Shannon Bellringer
Open finance is a broader concept than open banking. While open banking primarily focuses on granting third-party access to bank account data and services through APIs, open finance encompasses a wider range of financial services and products.
Open finance aims to create a more interconnected and accessible financial ecosystem by facilitating the exchange of data and services among various financial institutions, fintech companies, and other third-party providers. This includes not only banking data but also data related to investments, insurance, lending, payments, and more. Think of open finance as open banking’s evolution — like upgrading from the iPhone 10 to the iPhone 16. It does everything open banking can do, but with more power, more connections, and far greater possibilities.
Here are 8 countries that are looking to progress (and in some cases progressing) beyond open banking:
Brazil is a global leader in open finance. Since 2021, it has expanded its framework to include insurance, pensions, investments, and foreign exchange.
By early 2024, Brazil had 195 registered third-party providers, processing $19 trillion in account-to-account transactions in 2023.
Australia’s Consumer Data Right (CDR) began with banking and has extended, beyond even open finance, to energy and telecommunications. The government is considering further expansion into open finance, including sectors like insurance and superannuation. The current focus is extending CDR to encompass non bank lenders, bringing a whole new range of financial services into scope, for example consumer credit and buy now pay later products.
Under its 2018 Fintech Law, Mexico mandated standardized APIs for financial data sharing. Whilst Mexico moved early with a regulatory framework it has struggled to progress with any meaningful implementation. That said, with a heavy reliance on cash and financial inclusion challenges as a backdrop, the potential for open finance to stimulate the economy is significant.
The UK has been exploring open finance beyond its initial open banking framework.The FCA’s 5 year strategy says they will publish a roadmap for the roll out of Open Finance by the end of the 2025 and regulatory foundations for the first scheme by the end of 2027.
South Korea’s “MyData” initiative outlines standard data-sharing mechanisms across accounts, payments, and lending. The program includes regulator-defined use cases and aims to provide consumers with comprehensive financial data management.
India’s open banking infrastructure, known as the “India Stack,” promotes the inclusion of fintech service providers and enhances competition. The Unified Payment Interface (UPI) system, part of this initiative, has significantly accelerated digital payments and is a cornerstone of India’s move towards open finance.
Singapore adopts a market-driven approach to open finance. The Monetary Authority of Singapore (MAS) encourages financial institutions to develop APIs, fostering an ecosystem where banks and fintechs collaborate to offer innovative financial services.
Colombia has issued regulations for open financial architecture, setting the foundation for open finance initiatives. In December 2024, a preliminary version of the regulatory framework decree was published, mandating open finance for over two hundred financial entities and initiating a feedback round from the market and future ecosystem participants.
This generated considerable discussion regarding the scope of open finance versus open data. While there is broad consensus that a phased approach is essential to ensure a smooth transition to an open finance environment, some participants argue that open data should be included in the framework from the outset.
Their view is that this would encourage non-financial entities — such as utilities, education, healthcare, and government institutions — to begin planning their involvement in the future open data ecosystem now. This draft decree establishes the foundation for a successful open finance ecosystem, including a centralised directory and detailed technical standards. However, a more extensive range of use cases is necessary to boost adoption and impact.
What if you’re based in one of the many countries that haven’t started to look beyond open banking yet and are only just doing your research into the big move. Or maybe your country doesn’t have a standard or regulation in place at all yet.
Check out our article on The Business Case for Early Adoption in Open Finance to see why early adoption in open finance opens a treasure trove of opportunities.
Let’s unlock the power of open finance together. Get in touch to see how we can support you on your open finance journey.
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