The Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School, University of Cambridge, has published ‘The APAC State of Open Banking and Open Finance’ report.
This publication builds upon the ‘Global State of Open Banking and Open Finance’ report, published in November 2024, which examined the diverse regulatory and operational landscape for Open Banking and Open Finance across 95 jurisdictions globally.
This APAC focused report offers valuable insights into the current implementation of open banking and open finance across 16 jurisdictions in the APAC region, namely Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam. The study examines implementation differences across jurisdictions within APAC, identifies regional trends, compares them to global trends and explores their underlying reasons. The primary objective is to offer policymakers, regulators and industry stakeholders a timely, evidence-based understanding of open banking and open finance in APAC, focusing on governance approaches, data sharing and key stakeholder challenges.
Tailored open banking and finance approaches: preference for market-driven or guided
The implementation of the open banking and open finance framework varies across jurisdictions in the region, influenced by each jurisdiction’s specific policy goals, capabilities, financial market conditions, digital readiness and regulatory landscape. The effects of neighbouring jurisdictions and political factors also play a crucial role. The APAC region shows a tendency towards market-driven or guided approaches to open banking, with 8 jurisdictions adopting market-driven strategies, while 6 jurisdictions prefer regulation-led approaches.
Open Banking and Open Finance frameworks can assist regulators in Asia-Pacific in achieving key policy goals, including enhancing financial inclusion and improving competition.
Broadening APAC frameworks for wider financial services access
Among 16 jurisdictions in APAC, 56% have enacted open banking regulations. Open finance, although less advanced globally, is progressing faster in APAC, with 8 jurisdictions (57% of the global total) issuing regulations. Financial inclusion remains a dominant policy objective within the region. Most jurisdictions studied prioritise expanding access to financial services as a core motivation for implementing open banking and open finance frameworks. Consequently, APAC outperforms other regions in live data sharing (the number of financial data types actively shared), with both regulation-led and market-driven jurisdictions surpassing global averages.
Enhancing infrastructure and core DPI elements—such as robust payment systems, digital identity frameworks, and data protection regulations—is essential for the successful implementation of these frameworks.
By leveraging technology and data sharing frameworks, these innovations have the potential to create more accessible, affordable, and personalised financial services for individuals and small businesses, especially those traditionally underserved by financial institutions.
The Asian Development Bank Institute supported this important research, which helped shape the case studies and enrich the insights presented in the report.
Infrastructure and digital finance education vital for framework adoption
In particular, stakeholders in emerging markets view infrastructure development, regulatory coordination, established legal frameworks and the advancement of digital and financial education as crucial for the adoption and sustainability of these frameworks. As open finance expands, co-operation among regulators, financial institutions and industry leaders will be vital in shaping sustainable financial impact ecosystems.
Download the report
The ‘APAC State of Open Banking and Open Finance Report 2025’ was produced by the Cambridge Centre for Alternative Finance (CCAF) with the support of the Asian Development Bank Institute (ADBI) and the UK Foreign, Commonwealth and Development Office (FCDO).
Download your free copy of the report
Key insights from the report were presented on 3 March, at the GFTN Forum, Japan.
The earlier ‘Global State of Open Banking and Open Finance’ report, published in November 2024.
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