Open Finance Tracker

The United Kingdom is a global pioneer in open banking, with a regulator-mandated ecosystem covering the nine largest banks and over 200 regulated third-party providers serving more than 7 million users.

CMA Retail Banking Market Investigation Order 2017 / PSD2

Australia operates the Consumer Data Right (CDR), a cross-sector open data framework that began with banking and has expanded to energy, with telecommunications and non-bank lending on the roadmap.

Treasury Laws Amendment (Consumer Data Right) Act 2019

Brazil operates one of the largest open finance ecosystems globally with over 800 participating institutions and 30 million consents, covering banking, payments via Pix, insurance, and investments.

Resolução Conjunta BCB/CMN Nº 1/2020

India operates the Account Aggregator framework, a consent-based data-sharing ecosystem spanning banking, securities, insurance, and tax data with over 60 million linked accounts.

RBI Master Direction on Account Aggregator Framework (2016, updated 2021)

Nigeria has established a regulatory framework for open banking through the Central Bank of Nigeria, with a tiered data-sharing model covering product information, customer data, and payments.

CBN Regulatory Framework for Open Banking in Nigeria (2021)

Singapore takes a hybrid approach to open banking through the MAS API Playbook, SGFinDex public infrastructure, and strong market-driven API adoption across major banks.

MAS API Playbook / Financial Industry API Register

Hong Kong has implemented a four-phase Open API Framework under the HKMA, with over 1,500 APIs deployed across the banking sector and a Commercial Data Interchange for SME lending.

HKMA Open API Framework for the Hong Kong Banking Sector

Japan amended its Banking Act in 2017 to mandate banks publish open API policies, with over 130 banks now implementing APIs and a registered Electronic Payment Service Provider framework.

Amended Banking Act (2017) - Electronic Payment Service Providers Registration

South Korea operates both an Open Banking platform through KFTC and a MyData framework enabling cross-sector financial data portability, with over 50 million registered users.

MyData Act (Credit Information Use and Protection Act Amendment, 2020)

New Zealand launched regulated open banking on 1 December 2025 under the Customer and Product Data Act, with ASB, ANZ, BNZ, and Westpac designated as data holders sharing account information and enabling payment initiation.

Customer and Product Data Act 2025

Bahrain was a regional pioneer in open banking, with the Central Bank of Bahrain establishing a formal framework and API standards as part of its fintech development strategy.

CBB Open Banking Framework and Rulebook Module

Saudi Arabia launched its SAMA-led open banking framework in 2022-2023 as part of Vision 2030 financial sector modernization, with account information and payment initiation now live.

SAMA Open Banking Policy and Framework

The UAE launched its open finance framework through the Al Etihad Credit Bureau in 2023, with an ambitious scope covering banking, credit data, and insurance.

AECB Open Finance Regulations

Jordan has launched an open banking framework through the Central Bank of Jordan, establishing API standards and licensing requirements for data sharing and payment initiation.

CBJ Open Banking Framework

Indonesia has launched the SNAP national open API standard for payments through Bank Indonesia, with growing adoption across banks and payment service providers.

Bank Indonesia SNAP (Standard Nasional Open API Pembayaran)

Germany implements open banking through PSD2, transposed via the ZAG, with BaFin oversight and adoption of Berlin Group NextGenPSD2 API standards across its banking sector.

PSD2 / Zahlungsdiensteaufsichtsgesetz (ZAG)

France implements open banking through PSD2 with ACPR oversight, using STET and Berlin Group API standards across its major banking groups.

PSD2 / Ordonnance n° 2017-1252

The Netherlands implements open banking through PSD2 with oversight from DNB and AFM, leveraging Berlin Group standards across its highly digitized banking sector.

PSD2 / Wet implementatie herziene richtlijn betaaldiensten

Spain implements open banking through PSD2 transposed via Real Decreto-ley 19/2018, with Banco de España oversight and Redsys API hub facilitating connectivity.

PSD2 / Real Decreto-ley 19/2018

Italy implements open banking through PSD2 with Banca d'Italia oversight, using the CBI Globe platform as a centralized API gateway for the Italian banking sector.

PSD2 / Decreto legislativo 15 dicembre 2017, n. 218

Ireland implements open banking through PSD2 with Central Bank of Ireland oversight, benefiting from its position as the European headquarters for major tech and fintech companies.

PSD2 / European Union (Payment Services) Regulations 2018

Sweden implements open banking through PSD2 with Finansinspektionen oversight, building on one of Europe's most digitally advanced and cash-averse economies.

