In 2021, CAIDG launched the studio for Digital Self-Determination in Open Finance. Through this studio initiative, CAIDG serves as a platform for engaging diverse opinions on the who, what and how questions of situating DSD in the context of open finance. The studio comprises 3 workshop sessions, whereby participants analyse and explore how DSD can be operationalised in different thematic and geographical contexts. Stakeholders from Singapore and Switzerland (both of which are pivotal international FinTech hubs) were invited to the Studio, including industry experts from traditional banks and fintech firms, as well as finance and data regulators. With stakeholders from different backgrounds, the diversity of opinions presented in the workshop provided a snapshot of how different perspectives might complement or conflict each other in practice, coming from different aspirational or practical considerations.
In the first workshop, participants were introduced to digital self-determination (DSD) as a novel concept that centres on respectful and responsible data decisions around empowering data subjects in safe digital spaces. As such DSD moves away from traditional debates concerning data ownership, data rights/sovereignty and consent towards opportunities for data-subject control and consumers/customer’s voices in how the data is being used. With this understanding participants were asked to leave aside preconceived approaches to data access and management in considering the contextual applications of DSD in the financial sector. As there is no universal regulation governing how DSD should be applied, it is important to ground discussions in the specific contexts of use cases. The first DSD studio thus invited the opinions of practitioners and regulators well-acquainted with open finance in two jurisdictions, Singapore and Switzerland.
Read the full executive summary here.
Last updated on 26 Aug 2022 .