Opening doors to open finance: evidence from the international experience

Open finance is transforming the financial system, with rapid adoption in several jurisdictions in the years since its introduction. By enabling the sharing and use of customer-permissioned data, open finance can foster innovation, competition and financial inclusion. Early evidence highlights a role for open finance in breaking through data silos, reducing information asymmetries and driving venture capital investment. Successful implementation depends on standardised data sharing protocols and interoperability that enable seamless payment system connectivity and data exchange, all underpinned by robust regulatory frameworks. This paper examines international experiences with open finance, shedding light on its impact on competition, market entry and financial access, while discussing the challenges that remain.