Banking has historically been siloed, with customer information not regularly shared among different financial institutions. Open banking literally promises to "open up" up the banking experience by giving third-party developers access to customer data and allowing them to tailor products based on that information. Open banking's proponents say that it will allow financial services providers to create more innovative, targeted products while putting customers in greater control of their finances.
The Taiwan Banker recently spoke with Zennon Kapron, director of the Singapore-based consultancy Kapronasia, about how open banking is being rolled out across the Asia-Pacific region and which markets are furthest ahead in the process. Kapronasia is a boutique research firm focused on the digital financial services space in Asia.
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