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Open Banking in APAC: Market-Led vs Regulator-Led Approaches

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Fintechnews – by Fintech News Singapore

Open Banking in APAC: Market-Led vs Regulator-Led Approaches

Open banking is steadily making its way into Asia-Pacific (APAC), and though the industry remains largely nascent compared with pioneers like to European Union, adoption is increasing at a stable pace, enabled by new regulatory frameworks and market-led initiatives.

A report by Asia-focused fintech consulting firm Kapronasia, in collaboration with software engineering company EPAM, looks at the state of open banking across the region, exploring the evolution of the competitive landscape and how open banking solutions are currently being served in APAC.

Southeast Asia embraces market-led approach

According to the report, there is significant diversity across APAC on how open banking is being approached, with some embracing a regulator-driven strategy and others, a market-led approach.

In Southeast Asia, for example, governments have largely let the market decide for itself, presenting instead recommendations and non-compulsory rules.

Most notably, Singapore was the first country in ASEAN to publish guidelines on open banking and to outline a plan for banking data to be made available through open APIs back in 2016.

Read the full article here.

To learn more about Open Banking in APAC, download the full report from Kapronasia on the readiness of legacy systems for open banking:

To learn more about the trends facing the banking industry, download EPAM Continuum’s latest Consumer Banking Report: