The State of Open Finance (Jan-Feb 2023)

March 6, 2023

The State of Open Finance (Jan-Feb 2023)

The financial industry started the new year with the groundbreaking approach of open finance – an innovative paradigm that has captivated banks, financial institutions, and non-banking players alike, who are all eager to explore new revenue models that can provide a more inclusive and transparent financial system. This shift is due in part to regulators who are re-evaluating their positions to enhance the user experience and provide value-added solutions, while also prioritising the accountability and data protection aspects that come with the use of open data.

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The world of open banking is growing by leaps and bounds in the new year, with an ever-increasing number of players jumping on board to help build a more accessible and transparent financial landscape. With a surge in tailored payment offerings and a focus on optimising digital services for identification, verification, and enhanced data-sharing, open finance is bringing new relevance to the financial ecosystem.

The State of Open Finance – Jan-Feb Roundup report takes a deep dive into these exciting developments, revealing the many regulatory and collaborative efforts that are propelling the industry towards the natural evolution from open banking to open finance. Uncover a string of notable events across various categories, including:

  • Use case-based summaries of market trends. Use cases covered include personal and business finance management, customer onboarding, digital lending, and API deployment for enhanced data-sharing.
  • Notable product launches and innovation using open data.
  • List of notable funding rounds, mergers and acquisitions, and partnerships.
  • Summary of global regulatory initiatives advocating open economies.

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