Open banking is not just for Europe, although many of us sitting in Europe probably think it is. Many other markets around the world have been noticing what Europe is up to and other countries and regions are also looking to adopt similar principles with the ultimate view of delivering better customer financial outcomes.
USA
Stakeholders in the United States are inching toward a more formalized regime for third-party data sharing. These stakeholders include financial institutions, consumer-facing fintech services, trusted intermediaries, regulators, lawmakers, industry working groups (such as FS-ISAC and NACHA), and of course, consumers. Large banks are entering into data sharing arrangements with individual partner organisations, however, there is no doubt that open banking, albeit a different flavour to PSD2, will arrive in the US in the not too distant future.
Australia
Australia has moved one step closer to implementing an open banking regime with the publication of a final Government report into the issue.Open banking in Australia aims to be a game changer leading to better deals on mortgages, personal loans and small businesses loans. Open banking will give consumers more choice of financial services providers, a greater understanding of their financial standing and overall more control over their financial future.
Hong Kong
The Hong Kong Monetary Authority (HKMA) publishes its draft Open API framework. Publication of the framework – on 11th January – marked the start of a public consultation.
Singapore
The Monetary Authority of Singapore (MAS) is very vocal about encouraging financial institutions to adopt APIs as a key foundation layer for innovation and interoperability.
MAS are known for their progressive, forward thinking approach to the role financial technology can have in their local economies, and so it comes as no surprise, that Singapore is looking at open banking as a way to broaden choice and foster competition in their local market.
The following chart shows open banking readiness across the whole Asian region:
India
Whilst the regulators have not yet commented on open banking, a number of commentators have started noting that India overall is in an excellent position to take forward open banking quickly, in the context of 29 states and 1.25 billion people they have already implmenented:
The following chart highlights just how broadly open banking is being considered across Asia:
At Konsentus we are of course very happy to see this global expansion of open banking. Although each market may look to deliver a slightly different flavour we are confident that all will require some form of permission and consent management for the open banking APIs and this is what we are delivering.
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