[CCAF] THE GLOBAL STATE OF OPEN BANKING AND OPEN FINANCE REPORT

The Global State of Open Banking and Open Finance Report examines the diverse regulatory and operational landscape for open banking and open finance across 95 jurisdictions. This comprehensive study provides an analysis of governance practices, highlights factors driving convergence or divergence among frameworks, and draws lessons from varying implementation strategies that are shaping the future of data sharing in financial services.

• Global expansion, local differences: Open banking is now established globally, with open finance gaining traction but remaining at a relatively early stage. Frameworks differ significantly across jurisdictions based on each one’s policy priorities, financial market structures, and levels of digital readiness.
• Regulation is coming, but slowly: Two primary approaches have emerged – 54 jurisdictions follow a regulation-led model, while 28 jurisdictions are primarily market-driven. Notably, 18 jurisdictions with market-driven approaches are now planning or developing regulatory frameworks, signalling a gradual move towards increased oversight.
• Competition first, innovation second: among 44 jurisdictions, fostering competition in financial services stands as the leading goal of open banking and open finance initiatives. Innovation, digital, and financial inclusion objectives are also common but secondary aims in most jurisdictions.
• Small steps toward Open Finance: Both regulation-led and market-driven models show early but limited progress in integrating additional financial sectors, such as open insurance. Six regulation-led and three market-driven jurisdictions have extended frameworks into these new sectors, reflecting both the ambition and the challenges of fully implementing open finance.
• Adapting to future needs: Both models are expected to evolve in response to technological advances, customer expectations, and regulatory developments. The next phase is likely to see a further shift toward open finance, with certain jurisdictions exploring open data frameworks to support cross-sectoral data sharing and economic collaboration.