London stands as Europe’s leading fintech hub, drawing more investment than the next 13 European cities combined. Michael Mainelli, the Lord Mayor of the City of London, emphasizes the importance of leveraging this position to stay ahead in the evolving digital landscape.
As Mark Twain famously said, “The secret of getting ahead is getting started.” This principle is central to the 695th Lord Mayor’s Smart Economy Networks Initiative, which aims to promote international standards for stability and security. This initiative is part of this year’s mayoral theme: Connect to Prosper.
Over the past two decades, the economy has been driven by mobile technology, social platforms, and cloud computing. The next two decades will be shaped by smart economy networks powered by artificial intelligence, open data, and shared ledgers. Countries that embrace this new wave of efficiency will see increased productivity and trust, reduced costs, and a simpler, more secure system for businesses and customers alike.
The UK has been a leader in open banking, with nearly 8 million active users, including a significant portion of the country’s SMEs. As Europe’s top fintech hub, it is crucial to build on this experience to maintain leadership in the industry.
The future lies in the digitization of assets and contracts, combining various types of high-quality data. A key principle for success will be ensuring that individuals own and control their data, allowing them to access it, permit third-party access, and share in the economic value derived from it. To achieve this, the development of standards and infrastructure, such as shared data spaces and smart ledgers, is essential.
The City of London Corporation’s Vision for Economic Growth, published last year, outlined a roadmap to a digital-first economy, including the accelerated adoption of digital verification and identity frameworks. In March, a report co-authored by Dr. Ruth Wandhöfer, titled “From Fintech to Ubiquitech: Accelerating the Wider UK Digital Economy,” highlighted the challenges and opportunities of transitioning from fintech to smart data across all sectors of the economy, from cybersecurity and fraud controls to international trade systems.
The 695th Lord Mayor’s Smart Economy Networks Initiative addresses these challenges by bringing together businesses and institutions to pilot the development of open data and identity standards in business and trade. Using Estonia’s X-Road infrastructure, the initiative focuses on key areas where open data is already advanced and where cross-border services have the most potential. Demonstrator projects include digital asset verification with Mattereum, trade and supply chain verification with HMRC, and collaborative efforts to reduce payment fraud and credit risk with the Estonian Embassy, Mifundo, and Salv.
As Twain also noted, “The secret of getting started is breaking your complex overwhelming tasks into manageable tasks, and then starting on the first one.” By harnessing the diverse expertise within the City and breaking down this monumental task into manageable steps, we can ensure that London remains at the forefront of the Fourth Industrial Revolution.
Michael Mainelli is the Lord Mayor of the City of London
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To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
London stands as Europe’s leading fintech hub, drawing more investment than the next 13 European cities combined. Michael Mainelli, the Lord Mayor of the City of London, emphasizes the importance of leveraging this position to stay ahead in the evolving digital landscape.
As Mark Twain famously said, “The secret of getting ahead is getting started.” This principle is central to the 695th Lord Mayor’s Smart Economy Networks Initiative, which aims to promote international standards for stability and security. This initiative is part of this year’s mayoral theme: Connect to Prosper.
Over the past two decades, the economy has been driven by mobile technology, social platforms, and cloud computing. The next two decades will be shaped by smart economy networks powered by artificial intelligence, open data, and shared ledgers. Countries that embrace this new wave of efficiency will see increased productivity and trust, reduced costs, and a simpler, more secure system for businesses and customers alike.
The UK has been a leader in open banking, with nearly 8 million active users, including a significant portion of the country’s SMEs. As Europe’s top fintech hub, it is crucial to build on this experience to maintain leadership in the industry.
The future lies in the digitization of assets and contracts, combining various types of high-quality data. A key principle for success will be ensuring that individuals own and control their data, allowing them to access it, permit third-party access, and share in the economic value derived from it. To achieve this, the development of standards and infrastructure, such as shared data spaces and smart ledgers, is essential.
The City of London Corporation’s Vision for Economic Growth, published last year, outlined a roadmap to a digital-first economy, including the accelerated adoption of digital verification and identity frameworks. In March, a report co-authored by Dr. Ruth Wandhöfer, titled “From Fintech to Ubiquitech: Accelerating the Wider UK Digital Economy,” highlighted the challenges and opportunities of transitioning from fintech to smart data across all sectors of the economy, from cybersecurity and fraud controls to international trade systems.
The 695th Lord Mayor’s Smart Economy Networks Initiative addresses these challenges by bringing together businesses and institutions to pilot the development of open data and identity standards in business and trade. Using Estonia’s X-Road infrastructure, the initiative focuses on key areas where open data is already advanced and where cross-border services have the most potential. Demonstrator projects include digital asset verification with Mattereum, trade and supply chain verification with HMRC, and collaborative efforts to reduce payment fraud and credit risk with the Estonian Embassy, Mifundo, and Salv.
As Twain also noted, “The secret of getting started is breaking your complex overwhelming tasks into manageable tasks, and then starting on the first one.” By harnessing the diverse expertise within the City and breaking down this monumental task into manageable steps, we can ensure that London remains at the forefront of the Fourth Industrial Revolution.
Michael Mainelli is the Lord Mayor of the City of London
