King will step into the post at the beginning of February when Crosswell departs to take over the chair at the Centre for Finance, Innovation and Technology (CFIT), an organisation created on the advice of the Kalifa Review to unblock barriers to growth for UK fintech.

Before joining the OBIE, king 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.

Her key priorities will include the protection of ongoing CMA Order requirements and the consideration and potential implementation of the Joint Regulatory Oversight Committee’s decisions on the future long-term regulatory framework for Open Banking in the UK.

The Joint Regulatory Oversight Committee (JROC), a cross-authority taskforce convened by the Competition and Markets Authority in March, was established to build on the progress of open banking under a new regulatory regime that will sunset the the Open Banking Implementation Entity (OBIE) in favour of a new body, with a more broadly-based funding and governance mode.

Says King: “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.

“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.”