Open banking, which is based on data sharing, is poised to be the next wave of digital transformation in the financial sector in Asia Pacific. It is unlikely to be a short-lived trend, and has gained momentum because of the extra push from regulators, who generally support it and in some countries mandate it.
In this white paper, a joint venture by Microsoft, Linklaters and Accenture, in which our very own Rohini Goyal – APAC Digital Strategist at Temenos contributed to, explores the various drivers behind open banking in Asia Pacific, as well as the challenges financial institutions and regulators will have to address to ensure all participants can reap the benefits. In conclusion, the white paper offers recommendations to the industry and regulators towards the successful adoption and advantages of open banking.
This white paper includes the insights and perspectives of over a dozen interviewees representing different parts of the open banking ecosystem, including incumbent financial institutions, fintechs, technology companies, consultancies and others.
With open banking, “unless you’re adding value for the end customer, it won’t stick.”Rohini Goyal, APAC Digital Strategist at Temenos