UK fintech poised to reach ‘ubiquitech’ status with groundbreaking Smart Data Roadmap.

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Article Summary

TLDR: UK fintech to be elevated to ‘ubiquitech’ with Smart Data Roadmap, new report reveals

Key Points:

  • Report by Chair of the Ubiquitech Group, Dr. Ruth Wandhöfer, provides recommendations for bolstering digital economy
  • Call for cross-industry collaboration to meet the needs of the UK’s next generation with Ubiquitech technology

Article Summary

Chair of the Ubiquitech Group Dr. Ruth Wandhöfer has released a report outlining practical recommendations for enhancing the UK’s digital economy. The report emphasizes the importance of building trust, providing access to sustainable infrastructure, and secure data highways for the digital future.

The report highlights the shift towards Smart Data and the need for cross-industry collaboration to accelerate innovation. It also stresses the urgency for enhanced security measures in light of escalating fraud and cybercrime.

Five key pillars are proposed to achieve a new paradigm in data management and usage, including cyber security, network connectivity, verification and authentication, digital skills education, and digitizing international trade systems.

Lord Mayor of London, Alderman Professor Michael Mainelli, underscores the importance of standards in harnessing the full potential of digital innovations, which could benefit businesses and consumers significantly by 2030. Dr. Wandhöfer emphasizes the need for the UK to seize the moment and become a Global Trust Hub and Center of Excellence in Innovation through Ubiquitech.

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