Open banking pushed to Asia-Pacific

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The global NONPROFIT Open Banking Exchange (OBE) movement highlighted the importance of open finance and open banking and how it could be maximized in Asia.

In a webinar on Wednesday, OBE chief executive John Broxis said open finance is changing the way financial products are developed by integrating application programming interfaces or financial services APIs with apps. third parties and also changes the way products are distributed and monetized as this enables new revenue. streams.

Open finance allows customers to use financial services from third-party providers.

OBE recently partnered with crowdfunding technology company, Brankas, to pitch OBE Asia as a bid to “increase financial inclusion in the region through open finance and open banking.”

Todd Schweitzer, Director of OBE Asia and CEO of Brankas, said setting foot in the region “will bring a simpler yet more comprehensive understanding of what enables the more sustainable kind of open banking across nations.”

OBE facilitated discussions on open banking and finance with its members in Europe, the Middle East and Latin America.

Broxis noted that among the challenges in rolling out open banking and finance are differences in definitions, practices and even reasons for doing so in different areas.

“At the end of the day, this means that the customers, the end users, are not getting the services they expect, because even within a country, everyone has implemented their APIs, their processes or their products in slightly different ways. So things just don’t work together,” he explained.

Broxis said the OBE aims to bring industry players together to discuss and communicate.

“They need to be together… allow them to have this conversation and that’s what we’re trying to do here,” Broxis said in a separate statement.

“It’s really about coming to us to get good simple information about what’s going on in a language they can understand, in this case across Asia,” he continued.

Broxis also highlighted the roadmap they will create for the region next year, which includes webinars, training programs, and country-by-country rollout, among others.

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