| THE AYALA WAY

Vol 6 No 37

"This collaboration reflects the UK’s strong commitment to supporting organizations such as Kickstart, ensuring they have networks, experts, and opportunities to grow not just in the region but in the world stage."

MARTIN KENT
His Majesty’s Trade Commissioner for the Asia Pacific

(Left) UK Department for Business and Trade Philippines Country Director Lindsey Gilbert-Crouch, His Majesty’s Trade Commissioner for Asia Pacific Martin Kent, and British Ambassador to the Philippines Laure Beaufils with Kickstart Ventures Founder and Managing Partner Minette Navarrete and General Partner Mike Maté; (right) Navarrete opens Kickstart Ventures' 140th Raid the Fridge

CREATE VALUE TOGETHER

Open Banking, Open Finance, and Smart Data: UK Insights for Southeast Asia

In partnership with British Embassy Manila on the occasion of UK-Southeast Asia Tech Week, Kickstart Ventures brought in Open Data Institute (ODI) Consultancy Head Josh D’Addario for its 140th Raid the Fridge to discuss open banking’s evolution into open finance and smart data applications.

Founded by Sir Tim Berners-Lee and Sir Nigel Shadbolt in 2012, ODI is a nonprofit organization committed to enabling organizations to become more confident and capable in their stewardship and use of data.

According to D’Addario, open banking is “securely shared data across standardized open APIs between your bank and service provider of your choice explicitly consented.” In the United Kingdom, this strategy has contributed more than £6 billion to the economy through inward investment and the creation of nearly 5,000 skilled digital jobs.

By expanding open banking to open finance—where data on savings, mortgages, pensions, investments, and insurance are also available and accessible to a broader financial ecosystem—there is potential to offer a wider range of financial solutions. D’Addario notes that this increase in access to data must go hand in hand with standards, guidance, and policies. He also shared insights on how collaboration and innovation through open finance can drive inclusive and sustainable growth in the UK and Southeast Asia.

During the Raid the Fridge event, British Embassy Manila and Kickstart Ventures also launched the UK Tech Growth Program, a new partnership with the UK Department for Business and Trade that connects UK startups with potential investment from Kickstart Ventures through the ACTIVE Fund.

The UK-Southeast Asia Tech Week was held on March 24 to 25 at the Sheraton Manila, where the Kickstart team also took the stage. Founder and managing partner Minette Navarrete shared her insights on women in tech, while general partner Mike Maté joined a session on UK-ASEAN collaboration.