Open Banking News Round-up

The Saudi Central Bank (SAMA) has released its open banking policy which outlines its goals and how it will benefit the financial sector in the country. It is one of a series of moves to promote an innovative fintech infrastructure, encourage competition and develop trust within the industry. The open banking initiative will be launched in 2022. In the meantime the ecosystem will be designed and tested. 

Australia-based Suncorp Bank is partnering with Frollo’s PRD Portal to enable their open banking products. The next milestone in Australia’s Consumer Data Right (CDR) is Phase 2 in February 2021 which involves the publication of product information. Banks such as BNK, P&N Bank and CuSA have already began releasing details on mortgage products.

Taiwan’s Financial Supervisory Commission (FSC) has approved seven banks to take part in the second open banking phase. The first phase which centred on public information was launched in September 2019. The second phase focuses on customer data and will enable third-party service providers (TPPs) to offer their aggregation services to the banks’ customers. 

OpenPayd has partnered with Token to introduce open banking products to its clients. This will allow consumers to manage all their finances and make payments from one platform in a highly secure, reliable and efficient way. This digital marketplace will be used by lenders, financial institutions and crypto companies who will then be able to offer account aggregation to their customers.