How to play regulators, #OpenBanking edition:
1. Regulators demand OB
2. Incumbents subvert process (standards & more regulation)
3. Nobody able to build a successful business because of 2.
4. Bankers decry waste of money building something "nobody uses"https://www.telegraph.co.uk/technology/2020/03/07/monzo-boss-warns-open-banking-reforms-have-zero-benefit/ …
It was so predictable. I wonder if the situation can be fixed now. Is there room for what you were originally doing or did they regulate away from this?
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Everybody thought we were wrong. The problem for us is ZERO market in Europe. AIS becoming a regulated activity destroyed any potential for one too.
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Its interesting that there are more PSD2 licence holders (as TPPs, not ASPSPs) in the UK than the rest of Europe combined. Reflects both the demand for services and possible (long term monetisable) use cases
End of conversation
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