Following the rollout of open banking regulations in the UK and the launch this year of the EU’s Payment Services Directive 2 (PSD2), countries across the Asia-Pacific region are following suit to establish their own frameworks to enable banks to share select customer data with third-party providers (TPPs), and TPPs to run transactions on customer accounts.
Banks and regulators across economies as diverse as Australia, Japan, Singapore, Hong Kong, Malaysia, Thailand and Indonesia share the view that fintech innovation is a potential source of growth for years to come. But given their diversity, the pace of their adoption of open banking and the means by which authorities are encouraging innovation vary widely.
And while the retail side of open banking – particularly as it relates to payments – has been well explored, our research shows clear opportunities in the region to create value from commercial open banking services, if banks can deliver what their clients want – particularly given the trust those clients still place in their banking partners.
SME Banking Club is an international networking platform of business bankers aimed to provide relevant information on what banks and financial companies are offering for entrepreneurs, micro-, small and medium enterprises (SMEs).
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