PSD2 / Lag om betaltjänster (2010:751, amended)

Denmark implements open banking through PSD2 with Finanstilsynet oversight, leveraging one of the world's highest internet penetration rates and strong digital banking adoption.

PSD2 / Lov om betalinger

Finland implements open banking through PSD2 with FIN-FSA oversight, complementing its advanced digital society and Nordic fintech ecosystem.

PSD2 / Laki maksupalvelulain muuttamisesta

Norway implements open banking through PSD2 as an EEA member, with Finanstilsynet oversight and strong digital banking infrastructure including BankID authentication.

PSD2 (EEA adoption) / Finansavtaleloven

Belgium implements open banking through PSD2 with oversight from the National Bank of Belgium, using Berlin Group NextGenPSD2 standards.

PSD2 / Loi du 11 mars 2018

Austria implements open banking through PSD2 transposed via ZaDiG 2018, with FMA oversight and Berlin Group NextGenPSD2 API standards.

PSD2 / Zahlungsdienstegesetz 2018 (ZaDiG 2018)

Portugal implements open banking through PSD2 with Banco de Portugal oversight, complemented by SIBS payment infrastructure and a growing Lisbon fintech scene.

PSD2 / Decreto-Lei n.º 91/2018

Luxembourg implements open banking through PSD2 with CSSF oversight, supporting its role as a major European fund management and private banking center.

PSD2 / Loi du 20 juillet 2018

Poland implements open banking through PSD2 with KNF oversight, using the domestic PolishAPI standard alongside Berlin Group NextGenPSD2.

PSD2 / Ustawa o usługach płatniczych (amended)

The Czech Republic implements open banking through PSD2 with Czech National Bank oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Zákon o platebním styku (Act No. 370/2017)

Slovakia implements open banking through PSD2 with Národná banka Slovenska oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Zákon o platobných službách (Act No. 492/2009, amended)

Hungary implements open banking through PSD2 with Magyar Nemzeti Bank oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Act LXXXV of 2009 on Payment Services (amended)

Romania implements open banking through PSD2 with Banca Națională a României oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Ordonanța de urgență nr. 113/2009 (amended)

Bulgaria implements open banking through PSD2 with Bulgarian National Bank oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Закон за платежните услуги и платежните системи

Croatia implements open banking through PSD2 with Hrvatska narodna banka oversight, further enhanced by its 2023 eurozone accession.

PSD2 / Zakon o platnom prometu

Slovenia implements open banking through PSD2 with Banka Slovenije oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Zakon o plačilnih storitvah, storitvah izdajanja elektronskega denarja in plačilnih sistemih

Estonia implements open banking through PSD2 with Finantsinspektsioon oversight, leveraging its world-leading digital identity and e-governance infrastructure.

PSD2 / Makseasutuste ja e-raha asutuste seadus

Latvia implements open banking through PSD2 with FKTK oversight and Berlin Group NextGenPSD2 standards across its banking sector.

PSD2 / Maksājumu pakalpojumu un elektroniskās naudas likums

Lithuania implements open banking through PSD2 with Bank of Lithuania oversight, having attracted hundreds of fintech licenses as a major EU licensing hub.

PSD2 / Mokėjimų įstatymas

Greece implements open banking through PSD2 with Bank of Greece oversight, with growing digital banking adoption accelerated by post-crisis banking reform.

PSD2 / Law 4537/2018

Cyprus implements open banking through PSD2 with Central Bank of Cyprus oversight and Berlin Group NextGenPSD2 standards.

PSD2 / The Provision and Use of Payment Services and Access to Payment Systems Law of 2018

Malta implements open banking through PSD2 with MFSA oversight, complementing its position as an EU fintech and digital finance licensing hub.

PSD2 / Financial Institutions Act (amended)

Iceland implements open banking through PSD2 as an EEA member, with Fjármálaeftirlitið oversight and nearly universal internet penetration.

PSD2 (EEA adoption)

Liechtenstein implements open banking through PSD2 as an EEA member, with FMA Liechtenstein oversight supporting its private banking and wealth management sector.

PSD2 (EEA adoption)

The United States is implementing open banking through the CFPB's Section 1033 Personal Financial Data Rights Rule, with the FDX standard emerging as the dominant API framework.

Dodd-Frank Act Section 1033 / CFPB Personal Financial Data Rights Rule

Canada is developing a consumer-driven banking framework with FCAC as the lead authority, building on Advisory Committee recommendations and FDX industry standards.

