Innovation Atlas

Albania's economy is heavily cash-reliant...

Most borrowing in Algeria is done within families...

U.S. territory.

Andorra's Fintech environment is still at the early development level, although there has been remarkable growth.

From 2012 to 2020, banking assets in Angola increased by 185%, following the rise in economic growth…

The Eastern Caribbean Central bank created its own form of digital currency meant to help speed transactions and serve people without bank accounts...

76% of the population of Antigua and Barbuda had access to the internet at the beginning of 2022...

The eighth-largest country in the world, this South American nation has a regulatory orchestrated version of Open Banking in its sights.

65% of Armenians have access to the internet...

The Open Banking ecosystem is expected to be fully functional within a few years, and the Consumer Data Right Standard to extend across the wider Australian economy including energy, telecommunications and financial sectors.

Open Banking in Austria continues to gain momentum, partly thanks to notable take-up and integration across the banks…

Azerbaijan is planning to launch a regulatory sandbox...

The unbanked population in The Bahamas is partly driven by the fees associated with opening and maintaining a bank account for those of low income...

Bahrain has adopted a European-style regulation-driven approach to Open Banking...

The Bangladeshi government has been attempting to modernise the banking ecosystem, with an inter‐bank electronic funds transfer system...

Barbados is launching a new digital payments system to allow unbanked Barbadians to make payments online.

Belarus has introduced policies aimed at bringing more customers and small businesses into the formal financial system.

Belgium is taking positive steps towards a mature Open Banking ecosystem…

The rural and remote communities face challenges in accessing affordable and high-speed internet...

The Benin environment has allowed mobile money markets to thrive…

Since 2008, Bhutan has been pursuing to increase their Gross National Happiness...

The Bolivian government banned the use of cryptocurrencies such as Bitcoin in 2014...

Digital payments make up the largest segment of Fintech…

The Bank of Botswana has been shifting the country towards digital…

The largest country in South America has forged ahead with Open Finance.

Bulgaria falls under the PSD2 legislation and has adopted Berlin Group's NextGenPSD2 standard as well as devising their local BISTRA standard.

People in Cameroon widely prefer informal credit over formal credit…

The world’s second-largest country by area is poised to open up its banking data.

Nearly half of all women and 39% of men do not have a bank account.

One of the aims of Chile's Open Finance journey is to promote competition in financial services, stimulate innovation and see an increase in new Fintechs...

A South American country with Open Banking regulation in its sights.

Côte d'Ivoire has an aim to reach a 60% inclusion rate by 2024…

Croatia has established a regulatory Innovation Hub consisting of a specialised team dedicated to the issue of financial innovation regulation...

Cyprus attracts Fintech businesses across the EU as it provides access through passporting...

The Czech financial services market is highly competitive, and Czech banks already offer Open Banking.

The Danish financial sector is one of the most digitised in the world, and major Danish banks already offer Open Banking.

Estonia has a mission to become the 'world's most advanced digital society'...

By 2019, there were 2 million online banking or bank app transactions taking place through mobile phones in Eswatini, compared to 72 million mobile money transactions...

Finland is an internationally recognised Fintech hub which falls under the PSD2 legislation...

France has been steadily embracing Open Banking and digital payments since the inception of PSD2…

These areas have no permanently settled inhabitants.

The National Bank of Georgia initiated consultations with the banking sector on the introduction of Open Banking...

Traditionally, Germany has been a cash-based economy, making migrating to new payment methods challenging…

Open Banking is a very low priority for regulators, and there is no guidance around implementation

U.S. island territory.

There are currently more than 600 Fintechs operating in Hong Kong…

Hungary falls under the PSD2 legislation and has adopted Berlin Group's NextGenPSD2 standard.

Fintech solutions have enabled the financial industry to change rapidly in Iceland...

The Indian government embarked on developing a digital infrastructure to assist efficient development in its diverse economy...

Indonesia's population, being spread across over 17,000 islands, creates technical challenges for their telecom infrastructure and mobile banking...

Financial inclusion is the main pillar for enhancing the use and ease of access to financial and banking services in Iraq...

