klaas knot : open finance regimes – experiences in some countries speech by mr klaas knot, president of the netherlands bank, at the bank for international settlements high level roundtable on financial inclusion, basel, 12 march 2024. * * * your majesty, dear colleagues, let me start by saying a few words on the regulatory approach towards open finance in the netherlands – and europe more broadly – in my capacity as dnb president. i will come back to the work of the financial stability board during the next item on the agenda that touches on international work and the role of standard setting bodies. [ echoing the words of her majesty queen maxima ], central banks and international standard setting bodies play an important role in promoting financial inclusion. while progress is being made, we must continue our efforts to make financial inclusion a reality for all. in europe, financial services that are considered commonplace for many people are not as inclusive as one might think : around 13 million european citizens still experience financial exclusion in one way or another according to the global findex database. our shared objective of financial inclusion is of particular relevance when responding to digital innovation in financial services. importantly, digital and financial inclusion go hand in hand. open finance regimes can have a positive effect on financial inclusion by fostering innovation, stimulating competition and by empowering consumers – in turn improving their financial health. at the same time, fewer physical touchpoints in the high street and increased reliance on digital services may also create tensions with consumers who are not digitally native. so we must make sure that we strike the right balance between promoting digital innovation and ensuring equitable access. the european regulatory approach to open finance is evolving at pace. in june last year the european commission proposed its framework for financial information data access – or fida in short. the payments services directive – known as psd2 – already required banks to create digital portals that other companies could use to access basic client data. with fida, this digital portal requirement is extended to the rest of the financial sector. with the explicit permission of consumers, firms should be able to access a broad spectrum of personal financial information related to personal savings, loans, insurances and pensions. with this data, financial service providers will be able to offer highly personalized financial services. for example, a bundling of separate insurance products into one package with a lower premiums or better conditions. data access initiatives touch on the mandate of multiple authorities. for this reason, dnb published a position paper with

contributing to the preservation of nature, of our planet. that it is working to prevent biodiversity loss. and we all know how important that is. that is the reason why you are all here at this conference. because you all realise that the financial sector has an enormous stake and therefore a crucial role to play in the prevention of biodiversity loss. because you all have unique knowledge and insights, interesting experiences, facts and figures to share. because you are all able to make a difference welcome to you all! i hope this conference will give us new insights and new energy to make sure that we can, and will, play our part to save our planet. that we take our responsibility. we all know that we have no time to waste. biodiversity is declining faster than ever in human history. not only some rare species, some quaggas and wisents, but we are talking about one million species that face extinction, possibly within a couple of decades. around 75 % of land and 66 % of marine environments have been severely altered. ecosystems have declined by almost 47 % relative to their natural baselines. this will not only affect our planet, our environment, but also our global economy, our way of life. and all this, there is no way to sugar - coat this, is mainly our doing. our demand for nature ’ s goods and services far exceeds our planet ’ s ability to produce them on a sustainable basis. so it ’ s time to restore the balance, time to save our planet and our economy – and in doing so, save ourselves … why is this important for the financial sector? how does this affect us? i don ’ t think it will be news to you that globally, roughly 44 trillion dollars of economic value – more than half of the worlds ’ total gdp – is moderately to highly dependent on nature, and therefore exposed to its deterioration. in the netherlands alone, more than 500 billion euros of the investments of dutch financial institutions are highly or very highly dependent on one or more ecosystem services. the sector provides loans and other financial services to companies in sectors like agriculture or processed food and drink production, sectors that are dependent on ecosystem services like pollination. but it is not just dependencies that can make companies, and those that invested in them, vulnerable to biodiversity loss. it is also the negative impact of certain companies on nature that create risks. companies that stimulate deforestation, make excessive use of unrenewable resources and pollute the environment. companies that contribute to