3/5 Benchmarking the Champions SERIE S

Twimbit Key Takeaways

Enthusiast United Champion UK is the global leader Singapore is a close follower UK’s approach focuses Kingdom in open banking with to UK. It encourages on enabling cheaper and the most prescriptive a market-driven approach better services to serve regulatory framework that through guidelines and the large domestic market. encourages competition recommendations. Its success Singapore positions itself between neobanks, is fueled by the progressive as a testbed and gateway established , and approach of the top 3 banks to regional markets other FinTech institutions who are global leaders in digital transformation and Crawler Intermediary a vibrant fintech ecosystem

UNITED KINGDOM vs SINGAPORE

1,600 startups, expected to double by FINTECH 1,148 startups many of whom are already 2030 ECOSYSTEM offering an Open Banking-based API Platform Funding status 2019: US$6.3bn1 Funding status 2019: US$861mn2

Regulators require banks to share REGULATORY Regulator issues guidance and recommended customer-permissioned data, third parties that APPROACH standards. Banks and third parties are not want to access such data are required to register required to adopt but may do so if they with particular regulatory or supervisory choose authorities

Competition and Markets Authority (CMA) REGULATORY Monetary Authority of Singapore (MAS), and established The Open Banking Implementation FRAMEWORK the Association of Banks (ABS) published the Entity (OBIE) in Sep 2016 to deliver guidelines comprehensive Finance-as-a-Service: API and recommendations that will enable developers Playbook roadmap in Nov 2016 to harness technology

API Sandboxes INITIATIVES OF API Sandboxes Lloyds Developer Portal by Lloyds , Bank of LEADING BANKS DBS Developers by DBS Bank, APIs by , API Connect2OCBC by OCBC Bank, UOB APIs Exchange by Barclays, HSBC Developer Portal by HSBC Top banks such as DBS Bank, UOB and OCBC Bank have not only embraced the In 2018, HSBC UK became the first major UK bank Open Banking initiative, but also actively to release an aggregator app at the end of developed API Platforms offering over 200 September, allowing the selected users of the open APIs HSBC Beta app to see all of their accounts on one screen, even if they are with one of 21 rival banks UOB Singapore’s The Travel Insider is the first online travel marketplace designed by a Barclays becomes the first bank in 2018 to allow bank that assists customers in searching, customers to use its mobile app to make payments planning, and booking their holidays with from accounts they hold with other banks greater ease

1Innovate Finance 2Singapore Business Review

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