Leading technology law firm Kemp Little wins role as legal adviser to Nesta’s Open Up Challenge supporting the next generation of open banking apps for UK small businesses.

The Challenge brings together fintech, data science and other technology teams from across the globe in a bid to win a share of a £5m prize. Kemp Little will provide legal support and guidance to up to 20 winning teams who will use new open banking APIs to build next-generation applications for UK small businesses.

Under new regulations coming into force in 2018 (the UK implementation of the Payment Services Directive 2 or PSD2) most small businesses will for the first time be able to share their banking data securely with trusted 3rd parties via APIs. The Nesta Open Up Challenge has been designed to facilitate the development of next generation services and apps to foster innovation in this major new area of financial services.

Kemp Little’s fintech lead Chris Hill said: “The Open Up Challenge is such an important initiative – there’s an opportunity here for fintechs to equip small businesses with cutting-edge automation and insights tools so they can spend more time growing their businesses. We are extremely proud and excited to be part of this process and are looking forward to supporting the Challenge participants on their journey.”

For further information contact Chris Hill.

 

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