UK Government unveils Smart Data Strategy 2035, setting out vision for 20+ interoperable schemes

The UK Government has published its long-awaited Smart Data Strategy 2035, outlining an ambitious roadmap to deliver more than 20 interoperable Smart Data schemes across the economy over the next decade.

Backed by £36 million of Industrial Strategy investment, the plan signals a clear shift from the foundations laid by Open Banking toward a broader, cross-sector data-sharing ecosystem spanning finance, energy, transport, retail and beyond.

At its core, the strategy focuses on building a trusted and scalable Smart Data infrastructure, with interoperability, cross-sector governance and data standards identified as critical enablers. The Government also highlights the growing role of AI, digital identity and wider data infrastructure in unlocking the full value of Smart Data for both consumers and businesses.

The announcement reinforces the UK’s intent to remain at the forefront of global data innovation, positioning Smart Data as a key driver of economic growth, competition and consumer empowerment. By enabling individuals and businesses to securely share their data, the strategy aims to unlock new products, services and market opportunities — while helping users access more relevant, better-value offerings.

Commenting on the announcement, Adam Cox, co-founder of Open Banking Expo, said: “Open Banking created the data layer, but what we’re now seeing with Smart Data is the emergence of a fully connected, cross-sector ecosystem where that data is actually put to work. The real opportunity here is not just access to data, but interoperability — enabling finance, energy, transport and beyond to operate as part of a unified digital infrastructure.

The organisations that move early to shape and participate in these schemes won’t just benefit from the shift — they’ll help define how value is created and delivered across the next generation of financial services.”

Industry stakeholders are being actively encouraged to engage in shaping the next phase of development. With multiple schemes set to emerge across different sectors, early participation will be critical in influencing how Smart Data frameworks are designed, governed and implemented in practice.

For financial services in particular, the strategy marks a significant evolution beyond Open Banking, signalling a move toward a fully connected data economy where insights, automation and embedded services become central to delivering value.

As the industry moves from concept to execution, the focus now shifts to how these frameworks are operationalised — and which organisations step forward to help build and scale the next generation of data-driven infrastructure.