Readiness of Legacy Systems for Open Banking in Asia Pacific: A research brief from Kapronasia in collaboration with EPAM

Open Banking arose out of a sweeping piece of European Union (EU) legislation known as the second Payment Services Directive, or PSD2, in 2016. It is the use of application programming interfaces (APIs) to streamline the sharing of customer bank data with third parties.

Published: Jan 2023

Report Description

Open Banking is the first step towards an Open Data society, ‘a data-driven world that will connect all ecosystems from finance to tech, allowing consumers to fully own their data streams and derive benefit from them.’ A steppingstone on that journey is Open Finance, the extension of Open Banking that allows the exchange of a much broader range of consumer financial data, creating a more holistic and accurate assessment of an individual’s digital financial footprint.

This research brief was written on the basis of the Readiness of Legacy Systems for Open Banking in Asia Pacific panel from Kapronasia in collaboration with EPAM. A recording of the panel can also be accessed here.

 

Readiness of Legacy Systems for Open Banking in Asia Pacific: A research brief from Kapronasia in collaboration with EPAM Report Details

  • Number of Pages: 8
  • Number of Tables & Charts:

Table of Contents

  • The Open Banking Opportunity
  • Where Open Banking Can Make the Most Impact
  • Challenges Hampering Further Adoption of Open Banking
  • Mandating Open Banking in APAC
  • The Need for Standardization
  • Overcoming Legacy
  • Data is the Key
  • Conclusion: The Future of Open Banking in APAC