Article: Open Banking: why this risky pursuit is the key to accelerating Fintech innovation

Money, Open Governance

Open Banking: why this risky pursuit is the key to accelerating Fintech innovation

The Fintech landscape in Southeast Asia has grown tremendously over the last 10 years. For one, Open Banking, which was initially perceived as a good-to-have, has now become essential due to many industry factors, such as a booming e-commerce industry and a large growth in cross-border business activities.

Open Banking, in layman terms, is the “opening up” of banks to external vendors and developers. This creates a controlled, and in most cases, regulated access for Third-Party Providers to make use of banking services and customer-permissioned data — services and data which would previously have been siloed behind secured servers and legacy systems.

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Article: In 70% underbanked Southeast Asia, startups push for open finance

Money, Open Governance

In 70% underbanked Southeast Asia, startups push for open finance

Brankas, Brick, and Finantier are trying to replicate the Western open banking methods in a fragmented region, with countries like Indonesia and the Philippines, where bank branches are far apart. While big banks are pushing back, investors see promise in these startups.

The startups are building APIs—the plumbing that allows apps to access consumers’ banking and other financial data in a secure way.

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