The Competition and Markets Authority, or CMA, is the governing body for improving competition amongst businesses and reducing anti-competitive behavior in the UK. While it is operated by the UK government, it is a non-ministerial department which is often a regulatory body that oversees a specific industry within the country.
The CMA launched the Open Banking Standard in the United Kingdom, which has helped to foster innovation and healthy competition in the financial industry. This led to the widespread adoption of open banking within the country and is a significant reason why the UK is a global leader in the fintech industry. The CMA even has a say in which APIs can/should be used for BaaS platforms, and the agency remains a driving force for BaaS.