FCA commissions Oxford Saïd, Raidiam for open finance infrastructure research as MENA advances digital frameworks
The UK Financial Conduct Authority’s Smart Data Accelerator has commissioned Oxford Saïd Business School and Raidiam to design testable open finance infrastructure models, marking the UK’s formal transition from open banking to comprehensive smart data regimes. The research, running until 31 March 2026, will deliver blueprints tested with synthetic data in the FCA’s Digital Sandbox—offering frameworks relevant to MENA’s parallel fintech evolution.
Overview
The FCA announced the partnership at its Mortgages & SME Finance TechSprint Showcase. Professor Pınar Özcan and researcher Kyeyoung Shin at Oxford Saïd will lead the project, with Raidiam Head of Commercial & Business Strategy John Heaton-Armstrong providing technical expertise. The research examines infrastructure across four dimensions: standardisation protocols, emerging technologies including AI and blockchain integration, trust frameworks, and governance structures.
Researchers will develop multiple infrastructure models—including hybrid and federated approaches—to evaluate trade-offs between centralized efficiency and distributed resilience. Final deliverables are due 31 March 2026.
“As the UK considers the evolution from open banking to broader open finance and smart data regimes, infrastructure choices will shape market participation, resilience and consumer protection for years to come.”
— Barry O’Donohoe, CEO and Co‑Founder of Raidiam
Analysis: O’Donohoe highlights the permanent architectural consequences of today’s infrastructure decisions—a consideration equally critical for MENA regulators designing frameworks from earlier developmental stages.
Why this matters
This research provides evidence-based infrastructure options for UK policymakers while testing real-world viability in controlled environments. It underscores that infrastructure design—not just regulatory mandates—determines whether open finance scales securely.
For MENA hubs mirroring this trajectory, the timing is strategic. Saudi Arabia launched open banking Phase 2 in 2024, while the UAE advances Open Finance Regulation. Dubai targets 90% digital transactions by 2026. Saudi Arabia achieved a 70% non-cash transaction rate ahead of its 2025 goal. These markets can leverage UK research to inform their own infrastructure choices, particularly around interoperability standards as GCC digital payments ecosystems mature.
The four research dimensions—standardisation, emerging tech integration, trust, and governance—map directly to challenges facing Abu Dhabi Global Market and DFSA as they architect cross-border data-sharing regimes.
What’s next
The FCA’s final report on 31 March 2026 will reveal which infrastructure models proved viable under testing, potentially influencing SAMA and CBUAE technical standards.
Conclusion
This initiative positions the UK as a testing ground for infrastructure models that MENA regulators can adapt, accelerating the region’s transition toward resilient, interoperable open finance ecosystems aligned with Vision 2030 digital economy objectives.
Sources: The Fintech Times, Raidiam, SDK.finance
