Does Open Banking exist in Singapore?

EU has the Payment Services Directive (PSD2) which levels the playing field between banks and non-banks by harmonizing consumer protection and the rights and obligations for payment providers and users. It will spur more creative ideas and value-added services to consumers which banks alone may be slow or fail to implement. However, does Open Banking exist in Singapore?

1

Discussion (1)

What are your thoughts?

Learn how to style your text

Kelly Trinh

28 Oct 2019

Backoffice technical at financial services firm

View from the peanut gallery here - but my general feeling is that in EU there are fundamentals on customer protection which regulator sets up and afterwards, it generally gives a free hand to how the market develops. Here, on the other hand, the regulator is much more involved in forming a view on how the market should be and using regulations as a tool to shape the environment to that end.

Both approaches have their pros and cons - I think EU environment is much more conducive to innovation but then can lead to some bad behaviour which is only picked up on the back-end (and a problem if they have become big and systemically impactful) while SG approach would not let the bad eggs get so big in first place.

Reply

Save