Any unaddressed solutions will possibly continue to see fintech firms using methods that may pose an increased operational risk. The solutions of open Application Programming Interfaces (APIs) are therefore pressing. The industry should actively engage with fintech firms on this long-standing matter. We also need to learn from jurisdictions that have already traversed this path, and modestly take from their emerging lessons.
Although the supervision and central banking functions require their own analytical approaches, their decision-making processes draw on the aforementioned data dictionary and warehouse. The same holds for other uses of the data, such as for research and official statistics. Some of the data we manage are confidential and/or sensitive. The protection of the integrity and confidentiality of data is therefore a key concern.