State of Open Banking: Lessons from Australia and Singapore

Open banking now an inevitable facet of the future for banks around the globe. In countries where open banking is mandatory, such as Australia, many banks face a steep learning curve to implement an open approach. In Singapore and elsewhere, regulators have taken a more market-driven, organic approach to gradually push the agenda forward. Some banks are embracing open banking as an opportunity while others drag their feet to implement open banking as they see it as a threat.