Open Banking in Asia Pacific

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)

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)

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)

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

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

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.