Nearly a year ago I had written a blog post about the development of open banking around the world. The blog post was focused on the development in Asia and Oceania, mostly driven by the development in Australia.
This week I have read the Open Banking report by PwC (The future of banking is open How to seize the Open Banking opportunity) highlighting the development around Open Banking. Of course with a strong focus on the development in Europe and mostly UK, however, the report also covered briefly the development in other countries.
According to PwC, the trend of Open Banking can be separated into the following three different groups:
Group 1: UK
Group 2: EU, Australia and Mexico
Group 3: USA, Japan, Singapore, Hong Kong, New Zealand, India and Canada
Check out the report for details in Open Banking development in each country. Most of the countries are no surprise and some of them I have covered in my blog as well already. However, Mexico came as a little surprise to me, especially since it’s grouped with EU and Australia. But reading a little more about the development in Mexico it becomes clear that they are the same patch as many countries around the world: A FinTech law has became effective in March 2018, and thus, providing more regulatory framework for new players. Also the UK approach has been closely monitored by the Mexican authorities and concepts around customer consent model and regulatory sandbox will be implemented.
As usual, Open Banking development is progressing slow but it’s great to see that the trend is happening all around the globe. We will see which country provides the best home for Open Banking players in the future.