The Data Hub is a key novelty to be added to the EU Digital Finance Platform in the second phase of the project. This new Data Hub will make available to participating firms specific sets of synthetic supervisory data for the purpose of testing new solutions and training AI/ML models. The Data Hub will make it easier to develop products that depend on data-intensive AI systems. The Data Hub will therefore complement national sandboxes and innovation hubs that typically focus on facilitating the dialogue between regulators and innovators for private and public sector use cases.
This Data Hub initiative is part of the European Data Strategy through which the European Union commits to boosting the development of trustworthy data-sharing systems through four broad sets of measures, one of which is to facilitate the reuse of certain public sector data that cannot be made available as open data.
By supporting this project, national competent authorities (NCAs) will encourage innovation for the development of a single market for digital finance services. Being part of the Data Hub is also a way to build knowledge for the future and to understand the technologies that innovative firms use, particularly data synthetization.