Banks in Southeast Asia can uncover open finance with practical steps identified in this white paper
SINGAPORE, July 28, 2021 /PRNewswire/ -- Brankas, Southeast Asia's Leading Open Finance technology company recently participated in a joint publication with Integra Partners, a venture capital firm based in Singapore to publish a white paper titled Embracing Open Finance in Southeast Asia. As financial institutions in Southeast Asia are discovering new digital-first commercial models and opportunities, boundaries of finance and core model of banks are challenged. This paper identifies the commercial opportunities and explores how banks and financial service providers can overcome these challenges.
COVID-19 pandemic has accelerated the importance of digitalisation as banks look to serve their customers in new ways during lockdowns and quarantines while customers are increasingly looking to access financial products and services on their own terms and on their own devices. With open banking technology, open finance; permissioned data-sharing are enabled to service a wide range of financial products and services. Key concepts and definitions of open finance are discussed in this paper, expanding to how banks can benefit from open finance.
Case studies referencing banks, financial service and eKYC providers in Southeast Asia such as CIMB Bank, Komo by East West Bank, Unionbank, TMRW by UOB, GCash, Meniga, Cebuana Lhuillier, Tokopedia and Singpass are studied as examples of open finance.
Identify the commercial opportunities for banks in open finance, download the white paper today.
[1] E-Conomy SEA 2020, Bain & Company, Google and Temasek (2020) |
About Brankas
Brankas is the leading Open Finance technology provider in Southeast Asia. They provide API-based solutions data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas' secure Open Banking technology, online businesses, fintech companies and digital banks can leverage Brankas APIs to craft new digital experiences for their users.
Integra Partners
Integra Partners is a venture capital firm based in Singapore. Integra invests in and partners with technology entrepreneurs that drive access and affordability to responsible financial services and digital healthcare in South and Southeast Asia. With financial services, insurance and healthcare being structurally inter-dependent sectors, Integra takes a multidisciplinary approach in investing across these sectors, building a mutually beneficial ecosystem across start-ups, strategic corporates, co-investors and regulators. Integra is a strong believer that open finance is a core enabler of inclusive economic growth, increasing access and affordability, and eliminating unnecessary friction for all digital commerce. Integra has been an investor in Brankas since 2019.
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