steven maijoor : data make the world go round - on open data and open finance speech by mr steven maijoor, executive director of supervision of the netherlands bank, at the 6th edition of " fintech meets the regulators ", organised by the netherlands bank and holland fintech, amsterdam, 1 june 2022. * * * hello everyone. a month ago the european commission issued a complaint against apple. the commission accused the tech giant of restricting competition in the mobile wallet market by restricting access to near - field communication, commonly referred to as tap and go. the commission stated that apple " abused its dominant position in markets for mobile wallets on ios devices. this has an exclusionary effect on competitors and leads to less innovation and less choice for consumers for mobile wallets on iphones ". a very interesting case. a case that includes and highlights the issues we will be talking about today ; innovation, data sharing, level playing fields and the costs and benefits of technological innovation. especially the data that are sourced, accumulated and shared by these innovations. because we all know : data make the world go round -. the financial sector is no exception to this trend : the need for data in all forms and from all sources. those data are essential to innovate financial products and financial processes. to enable financial institutions to offer cheaper, faster and more personalised services. to increase efficiency and economic growth. but to reap all these benefits it has to be possible for consumers and businesses to share their data in a way that safeguards their interests and enables innovation, efficiency and competition. we have to take open banking one step further into what we call open finance. open finance goes beyond the scope of data and services available at banks, covering not only payment data, but also data on investments, savings, loans, and insurance, such as claim history. data that can be used to help financial institutions to make better estimates about risks, because they gain access to the total financial footprint of their users. data that can be shared with other financial parties, including fintechs and other third parties. under open finance this sharing of data will be based on permission from the data owner, just like with open banking, now regulated by psd2. open finance is a big step. a welcome step. dnb is also taking a first step in making data that we have as a supervisor, available to financial parties. for example, dnb is actively participating in an initiative for a credit register

of understanding for the development of a wind farm in curacao that our climate minister rob jetten signed here last may. may much more collaboration follow! because the path towards a sustainable future goes'paso pa paso, dia pa dia'( step by step, day by day ), as you say here. central banks can help you take these steps. we can help to shape the transition to sustainable economic development. we can help ensure that sustainable choices are not only made, but also successfully encouraged and implemented. as supervisors, for example, we help the financial sector to identify sustainability risks and encourage institutions to take action where necessary. we are committed to making payment transactions more sustainable, including when it comes to the paper and printing 3 / 4 bis - central bankers'speeches process for the money we issue. and we have an important role and position as an advisor to politicians and the government, for instance in the debate about a sustainable economy and the energy transition. in short : we are part of the team that will bring about a sustainable future. as are you. let's take this opportunity to share thoughts and ideas about the way forward. i know you have a proverb that would be a nice motto for our team :'son'e, dese'e, logr'e'( dream it, wish it, achieve it ) 4 / 4 bis - central bankers'speeches