This paper builds on the Bank’s response to the Future of Finance Report, where the Bank proposed an Open Data Platform to boost access to finance for SMEs.
The Open data for SME finance paper explains the proposal in more detail, and provides an update on what we have learnt from our research and industry engagement to date. It will guide the Bank’s ongoing engagement with public authorities, including as an input to the Government’s Smart Data Review and Digital Markets Taskforce, as well as the FCA’s Open Finance initiative. In particular, this paper will form part of the Bank’s input to the Government summit announced in the March 2020 Budget, looking at what further data needs to be made accessible to make it faster and easier for SMEs to shop around for credit.
If you have comments on the Open data for SME finance paper, you can contact us at fintech@bankofengland.co.uk.
Open data for SME finance