Open Banking

The State of Open Banking in Australia in 2021

The introduction of the Consumer Data Right (CRM) on July 1, 2020 saw the launch of the first phase of open banking in Australia, marking the debut of a new era in the domestic banking sector. Now more than six

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Grab Ties up With Citi to Offer in-App Loans

Citi and Grab, South East Asia’s super app, have expanded their partnership in consumer lending with the launch of the bank’s first API-enabled lending capability in Asia Pacific. Beginning with Singapore with more markets in the region to follow, existing

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Open Banking, A Bigger Disruption Force to Incumbents Than Digital Banks: DBS

In Singapore, open banking developments may be a bigger disruption to traditional banks than digital banks, says DBS. The addressable loan market for Singapore’s upcoming digital banks is estimated to be worth between S$220 and S$243 billion, but despite the

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Open Banking, Data Protection Laws Bring in New Challenges for Digital Banks and Incumbents

Open banking, one of the hottest topics in financial services today, is bringing in new challenges and risks that both traditional financial institutions and fintech companies must address swiftly, said Frederik Mennes, director of product security at cybersecurity firm OneSpan.

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SWIFT Announces New Strategy to Enhance Its Processing Platform

SWIFT announced that over the next 2 years and beyond, it will continually enhance its payments and securities platform as part of a new strategy approved by its Board. The digital platform will use APIs and cloud technology to provide

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OCBC Bank Enables the Use of SingPass as Alternative Login to Access Digital Banking Services

OCBC Bank announced today that is has enabled 1.8 million of its digital customers in Singapore to use the SingPass as an alternative login to access the full suite of digital banking services. They claim to be the first bank

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APAC Banks Are Backing Open Banking, but What Does ‘Open’ Really Mean?

A survey launched this week by Finastra revealed that close to 100% of financial institutions in Singapore and Hong Kong think Open Banking is important, with two thirds in Singapore calling it a “must have”. Open Banking has not only

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Finastra: 98% of Singapore Banks Agree That Open Banking Is Important to Their Business

A global survey by Finastra shows financial institutions in Singapore are supportive of the Open Banking movement and fintech collaboration, with 86% either committed to or considering opening their APIs in the next 12 months. Nearly all respondents (98%) said

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Finastra Integrates its Solution With Salesforce to Enhance Relationship Management

Finastra today announced the launch of its Fusion Credit Connect solution on Salesforce AppExchange and Finastra’s FusionFabric.cloud. They said this is re-envisioning how relationship managers and borrowers connect and communicate from opportunity to origination, through to closing and booking. Corporate

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Unlocking the Value in Payments Data With Technology and Partnerships

Over the years, banks have been creating exponentially growing mountains of data – much of it with huge potential value. However, despite their ability to create it, banks have not always been good at making the best use of it.

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