Non-profit global movement Open Banking Exchange (OBE) recently launched its Asian arm to increase financial inclusion in the region through open finance and open banking.
Open banking and open finance are based on data-sharing principles that can empower banks to offer a broader range of possibilities to their clients that are suited specifically to their needs. Meanwhile, consumers can take control and do more with their money.
OBE’s strategy of linking member companies with financial institutions as well as providing tools, platforms, and guidance will enable thousands of Asian MSMEs and startups to scale and expand their markets.
OBE recently partnered with open finance technology company Brankas to help promote and advance financial accessibility and services across these markets.
According to OBE Asia Director and Brankas CEO Todd Schweitzer, OBE Asia will bring an easier yet more comprehensive understanding of what enables the more sustainable kind of open banking across nations.
Schweitzer also singled out the Philippines as an example of a country setting up guidelines that encourage innovation in governance and the framework rollout of open finance regulations. He also acknowledged the leadership of the Open Finance Oversight Committee (OFOC), which was established by the Bangko Sentral ng Pilipinas (BSP), and the National Privacy Commission in the upcoming development of regulatory sandboxes for new technologies and solutions.
OBE has been facilitating collaboration, discussion, and learning, specifically about open banking and open finance, with its members in various continents such as Europe, the Middle East, and Latin America.
According to OBE Managing Director John Broxis, the continuing development of technology can open this same opportunity to many MSMEs in Asia. He also explained what institutions in the region need to do to move forward, as many of them still have significant differences in their respective definitions—and by implication, practices—of Open Banking.”
Following the launch, Broxis stated OBE will form their own road map for 2022, a distinct program customized for Asia and consisting of educational webinars, training programs, and country-by-country rollout.