Open finance unbundles financial services and products that were owned by banks to be made available outside traditional banking processes through technology. Non-financial companies such as ride-hailing, insurance or even healthcare companies can now offer financial solutions within their ecosystem. For example PropertyGuru, a leading property website in Singapore, can now offer loans within their website.
Open finance offers new growth and distribution opportunities. While the pandemic accelerated digital adoption, banks are beginning to notice the benefits of unbundling their products and services as technology. With the conversion, banks could keep up with the digital finance opportunities and find new ways to create value while staying relevant. For example, being available in a non-traditional process known as embedded finance. Besides that, banks have the competitive advantage of having access to banking licenses, massive data, customer trust, and expertise in core financial infrastructure. In other words, now’s the time for banks in Southeast Asia to transition to open finance.
Convenience is one of the many. Open finance unlocks a new phenomenon known as embedded finance, where all your financial needs are serviced within the same product. While security is often the main concern for end users, open finance technology taps on APIs where information shared across can only be authorized by end users and are transacted on encrypted connection. Data layer is also applied to ensure restricted access.
If you’re interested to know more about open finance in Southeast Asia, 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:
Open banking has been a game-changer in banking and finance. Allowing third-party providers to access customer data enhances customer experience, promotes competition, fosters financial collaborative ecosystems, and enables emerging technologies integration. Fintechs and banks are embracing open banking and open finance. Will credit unions catch up?
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