Open banking constitutes a transformative shift where customers can seamlessly explore novel financial offerings from authorized third-party providers. This innovation is facilitated by financial institutions crafting Application Programming Interfaces (APIs) that align with the central bank standards of a country.
COVID-19 pandemic has accelerated the importance of digitalisation as banks look to serve their customers in new ways during lockdowns and quarantines while customers are increasingly looking to access financial products and services on their own terms and on their own devices. With open banking technology, open finance; permissioned data-sharing are enabled to service a wide range of financial products and services. Key concepts and definitions of open finance are discussed in this paper, expanding to how banks can benefit from open finance.
In this white paper, discussions on:
- What is open finance, and why does it matter?
- What are the digital finance opportunities enabled by open finance?
- How can banks overcome challenges to open finance adoption?
- Practical steps for banks
- And more, with case studies referencing banks, financial service and eKYC providers in Southeast Asia such as CIMB Bank, Komo by East West Bank, Unionbank, TMRW by UOB, GCash, Meniga, Cebuana Lhuillier, Tokopedia and Singpass are studied as examples of open finance.
Download the white paper today!
Join us in the upcoming webinar as we discuss the the recently joint published white paper titled Embracing Open Finance in Southeast Asia. We will cover:
- The commercial opportunities for banks in open finance; new growth and distribution opportunities and new ways to create value
- Explore how banks and other financial service providers can overcome challenges to open finance adoption
- Practical next steps in embracing opening finance