Osama Mansour

Yeah, I think that the relationship is changing in a significant way because the financial industry in general is transforming from the traditional bank

which has a monopoly over our financial transactions in the sense that we use their services.

They are the main mediator for our financial transactions.

All of us have now a mobile bank on our...

which we use to pay bills, transfer money, et cetera.

But I think this is all technology nowadays.

So in Europe, in the EU, and there are also regulations in other parts of the world.

I've been looking into Canada.

They don't have a framework similar, but there are what we call open banking or open finance regulations.

The idea is so simple.

So David, you have a bank account.

You buy coffee, you go to a restaurant, you have lots of financial transactions, maybe you pay for your mortgage, right?

The idea in these regulations is that you own the data, you own these transactions, and the regulations within the EU, now I'm talking about because it's a regulatory approach,

not a market approach, where banks are forced to open up their systems to external third parties, which we call fintechs.

Fintechs are financial tech companies that are tech savvy.

They have expertise in developing digital financial services.

And

The whole idea here is that these fintechs have a legal right to access your data and my data with our consent.

So in Sweden, we sign in with something called bank ID, which is a digital identifier, and then

You get the data and you do with it whatever you want.