Domain Finance
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Combining resources from the financial industry, governments, and academic institutions, Gaia-X establishes a financial data space within its own framework. This contribution from the financial domain to the Gaia-X ecosystem will enhance Europe’s competitiveness and promote the stability of its financial markets. Central to this endeavour are research, AI development, disruptive innovation, and legal stability.
Trustworthy Cloud Services and Data Ecosystems
Many banks, insurance companies, and financial institutions have lacked a trustworthy cloud service and data ecosystem so far, that bridge their local cloud and data platforms with their international counterparts governed by extraterritorial laws. As a result, they have been constrained from accessing reliable cloud services and ecosystems for their data which could have provided a competitive advantage. Due to the absence of dependable technical standards providers (including FinTech, cloud service providers, and software companies) also have been hindered to expand their businesses to the financial sector, thus limiting the necessary transformation of operation processes and business models.
Gaia-X represents a concrete and pragmatic approach to easily establish, assemble, and utilize trustworthy data-driven cloud services. Beyond that, it serves as a platform to create new products, services, and business models in compliance with European regulations and values taping Europe’s full potential of technical expertise and market size. Moreover, it will drive open innovation by facilitating secure data exchange and AI services.
Patron
Dr. Stephan Bredt – Deutsche Bundesbank
Assigned Projects
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