Issue link: https://go.axway.com/i/1137349
Australia Federal Treasurer orders independent review into open banking; Productivity Commission conducts inquiry into financial system. India The United Payments Interface initiative aims to help banks introduce a payments process like API across the industry. South Korea An open banking platform was released in 2016 by the Federal Services Commission aimed at supporting sandbox experimentation amongst banks. Nigeria An open banking standards commission has been established by the NGO Open Technology Foundation, with several banks and fintech already building APIs. While not a formal regulatory process, it is driving industry standardization. Hong Kong A consultation paper "New Era in Smart Banking" has been released and feedback is now being collated. Japan Amendment to Banking Act will require open banking APIs for payments within next two years. New Zealand The Payments NZ industry association is working with banks on a pilot project to launch two payment APIs. The NZ Reserve Bank has announced a willingness to ensure the risks of open banking do not threaten the local financial system, while also wanting to encourage the benefits of open banking. United Kingdom Open API Standards to be adopted by banks and fintech by January 2018. Canada Review of the Federal Financial Sector Framework will examine merits of open banking. United States The July 2018 Report "A Financial System That Creates Economic Opportunities" from the U.S. Department of Treasury discusses the opportunities that APIs could offer for opening transactions, aggregated data for loans assessment and payments infrastructure. Singapore Monetary Authority releases API Playbook and encourages APIs as part of global smart financial center goal. Israel The country's central bank, The Bank of Israel, has committed to publishing an open API standard as a key driver for competition and to help banks to innovate on their business models. Europe PSD2 regulations to come into effect in January 2018. Regulatory Environments and Banks There are now 12 regions around the world that are considering introducing or have implemented new regulations to drive open banking. Europe and the UK have already introduced regulations, but many of the European requirements do not become enforceable until March 2019. 17 Open BanKIng plaTfORmS