Globally, the traditional financial landscape as we know it will
be radically changed with the advent of Open Banking and Open
Finance.
In our previous article, we discussed the concept of Open Banking. In a nutshell, Open Banking is
concerned with current accounts/transaction data and the sharing
thereof with third parties to enable them to develop applications
or services around such data, including payment mechanisms.
Open Finance is a framework based on consent-driven data sharing
that can empower banks to offer a broader range of possibilities to
their clients specifically suited to their needs. Open Finance
involves home loan providers, consumer credit providers, investment
and pension funds, as well as general insurers and intermediaries.
Open Finance enables banks to collaborate with various providers to
deliver a wider variety of offerings to consumers including private
mortgages, savings systems, pension funds, credit, insurance and
the like at