Consumer-Driven Banking Framework / Budget Implementation Act 2024

Mexico is implementing open finance through the Ley Fintech, with CNBV overseeing a phased approach covering aggregated, transactional, and open data across financial institutions.

Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech, 2018)

Colombia is implementing Finanzas Abiertas (Open Finance) through Decreto 1297, with the SFC developing technical standards and a phased rollout covering banking, insurance, and pensions.

Decreto 1297 de 2022 (Finanzas Abiertas)

Chile is implementing open finance through the Ley Fintech N° 21.521, with the CMF developing technical standards for data portability across banking, insurance, and securities.

Ley Fintech N° 21.521 (2023)

Argentina is developing open banking through a market-driven approach, with BCRA's Transferencias 3.0 interoperable payment system and evolving API regulations.

BCRA Communication A series / Transferencias 3.0

Kenya is developing an open banking framework through the Central Bank of Kenya, building on its world-leading mobile money ecosystem centered around M-Pesa.

CBK Open Banking Framework (under development)

South Africa is developing open finance through the SARB and IFWG, with POPIA providing the data protection foundation and a phased implementation roadmap.

POPIA (Protection of Personal Information Act) / Open Finance Roadmap

Ghana is developing an open banking framework through the Bank of Ghana, building on its active mobile money ecosystem and growing fintech sector.

Bank of Ghana Open Banking Framework

Egypt is developing open banking regulations through the Central Bank of Egypt as part of its national financial inclusion and digital transformation strategy.

CBE Open Banking Regulations (under development)

Thailand is developing open banking under the Bank of Thailand, building on the successful PromptPay instant payment infrastructure.

BOT Open Banking Framework / PromptPay Infrastructure

Malaysia is implementing open banking through BNM's policy framework and Paynet's Open API initiative, with growing bank and fintech participation.

BNM Open Banking Policy Document

The Philippines is implementing open finance through the BSP's framework, covering banking, e-money, insurance, and securities data.

BSP Open Finance Framework / Circular No. 1122

Turkey is implementing open banking through CBRT and BRSA regulations, with banks developing APIs for account information and payment initiation services.

CBRT Open Banking Regulation / BRSA Guidelines

Pakistan is developing open banking through the State Bank of Pakistan, aiming to leverage API standardization for financial inclusion.

SBP Open Banking Framework

Vietnam is developing open banking regulations through the State Bank of Vietnam, building on rapid digitalization and growing fintech adoption.

SBV Open Banking Framework (under development)

Taiwan is implementing open banking through a three-phase FSC initiative, with FISC providing centralized API infrastructure for data sharing.

FSC Open Banking Policy

Switzerland takes a market-driven approach to open banking through the SFTI Common API standard, with voluntary bank participation and FINMA monitoring.

No specific open banking legislation; market-driven approach

Russia has developed open banking standards through the Central Bank of Russia, with domestic implementation continuing amid international constraints.

CBR Open Banking Standards / Federal Law on Open Banking (proposed)

Peru is in the early planning stages for an open banking framework under the SBS, evaluating regulatory approaches used in neighboring Latin American countries.

Ecuador is exploring open banking regulation through its banking superintendency, with early-stage planning influenced by regional developments in Latin America.

Uruguay is planning an open banking framework through the Banco Central del Uruguay, leveraging its strong digital infrastructure and progressive regulatory approach.

Costa Rica is in the planning stages for open banking, with the BCCR and SUGEF evaluating regulatory approaches to complement the SINPE payment system.

Morocco is planning open banking development under Bank Al-Maghrib, aiming to modernize its financial sector and expand financial inclusion across North Africa.

Tunisia is exploring open banking regulation through the Banque Centrale de Tunisie as part of its broader financial digitalization and inclusion strategy.

Rwanda is planning open banking development under the National Bank of Rwanda, aligned with the country's ambitious digital transformation and smart Africa agenda.

Tanzania is exploring open banking through the Bank of Tanzania, building on its established mobile money ecosystem and interoperability achievements.

Bangladesh is exploring open banking through Bangladesh Bank, aiming to leverage mobile financial services and digital transformation for financial inclusion.

Sri Lanka is exploring open banking through the Central Bank of Sri Lanka as part of broader financial sector modernization and digital transformation efforts.

Cambodia is exploring open banking through the National Bank of Cambodia, building on its innovative Bakong digital payment and currency infrastructure.