A new study from the Open Finance technology and advisory services provider, Konsentus, has found that there are now more than 65 national open banking programmes globally.
Konsentus has updated its Global Open Banking and Open Finance Map to include richer data on the evolution of open banking across the world.
It reveals that open banking, the new wave of financial data access, has reached a significant milestone, with 68 countries (representing 35% of the world) either live or in development.
The Konsentus study showed there is a clear regulatory push towards open banking, with 64% of open banking initiatives being mandatory via legislation. Only four markets are currently pursuing a market-led approach and 26% of initiatives lack formal regulation but have strong regulatory support and a centralised programme approach.
The hybrid approach has started to emerge as popular, particularly across Asia. However, the analysis shows there is no ‘one size fits all’, with each jurisdiction taking a slightly different approach to their implementation to meet local requirements.
In addition to assessing whether markets are regulatory, hybrid or market-led, the map now categorises countries based on whether their ecosystems are live or in development. It also reflects if the market is focused on open banking or has pivoted to open finance.
Click below to share this article