Download a copy of Is Southeast Asia Ready to Embrace Open Banking?

Open banking is poised to revolutionize financial services by:

• Offering more convenient access to digital services.
• Allowing customers to control and benefit from their own data.
• Acting as a growth driver and disruptor in the finance sector.
• Fostering collaboration between banks and third-party providers.
• Supporting social and economic objectives of governments and regulators.

Southeast Asia is emerging as a key market for open banking. While significant progress has been made, there is still much to be done to unlock its full potential.

This report evaluates open banking readiness in the Philippines, Indonesia, and Thailand from a banking perspective, focusing on:

• Assessing the realization of open banking’s vision.
• Examining the extent of adoption, including successes and challenges.
• Understanding how customer needs are being addressed.
• Evaluating government and regulatory incentives for industry adoption.
• Identifying steps for successful development and implementation.
• Predicting future directions for open banking.

Based on interviews with senior executives across these markets, our findings offer valuable insights into the current and future landscape of open banking. While awareness among customers remains limited, demand for open banking services is growing. Regulatory frameworks to support its adoption are also beginning to emerge in all three countries.