Open Banking in Ireland continues to gain momentum...

Iran has Open Data as part of its 2025 Roadmap...

Italy is taking steps in the right direction, but needs to move quickly to keep pace with Open Banking innovation across the continent.

Jamaica has passed legislation for the digital infrastructure required for Open Banking...

An island country in East Asia where the revision of the Banking Act has prompted innovation...

Even though Jordan is still largely cash-dependent, the development of online solutions accelerated during the Covid-19 pandemic...

There is a significant informal economy in Kazakhstan…

The government sees Open Banking as an opportunity to diversify Saudi Arabia's economy away from oil...

Kyrgyzstan has a two-tier banking system…

Latvia is a highly digitised economy and encourages Fintech investment and innovation.

Lebanon was showing some promising Fintech growth...

The Blockchain Act has been drafted to incentivise blockchain projects by default…

Lithuania has developed a strong Fintech movement, with many UK firms setting up European bases in Vilnius...

Luxembourg is a globally recognised international financial hub…

The internet penetration rate stood at 22% in 2022...

The Malysian government is prioritising real-time payments...

In Malta, cash is still the dominant payment method for many individuals however the number of card payments at retail locations has increased in recent years...

39% of the population of the Marshall Islands had access to the internet at the beginning of 2022.

An early mover in developing a fintech law, Mexico has (at July 2024) not implemented the law with regards to Open Finance.

Fintech could potentially allow Pacific island countries to alleviate the impact of structural impediments and persistent challenges...

Moldova has low financial inclusion, yet has approved new regulations on the payment services market in order to harmonise with the PSD2.

The country's leading banks are amongst the largest in Africa...

Fintech could potentially allow Pacific island countries to alleviate the impact of structural impediments and persistent challenges...

In very rural areas, banks can be intimidating, seen as something for urbanites, with illiteracy an issue...

The Netherlands is one of the leading hubs for European Fintech innovation, and its digital ecosystem is ripe for Open Banking acceleration…

Fintech could potentially allow Pacific island countries to alleviate the impact of structural impediments and persistent challenges, such as geographic remoteness and dispersion...

New Zealand is hoping to learn from the development of Open Finance in the UK and the Australian CDR as they develop their Open Finance model.

Nigeria is consistently shown to be near the top of African nations when it comes to Fintech investment...

Denmark, Finland and Sweden are working together towards the Nordic collaborative models, which include Open Banking and establishing a common clearing platform for payments ...

Oman has a sizeable Sharia-sensitive and unbanked population...

The Government of Panama has announced that it will take a strategic approach to digitisation...

More Filipinos own mobile phones than financial accounts...

Poland’s trajectory towards a mature Open Banking ecosystem is gaining pace as participants continue to take advantage of PSD2.

In Portugal the main barrier to Open Banking adoption is the incumbent banks approach to supporting Third-Party Providers (TPPs)...

The Fintech sector in Puerto Rico has been growing by around 25% year on year...

Open Banking is a very low priority for regulators, and there is no guidance around implementation in Romania.

The invasion of Ukraine has caused a crisis of IT professionals fleeing the country, and could set the industry back decades.

The Eastern Caribbean Central bank has created its own form of digital currency...

With the high-speed broadband network and high uptake of smartphone technology, Saint Lucia already has the infrastructure needed for Open Banking...

The Eastern Caribbean Central Bank has created its own form of digital currency...

Singapore is a digitally advanced country, with digital wallets set to overtake credit cards as the preferred online payment method...

Somalia’s internet penetration rate was 10% at the start of 2023...

South Korea is moving from Open Banking to Open Finance with the forthcoming MyData initiative…

Variations between banks make it harder to normalise Open Banking across integrations, despite its growth...

Sweden is one of the most well-prepared countries to welcome and adapt Open Banking technologies...

Tajikistan's banking system is relatively undeveloped.

The UK has a high digital readiness among the public, a pro-innovation regulatory environment, and the most TPPs across Europe.

In the USA, there have been considerable efforts to build access for underrepresented communities to banking services...