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Readiness of Asia/Pacific Markets for Open Banking

Readiness of Asia/Pacific Markets for Open Banking

This is IDC Perspective is the third in IDC Financial Insights' series of reports on Open Banking. It highlights the readiness of each market in Asia/Pacific (excluding Japan) (APEJ) for the adoption of Open Banking, covering the key factors that work as fundamental drivers for any country to unleash the true potential of opportunities that Open Banking brings.Michael Araneta, AVP for IDC Financial Insights Asia/Pacific states, "At this point in 2018, Open Banking adoption will be prodded on by regulators who are themselves competing to be seen as the most proactive regulator in the region. The regulatory framework for Open Banking will be comprehensive, touching upon various aspects of customer data protection, IT security, systemic risk, and customer fairness. Banks will need to align their Open Banking strategies with these — ideally before their competitors succeed in doing so.""We expect that Open Banking will inevitably be a discussion within the bank. Banks must recognize the need to embrace digital transformation related to API banking and bank-fintech/TPP relationship at the highest levels of the organization and keep abreast of the new security solutions to support that in the future," says Anuj Agrawal, senior research manager, IDC Financial Insights Asia/Pacific.

Please Note: Extended description available upon request.


Executive Snapshot
Situation Overview
Supportive Regulatory Environment
Adoption of Partner/External APIs
State of Digital Transformation in Banks
Security Preparedness of Banks
Fintech/Third-Party Provider Ecosystem
Advice for the Technology Buyer
Readiness of Asia/Pacific Countries for the Adoption of Open Banking
Singapore
Regulatory Environment
Adoption of Partner/External APIs
Digital Transformation of Banks/FIs
Security Preparedness
Fintech/Third-Party Provider Ecosystem
Overall Assessment
Australia
Regulatory Environment
Adoption of Partner/External APIs
Digital Transformation of Banks
Security Preparedness
Fintech/Third-Party Provider Ecosystem
Overall Assessment
India
Regulatory Environment
Adoption of Partner/External APIs
Digital Transformation of Banks
Security Preparedness
Fintech/Third-Party Provider Ecosystem
Overall Assessment
Hong Kong
Regulatory Environment
Adoption of Partner/External APIs
Digital Transformation of Banks
Security Preparedness
Fintech/Third Party Provider Ecosystem
Overall Assessment
China
Regulatory Environment
Adoption of Partner/External APIs
Digital Transformation of Banks
Security Preparedness
Fintech/Third-Party Provider Ecosystem
Overall Assessment
South Korea
Regulatory Environment
Adoption of Partner/External APIs
Digital Transformation of Banks
Security Preparedness
Fintech/Third-Party Provider Ecosystem
Overall Assessment
Thailand
Regulatory Environment
Adoption of Partner/External APIs
Digital Transformation of Banks
Security Preparedness
Fintech/Third-Party Provider Ecosystem
Overall Assessment
Malaysia
Regulatory Environment
Adoption of Partner/External APIs
Digital Transformation of Banks
Security Preparedness
Fintech/Third-Party Provider Ecosystem
Overall Assessment
Taiwan
Regulatory Environment
Adoption of Partner/External APIs
Digital Transformation of Banks
Security Preparedness
Fintech/Third-Party Provider Ecosystem
Overall Assessment
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