Open banking developments in jurisdictions around the world

To get a better sense of what an open banking framework looks like, here’s a look at what’s happening around the world.

The Australian government announced an open-banking framework as part of its 2018 budget...

In 2015, the European Union adopted its second payment services directive (PSD2).

The United Kingdom has been developing its open-banking standard for several years...

South Korea has set up a voluntary framework through an open API system aimed at...

Japan has committed to promoting the adoption of open APIs by banks...

Singapore’s central bank is moving toward an open API architecture and is working...

New Zealand has announced a pilot project for open payments.

In South Africa, banks and technology companies have worked together to build a...

The Hong Kong Monetary Authority recently published a framework setting out a...

Mexico took a step toward open banking in 2018 with its law to regulate financial technology institutions.

In India, moves toward open banking have included the introduction of a unified payment interface.

The United States has so far relied on industry-led efforts, including the...

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