Issue link: https://go.axway.com/i/1321495
19 Open Banking APIs State of the Market Report 2020 OPEN BANKING PLATFORM GROWTH: ASIA PACIFIC, Q2 2019 - Q3 2020 Q2.19 Q4.19 Q1.20 Q2.20 Q3.20 77 61 38 29 31 OPEN BANKING PRODUCTS GROWTH: ASIA PACIFIC, Q2 2019 - Q3 2020 Q2.19 Q4.19 Q1.20 Q2.20 Q3.20 1350 230 824 243 599 OPEN BANKING API PRODUCT BY CATEGORY IN ASIA PACIFIC, Q3 2020 (N=1350) Asia Pacific Open Banking Trends 2019 - 2020 The Asia Pacific often represents a more dynamic approach to open APIs than other regions. There are some regulations in place, especially in Australia and New Zealand, where banks are mandated to open APIs. In other regions, banking regulations are often optional rather than mandatory. In some countries, including Indonesia and India, open banking regulations are expected to push new opportunities for financial inclusion of citizens that have previously been underserved by the banking sector. Growth in the availability of open banking products in the region often reflects a specific bank's internal culture. Many recognize the value of pursuing a platform-based business model in which banking functionalities are exposed digitally in a way that third parties can integrate into their products, services and business workflows. SUMMARY Number of products Credit cards Bank product/ATM/Locations Data products Loyalty/rewards FX Trading Utilities Other Accounts Payments Identity (KYC and authentication) Credit scoring/loan pre-approvals 17 56 23 65 280 23 15 40 175 168 93 373 Number of products Number of platforms