APAC banks' data sharing outpaces global average but fragments access

Korea and India offer widest datasets whilst Indonesia restricts scope.

Asia-Pacific (APAC) banks and finance firms are ahead when it comes to live data sharing, with both regulation-led and market-driven jurisdictions exceeding global averages.

Live data sharing is measured out of 6, based on how many types of financial data are actively shared, according to the Asian Development Bank’s The APAC State of Open Banking and Open Finance Report.

In APAC, regulation-led jurisdictions average 4, compared with the global average of 2.9. 

New Zealand and the Republic of Korea lead the region with scores of 5. 

Market-driven jurisdictions in APAC also score above the global average, at 3.11 compared with 1.96, although the range of data shared still differs widely from one market to another.

Payments data is available across all the markets shown, but broader coverage is less consistent. 

The Republic of Korea and India share the widest range of data types, including payments, general insurance, savings and investment, mortgages, consumer lending and pensions. 

Australia shares payments, savings and investment, mortgages, and consumer lending, but not pensions or general insurance.

Indonesia shares payments and consumer lending, whilst New Zealand is limited to payments data.

Sixteen jurisdictions in APAC have now adopted frameworks to some extent, although the design and technical structure vary according to local policy goals, market conditions, digital readiness and regulation.

Of the 16 jurisdictions, six have taken a regulation-led approach, and eight are mainly market-driven. 

That is different from the global trend, where 54 of 95 jurisdictions use regulation-led models. 

In APAC, market-driven systems are more common, though three jurisdictions are now also developing or putting regulatory frameworks in place.

Across the region, 56% of jurisdictions have introduced Open Banking regulations, close to the global figure of 63%. 

Open Finance is less advanced worldwide, but APAC is moving faster, with 8 jurisdictions issuing regulations. 

That accounts for 57% of the global total. Many countries in the region have chosen a phased approach, starting with Open Banking before moving into Open Finance.

In regulation-led markets, the main policy aims are competition and financial inclusion. 

Compared with other regions, APAC places greater weight on financial inclusion, whilst globally competition remains the main driver in 44 of the 54 regulation-led jurisdictions.