On 19 June, policymakers, regulators, industry leaders and innovators were all in attendance for the launch of the new industry-led organisation designed to make smart data a cornerstone of economic growth, innovation and consumer empowerment: Smart Data Group.
The Smart Data Group, led operationally by open banking veterans Richard Newman and Clare Ambrosino, is designed to help industry co-design schemes, shape standards, and build trust-based infrastructure. By working closely with regulators and policymakers, it will turn policy ambition into operational reality, scheme by scheme and sector by sector, enabling the UK’s data sharing economy.
Chaired by former Minister for Smart Data, Paul Scully, the Smart Data Group unites policymakers and industry experts. Advisory Board members include Jonathan Ashworth, Lord Iain McNicol, Lord Martin Callanan, and Sir Robbie Gibb, underscoring the strong cross-party support that has underpinned smart data’s development from the outset.
The launch event, taking place in Parliament, saw a discussion on how secure data-sharing can drive better outcomes for consumers, stimulate market competition, and boost long-term productivity. It comes at an important time, as the UK now has the legislative foundation for smart data schemes, with the passing of the Data (Use and Access) Bill. Combining this with the launch of the Smart Data Group will ensure the UK stays at the forefront of data-sharing.
During the launch, Scully said: “During my time as Smart Data Minister, I saw firsthand the immense potential of smart data to transform services, empower consumers, and drive real economic value. The Smart Data Group will help us achieve that potential in a cost-efficient and collaborative way, ensuring the UK remains at the forefront of global innovation.”
Understanding smart data
Smart data refers to the secure, standardised sharing of personal data with explicit user consent. It enables tailored services, seamless switching, and better deals, helping individuals and businesses make smarter decisions. Building on the success of open banking, smart data now has the potential to transform multiple sectors, including energy, telecoms, finance, and retail.
Business and Trade Minister Justin Madders said: “Smart Data has the power to transform the way we do business and has potential to supercharge start-ups across the country. This new group will play an important role in unlocking that potential, and our modern Industrial Strategy will be a driving force to boost our priority sectors and drive economic growth right across the nation.”
James Ringrow, director of Strategy at Smart DCC, said: “Smart data has the potential to transform consumer engagement while enabling the system wide change required for a smarter, greener Britain. As operators of the smart metering network, we understand the importance of secure, reliable and cost-effective data exchange. We welcome the Smart Data Group as a means to drive further collaboration and alignment across the sector.”
Huw Davies, co-founder and CEO at Ozone API, added: “We’ve seen how open banking laid the foundations for a more competitive, consumer-focused financial system. Smart data takes that principle and scales it across sectors. The opportunity to build interoperable, secure frameworks that work across industries is not just exciting, it’s essential.”
Pierre Tabet, founder and CEO of VoltView, said: “As finalists of the Smart Data Prize, we want to give customers control over their energy data. Just as open banking revolutionised financial services through easy sharing with third parties, the Smart Data Group provides the collaborative environment needed to replicate that success across energy and other sectors, delivering innovation and impact at scale.”
Source: https://thefintechtimes.com/
