Global Open Banking Market and Trends Report to 2026: Open Banking in Asia-Pacific is Mainly Market Driven - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Open Banking Market and Trends 2023" report has been added to ResearchAndMarkets.com's offering.

After the UK, Germany occupies a dominant position in the open banking market

Although the UK is the leader in open banking implementation and development, other countries such as Germany, France, Sweden, and the Netherlands are also making progress. Especially in Germany, the foundation has been laid to develop a strong open banking ecosystem, with the country having the second-highest number of home-regulated third-party providers as of June 2022, as mentioned in the new report.

Moreover, the number of passport third-party providers in Germany reached a triple-digit count during the same period. As of 2021, a majority of the third-party providers in Germany offered both account information and payment initiation service, with this share being higher compared to the entire EEA region.

Furthermore, the share of countries in the EEA that are approved to provide third-party services in Germany also saw a slight increase from 2019 to 2021. The number of third-party providers in Germany reached a triple-digit value as of June 2022, thereby reducing the gap between the EEA and Germany.

More than three-quarters of countries in the EEA have the authority to provide third-party services in Germany, with Lithuania at the top of the list, followed by France and the Netherlands. One challenge that remains is providing stable and standard APIs.

Unlike its European counterparts, open banking in Asia-Pacific is mainly market driven, with Australia being the exception

After Europe, Asia-Pacific is the region with the highest number of open banking platforms and products as of 2021. The growth of open banking in the region is due to consumers' willingness to share their data, as outlined in the new report.

In Asia-Pacific, countries such as Australia, Hong Kong, and Singapore are some of the early adopters of open banking. In 2022, Australia aims to implement consumer data rights for the energy sector that will ensure further growth of open banking in the country. Singapore has robust and dynamic legislation in place for the development of open banking.

New Zealand also plans to launch a similar consumer data rights initiative like in Australia by the end of 2022. Moreover, countries such as Indonesia and the Philippines are also making progress in the development of open banking initiatives.

Questions Covered:

1. What are the emerging trends that are changing the global open banking market?

2. What is the forecasted transaction value of open banking enabled payments in 2026?

3. What are the main objectives of organizations for introducing open banking?

4. What was the transaction value of payments via open banking in South Korea in 2021?

Countries Covered:

• Australia
• Brazil
• Canada
• Germany
• India
• Mexico
• Russia
• South Korea
• UK
• USA

Companies Mentioned

• Bank of Korea (BOK)
• DBS
• Promsvyazbank
• Sberbank
• Tinkoff Bank

For more information about this report visit https://www.researchandmarkets.com/r/xfby3b

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