiences?
- What are the compliance requirements for open banking?
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Production and marketing by Monica Millares. For inquiries about supporting or sponsoring the podcast, collabs or guest appearances email Monica at fintechwithmoni@gmail.com
Disclaimer: This episode does not constitute professional nor financial advice and does not represent the opinion nor views of my current, past or future employers; nor those of the guests. The guest has agreed to record and release our conversation for the use of this podcast and promotion in social media.