Future Opportunities and Challenges for the Development and Adoption of Open Banking and Open Finance

The rapid evolution of Open Banking and Open Finance frameworks across APAC and globally presents both opportunities and challenges for regulators, financial institutions, and consumers. This roundtable aims to examine the current landscape, identify key success factors, and explore future trajectories through three core lenses:
 
1.     Regulatory Frameworks and Implementation Learnings
The Cambridge Centre of Alternative Finance will present the findings from their new report, “APAC State of Open Banking & Open Finance”, which builds on their Global study and provides an in-depth overview of the state of data sharing in a variety of APAC jurisdictions. The novel insights and ensuing discussion that emerge will highlight the critical success factors, ways to address challenges (e.g., standards, liability frameworks) and supervisory approaches for managing regulatory and consumer risks. It will also explore the regional collaboration opportunities
 
2.     Commercial and Operational Considerations
Acknowledging the recurring discussion within this landscape around the commercial and operational considerations to ensure a sustainable and responsible development of open data and data sharing approaches, this discussion seeks to present alternative perspectives. Discussants will focus on exploring novel business models, finding the right balance between privacy-by-design principles and commercial viability, including the development of sustainable cost recovery models and fee structures. They will examine the complexities of authentication and consent management, alongside market adoption drivers and evolving partnership models between incumbents and new entrants. The discussion will also address operational requirements spanning customer trust-building, security, and data quality management that are essential for long-term success.
 
3.     Future Evolution and Sustainability
Looking toward the future, the third focus area explores the sustainable evolution of these frameworks.  Discussants will examine the natural progression from Open Banking to Open Finance and Open Data, considering both environmental and social impact dimensions such as financial inclusion and SME access to finance. The discussion will explore regional integration possibilities, emerging use cases beyond traditional banking, and the impact of expanding into other sectors such as energy. Particular attention will be paid to the evolution of data ownership rights and integration with broader digital economy initiatives, ensuring we address the long-term sustainability of open banking ecosystems.