Konsentus Open Banking map indicates growing preference for regulatory-driven approach
Ellie Duncan | News
15 Mar 2023
An increasing number of markets globally are adopting regulatory-driven Open Banking ecosystems, over a market-led approach, according to the latest version of the Konsentus ‘World of Open Banking Map’.
Konsentus revealed that when it first began tracking the global acceleration of Open Banking in Autumn 2021, there was a “more even split” between the regulatory-driven versus market-driven approaches.
The latest version of the map shows that the emphasis is “strongly focused” on markets where regulation is driving the change, Brendan Jones, chief commercial officer at Konsentus said.
Konsentus CCO Brendan Jones
The US, Switzerland, South Korea, Qatar, Singapore and South Africa are the only countries implementing market-led Open Banking, while Colombia is the only jurisdiction to have adopted a “hybrid” approach.
The Konsentus World of Open Banking Map also revealed that the number of countries with Open Banking ecosystems has risen.
In 2021, Konsentus reported around 25 jurisdictions establishing open ecosystem frameworks, outside of the European Economic Area (EEA).
By comparison, it is now monitoring progression in around 40 jurisdictions – rising to 70 countries if the individual EEA markets are included – “as they move through the various phases of setting up and implementing trusted open ecosystems”.
The map has also identified that MENA and Latin America are the more progressive areas for Open Banking implementation.
“As Konsentus delivers Open Banking trust services to central banks and infrastructures around the world, we are well placed to capture progress and provide this valuable insight back to the industry,” said Jones.
“This, combined with the rich knowledge our subsidiary Open Banking Exchange has, we have a unique knowledge base.”
He added: “It is imperative for the international Open Banking community to see how our industry is evolving, to learn from each other and to fundamentally understand that this is a truly global phenomena.”
View and download the Konsentus ‘World of Open Banking Map’ here.
