Open banking figure Marion King has been announced as the new chair and trustee of the Open Banking Implementation Entity (OBIE).

OBIE is the entity set up by the Competition and Markets Authority (CMA) in 2016 to deliver open banking.

King, who succeeds Charlotte Crosswell, was director of payments at NatWest Group and president of MasterCard UK and Ireland. Prior to that she was the chief executive officer of VocaLink – a specialist payments partner to banks, corporate partners and government departments.

Speaking after her appointment, King said: “I am looking forward to leading the OBIE into the next phase of its crucial work.

“Open banking is a UK success story and exemplifies the very best of UK innovation and entrepreneurship, providing benefits to over 6.5 million consumers and small businesses.

“I am looking forward to seeing even more users adopt and take advantage of products that will help them better manage, move, and make more of their money.

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“We cannot afford to be complacent and must work with and support the ecosystem, policymakers, and regulators to ensure the UK remains internationally competitive and innovative.”

Her key priorities include the protection of the CMA Order and its ongoing requirements and working with stakeholders and the Joint Regulatory Oversight Committee, following their decisions on the future long-term regulatory framework for open banking in the UK.

The OBIE has also appointed Sarah Beauvallet as the new independent non-executive director to the board of Open Banking Limited (OBL) and is in the process of appointing a third independent NED to succeed Barbara Ridpath who will leaving the board at the end of February 2023.

Sarah Cardell, chief executive of the CMA, said: “We are delighted that Marion has been appointed as Chair and Trustee of the OBIE. Marion’s considerable experience in financial services in a number of leadership roles will be critical to the continued growth of open banking.

“We look forward to working closely with her as the OBIE prepares for the transition to a future entity that will drive open banking forward and maintain the UK’s international competitiveness and leadership in the field.

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“We are also incredibly grateful to Charlotte for her important contribution in overseeing the significant governance changes at the OBIE, overseeing the substantive completion of the Open Banking Roadmap and starting to prepare the OBIE for transition. We wish her all the best in her new role as Chair of the Centre for Finance, Innovation and Technology.”