Asia is set to become the next frontier for open banking as digital adoption continues to drive acceptance. Unlike other regions where open banking is primarily driven by regulations, especially Europe and Middle East, open banking in Asia is mostly driven organically by the consumer’s willingness and openness to share their data, the increased rate of digital adoption, and an overall culture of digital innovation.
However, the level of open banking maturity and capabilities is different in each of the continent’s countries. While countries like Singapore, India and Hong Kong are advanced in their open banking readiness, banks in Thailand, Philippines, Malaysia, Vietnam, and Indonesia are still facing challenges with building internal and external API capabilities and establishing digital ecosystem and infrastructure that will enable them to accelerate innovation and third-party collaboration and deliver more personalized services.
In light of this, the Open Banking Asia Digi-Conference will bring together senior decision makers from central banks, leading banking and financial services institutions in Asia to discuss how the region can effectively implement open banking, unlock its potential, and capitalize on the financial services market opportunities it creates for the banking industry.