The European Commission's legislative proposal on open finance, published on 28 June 2023, could further boost competition because by using a wider set of customer data, operators will be able to develop new financial products and services. Moreover, while paying close attention to monitoring technological risks, intermediaries must continue to ensure adequate customer protection and effective anti-money laundering safeguards.
Investments, partnerships and alliances between the public and private sector, and among global and regional financial hubs, have allowed a two-way transfer of capital flow and knowledge-sharing that is steadily promoting the integration of IF with global finance, while encouraging the required financial engineering and product innovation which will enhance IF standing and legitimacy, while enriching the world of global finance. 14.