Issue link: https://go.axway.com/i/1321495
42 Open Banking APIs State of the Market Report 2020 LATIN AMERICA Mexico In March 2020, the Central Bank of Mexico released a set of provisions focused on aggregated data sharing by clearinghouses and credit bureaus. These entities will need to submit their proposals for API implementation to the Central Bank for review and approval in 2021. Standard APIs for ATMs and general rules for the sharing of open data have also been set. ASIA PACIFIC Australia Under the new Consumer Data Right rules, the top 4 Australian banks must expose their customer-consent data for deposit and transaction accounts, credit and debit card data, and mortgage and personal loan data via APIs. Currently, only 2 out of 10 institutions, which were selected for the open banking testing in September 2019, have completed necessary steps to securely receive data under the Consumer Data Right. However, another 39 providers are in the process of becoming accredited data recipients. India Banks in India have been operating with APIs since the United Payments Interface (UPI) initiative in April 2016. UPI is an instant real-time payment system, which allows users to perform inter-bank money transfers and pay retail merchants directly from one's bank account through innovative mobile applications like Google Pay, PhonePe, Paytm and BHIM. These applications are operating through API for banking services (UPI API) launched by around 150 banks in the country. This year, guidelines on regulation of payment aggregators and payment gateways also came into effect. Indonesia Indonesia has published its Payment Systems Blueprint 2025, with the ultimate goal being to open up access for 83.1 million unbanked and 23.9 million small and medium sized enterprises through digitalization. Open API standards are part of the Blueprint: to support open banking in terms of payment transactions to foster digital transformation in the banking industry as well as interoperability between the banking sector and fintech. The Bank of Indonesia is currently reviewing responses to a public consultation on Open API standards. South Korea On 9 January, 2020, the revision bill to the Credit Information Use and Protection Act passed South Korea's National Assembly, and will come into effect this year. It provides a legal basis for the commercialization of MyData, through which individuals can access their integrated personal information and receive financial advising and asset management services. It places Korea's data regulations more closely on a par with global standards, such as the EU's GDPR. A SELECTION OF KEY PROGRESS MILESTONES IN OPEN BANKING REGULATIONS FOR 2020 cont.