Regulatory Guidelines for Open Banking: Asia/Pacific Markets and their Varying Paths to Open Banking
Continuing the series on Open Banking in the Asia/Pacific region, IDC Financial Insights highlights the various regulatory positions and guidelines that lead to or support the development of Open Banking in the 14 key jurisdictions of Asia/Pacific. Michael Araneta, assistant vice president for IDC Financial Insights, states, "Banks should initiate Open Banking strategies, even without the strong regulatory push seen in Europe. Success in the digital era will be in generating new value from business platforms and partner ecosystems — whether it is called Open Banking or not. This should be a bigger agenda for banks — not just a compliance piece or a contrivance to show concern for customers. The unbundling and rebundling of the value chain of financial services present an opportunity to truly remake the business of banking." "Clear guidelines from regulators on Open Banking is arguably one of the most important parameters to measure the progress of any country on Open Banking readiness. These guidelines will need to prioritize customer data protection, providing banks with a greater sense of confidence to open up their data and have these available to third-party players," says Anuj Agrawal, senior research manager, IDC Financial Insights Asia/Pacific.
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