2024/10/1 9:19:37
Brankas today released a new report analyzing the state of open banking readiness in Southeast Asia, focusing on Thailand, the Philippines, and Indonesia.
BANGKOK, Oct. 1, 2024 /PRNewswire/ -- Brankas today released a new report analyzing the state of open banking readiness in Southeast Asia, focusing on Thailand, the Philippines, and Indonesia. The report, based on interviews with senior banking and financial services executives in the region, provides a detailed assessment of the open banking progress made in each country, how customer needs are understood and addressed, and which regulator approaches have worked to incentivize open banking adoption — from the banks' perspective.
New Open Banking Readiness Report by Brankas
Across all three jurisdictions, it was agreed that the adoption of open banking will require significant investments from traditional banks both in API development and other supporting infrastructure. Southeast Asian banks are still early in the transition today.
The emergence of new business models was mentioned as a driving force as different banks look at markets differently to drive their own strategies and meet the demands of their customer bases. Many banks have begun to engage markets in new ways, particularly through bilateral partnerships with innovative players to expand their service offerings. However, there is a continued emphasis for banks to control customer data to maintain competitive advantage.
To download a copy of the report, please visit the download page here. Watch a summary from August 2024 of another financial services executive video interview series by Brankas at Techsauce Global Summit 2024 in Bangkok.
About Brankas
Brankas is a leading global open finance technology provider. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open finance compliance solution, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas' secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.
Media Enquiries:
Yiyang Teo
yiyang.teo@brank.as