Britain Seeks to Boost Banking Services From Fintechs

Britain's financial regulators said on Monday they would set up a new body over the next two years to encourage more competition in banking services through the use of third-party apps from fintech firms.

Open banking refers to third-party firms using banking data from customers at mainstream lenders to offer tailored services such as lending or payments, a sector that has helped to turn Britain's fintech sector into the world's third largest with 2,500 companies.