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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Description
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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