The Asia Pacific Open Banking Market would witness market growth of 25.6% CAGR during the forecast period (2022-2028).
An open banking application platform invites users to interact creatively with their financial data. Additionally, banks are strengthening services that give a positive customer experience and consumer engagement as they become more aware of the potential of open banking. Open banking hence necessitates novel methods to increase user engagement. The open banking market is then expected to flourish as a result of this. In terms of technology, open banking depends on APIs (application programming interfaces). A systematic method for one program to provide services to some other program is called an API. Or, to put it even more clearly, it's merely a means of assisting software communicate with other software.
APIs are essentially a bank's instructions on how to allow a third party to access that data. It is up to the banks to develop and execute these APIs once they have been approved by everyone participating in the open banking movement (such as the regulators, government, and banks). Once they have, enterprises may start leveraging them to create fresh, cutting-edge products. Utilizing these cutting-edge items will ultimately help the clients of these organizations, who may be consumers, small- and large-scale corporations.
The Asia-Pacific region is making efforts to adopt open APIs, and numerous nations are getting ready to do so. This region could quickly adopt open banking due to a large number of people under the age of 30, adoption of new technology, and propensity to look to fintech businesses for services. The forerunners are South Korea, which was the first nation to launch a common API infrastructure across financial institutions, Hong Kong's Monetary Authority, which is mandating Tier 1 banks to open their APIs, and Singapore, whose Monetary Authority is investigating an ASEAN-wide industry sandbox. Malaysia, South Korea, China, Thailand, Cambodia, and Indonesia are also engaged in similar initiatives. All of these initiatives and efforts would significantly propel the growth of the regional open banking market in the Asia-Pacific region.
The China market dominated the Asia Pacific Open Banking Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6,329.7 million by 2028. The Japan market is exhibiting a CAGR of 24.8% during (2022 - 2028). Additionally, The India market would generate a CAGR of 26.3% during (2022 - 2028).
Based on Deployment, the market is segmented into On-premise and Cloud. Based on Distribution Channel, the market is segmented into App Markets, Bank Channels, Distributors, and Aggregators. Based on Services, the market is segmented into Banking & Capital Markets, Payments, Digital Currencies, and Value-added Services. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Open Banking Market is Projected to reach USD 75.7 Billion by 2028, at a CAGR of 24.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Banco Bilbao Vizcaya Argentaria SA, Finastra Group Holdings Limited, NCR Corporation, Crédit Agricole CIB, Demyst Data, Ltd., Finleap connect GmbH, FormFree Holdings Corporation, Jack Henry & Associates, Inc., Mambu B.V, and MineralTree, Inc.
By Deployment
By Distribution Channel
By Services
By Country
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 