This event sparked dynamic discussions as experts from academia, central banking, payments, and credit technology gathered to examine the evolving open banking landscape.
🌍 𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞𝐬, 𝐋𝐨𝐜𝐚𝐥 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬
Globally, open banking takes various forms — Market-led, Regulator-driven, or Infrastructure-focused, as seen in Hong Kong with IADS. The conversation explored the balance between mandatory frameworks versus market-driven adoption, alongside emerging trends such as the BIS' Project Aperta.
🚀 𝐊𝐞𝐲 𝐏𝐢𝐥𝐥𝐚𝐫𝐬 𝐨𝐟 𝐒𝐮𝐜𝐜𝐞𝐬𝐬
For open banking to thrive, we need:
✔ Digital Identity Programs
✔ Fast payment schemes
✔ Robust data infrastructure
✔ Standardized APIs - with API speed playing a crucial role in user experience and adoption
The discussion also highlighted the distinctions between open banking, open finance, and open data, and the challenges unique to HK, where the absence of a standardized market API results in higher upfront costs and fragmented connections, impacting the value generated.
💡 𝐂𝐨𝐦𝐩𝐞𝐥𝐥𝐢𝐧𝐠 𝐔𝐬𝐞 𝐂𝐚𝐬𝐞
Leveraging open banking for credit scoring solutions for immigrants, improving financial inclusion through better access to credit insights.
🔗 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐊𝐞𝐲
The session reinforced that cross-industry dialogue is critical to progress. Curious to dive deeper? Check out the report:
📖 Building Open Finance: From Policy to Infrastructure
It compares regulatory approaches across the EU, UK, Australia, Brazil, UAE, Singapore, Hong Kong, China, India, and the US—essential reading for anyone in fintech!
A special thank you to our incredible panelists Ankit Suri, Douglas Arner, Hakan Eroglu, Kenneth Au and Jessica Liu for sharing their insights, and to our venue partner Eaton Club for hosting this valuable discussion.
