##d, but the risks and market failures are sufficiently mitigated. it will look at how the consumer's interests can be safeguarded, how we can create a fair'data playing field'for all financial entities, and consider the role we as financial supervisors can play. but most importantly, it will aim to start a dialogue with all of you, on this important topic. because, yes, data make the world go round. yes, open finance has our attention. because we are the modern - day cartographers of this uncharted territory. of course there will be dragons. but it is our ambition and our challenge to slay those dragons before we meet them. let's go to work! 3 / 3 bis - central bankers'speeches

to understand the possibilities and challenges of new technologies. that is why explainable ai is also one of the topics of this meeting. to understand our obligations – as financial institutions and as regulators - we need a solid and practical framework regarding explainable ai, and the knowhow to make that work. that is one of the challenges we face to make open finance work. for us and for our consumers. for dnb and afm that means we have to take our responsibility to regulate these new developments : next to our supervision of psd2, we will likely be tasked with the 2 / 3 bis - central bankers'speeches supervision of open finance, and that will have consequences for our mandates. we have to ensure the protection of interests of data holders, to enable data - related innovation, to create a data level playing field. it is obvious that open finance will not be a national issue. data make the world go round, but never stop at borders - that is why the european commission is working on rules to regulate the european and international consequences of data mobility. that is the drive behind the digital markets act, the european data act and the data governance act. this year we also expect the commission proposal for open finance. these proposals will extend the possibility of automated sharing of financial data with third parties from psd2 to other forms of financial data. they will also make nontraditional, non - financial data available to financial institutions. think of bigtech data, data generated by your fitbit or by your car. these initiatives are very important to shape and regulate open finance. we will not sit quietly in the meantime : together with the afm we will publish a discussion paper with our vision on data mobility. this discussion paper will look at why regulating data sharing and data mobility is needed. we cannot afford to be blinded by the opportunities open finance and data mobility will offer. data concentration is a real risk : as we shared in last year's bigtech - report, there can for instance be a risk to financial stability if and when data are concentrated in big tech companies. a risk that can result in market failures in data markets, especially when sharing collides with privacy, when data are shared without the knowledge or assent of the data owner, or when the data owner does not realise the consequences of data sharing. the discussion paper will look at these market failures, and set a vision for data mobility to be organized in such a way that the benefits to innovation can be reape