When competitors become partners: paradoxes of ‘open banking’

Manoj Singh says the rise of open banking may sit uneasily with the complexity of platform banking


In promoting open banking, many countries have followed a regulator-driven approach in terms of designing an appropriate framework. Others have gone with a market-driven approach that emphasises learning from experience. 

Open banking gives customers the power to allow third-party access to their bank accounts, opening up new possibilities for payments apps and data dashboards. But the way the market is developing poses challenges for regulators.

The broad consensus is that there can be no single

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