Redefining Financial Ecosystems in Asia and the Pacific: A New Era of Open Banking, Open Finance, and...

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Asian Development Bank

Redefining Financial Ecosystems in Asia and the Pacific

A New Era of Open Banking, Open Finance, and Inclusive Growth

Asian Development Bank

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English

Asian Development Bank
17 December 2024

Finance; Service industries; Database software

Summary
Details

This publication examines the rapid evolution of innovative open finance frameworks and considers their potential to transform Asia and the Pacific's financial landscape to make it more inclusive, efficient, and equitable.

Building on open banking's secure consumer data exchange, the publication explains how open finance includes services from mortgages to pensions. By using nontraditional credit scoring, it better accommodates underserved businesses and communities who are frequently excluded from the financial mainstream. It underscores the need to develop common standards, strong regulatory frameworks, and robust security practices plus ramp up digital literacy and financial education to ensure open finance realizes its potential.

By: Asian Development Bank
Imprint: Asian Development Bank
Dimensions: Height: 279mm, Width: 216mm, Spine: 4mm
Weight: 209g
ISBN: 9789292770594
ISBN 10: 9292770594
Pages: 60
Publication Date: 17 December 2024
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active