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.
Scope of the Study
Market Segments Covered in the Report:
By Deployment
By Distribution Channel
- App Markets
- Bank Channels
- Distributors
- Aggregators
By Services
- Banking & Capital Markets
- Payments
- Digital Currencies
- Value Added Services
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- 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
- MineralTree, Inc.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Asia Pacific Open Banking Market, by Deployment
1.4.2 Asia Pacific Open Banking Market, by Distribution Channel
1.4.3 Asia Pacific Open Banking Market, by Services
1.4.4 Asia Pacific Open Banking Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2019, Apr – 2022, Jul) Leading Players
Chapter 4. Asia Pacific Open Banking Market by Deployment
4.1 Asia Pacific On-premise Market by Country
4.2 Asia Pacific Cloud Market by Country
Chapter 5. Asia Pacific Open Banking Market by Distribution Channel
5.1 Asia Pacific App Markets Market by Country
5.2 Asia Pacific Bank Channels Market by Country
5.3 Asia Pacific Distributors Market by Country
5.4 Asia Pacific Aggregators Market by Country
Chapter 6. Asia Pacific Open Banking Market by Services
6.1 Asia Pacific Banking & Capital Markets Market by Country
6.2 Asia Pacific Payments Market by Country
6.3 Asia Pacific Digital Currencies Market by Country
6.4 Asia Pacific Value Added Services Market by Country
Chapter 7. Asia Pacific Open Banking Market by Country
7.1 China Open Banking Market
7.1.1 China Open Banking Market by Deployment
7.1.2 China Open Banking Market by Distribution Channel
7.1.3 China Open Banking Market by Services
7.2 Japan Open Banking Market
7.2.1 Japan Open Banking Market by Deployment
7.2.2 Japan Open Banking Market by Distribution Channel
7.2.3 Japan Open Banking Market by Services
7.3 India Open Banking Market
7.3.1 India Open Banking Market by Deployment
7.3.2 India Open Banking Market by Distribution Channel
7.3.3 India Open Banking Market by Services
7.4 South Korea Open Banking Market
7.4.1 South Korea Open Banking Market by Deployment
7.4.2 South Korea Open Banking Market by Distribution Channel
7.4.3 South Korea Open Banking Market by Services
7.5 Singapore Open Banking Market
7.5.1 Singapore Open Banking Market by Deployment
7.5.2 Singapore Open Banking Market by Distribution Channel
7.5.3 Singapore Open Banking Market by Services
7.6 Malaysia Open Banking Market
7.6.1 Malaysia Open Banking Market by Deployment
7.6.2 Malaysia Open Banking Market by Distribution Channel
7.6.3 Malaysia Open Banking Market by Services
7.7 Rest of Asia Pacific Open Banking Market
7.7.1 Rest of Asia Pacific Open Banking Market by Deployment
7.7.2 Rest of Asia Pacific Open Banking Market by Distribution Channel
7.7.3 Rest of Asia Pacific Open Banking Market by Services
Chapter 8. Company Profiles
8.1 Banco Bilbao Vizcaya Argentaria SA
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional Analysis
8.1.4 Recent strategies and developments:
8.1.4.1 Partnerships, Collaborations, and Agreements:
8.1.4.2 Product Launches and Product Expansions:
8.1.4.3 Acquisition and Mergers:
8.2 Finastra Group Holdings Limited (Vista Equity Partners)
8.2.1 Company Overview
8.2.2 Recent strategies and developments:
8.2.2.1 Partnerships, Collaborations, and Agreements:
8.2.2.2 Acquisition and Mergers:
8.2.2.3 Geographical Expansions:
8.3 NCR Corporation
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expenses
8.3.5 Recent strategies and developments:
8.3.5.1 Acquisition and Mergers:
8.4 Crédit Agricole Group
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Recent strategies and developments:
8.4.3.1 Product Launches and Product Expansions:
8.4.3.2 Geographical Expansions:
8.5 DemystData, Ltd.
8.5.1 Company Overview
8.6 Finleap connect GmbH
8.6.1 Company Overview
8.6.2 Recent strategies and developments:
8.6.2.1 Partnerships, Collaborations, and Agreements:
8.6.2.2 Acquisition and Mergers:
8.7 FormFree Holdings Corporation
8.7.1 Company Overview
8.8 Jack Henry & Associates, Inc.
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental Analysis
8.8.4 Research & Development Expenses
8.8.5 Recent strategies and developments:
8.8.5.1 Partnerships, Collaborations, and Agreements:
8.9 Mambu B.V.
8.9.1 Company Overview
8.9.2 Recent strategies and developments:
8.9.2.1 Partnerships, Collaborations, and Agreements:
8.10. MineralTree, Inc.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Recent strategies and developments:
8.10.4.1 Partnerships, Collaborations, and Agreements:
TABLE 1 Asia Pacific Open Banking Market, 2018 - 2021, USD Million
TABLE 2 Asia Pacific Open Banking Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements – Open Banking Market
TABLE 4 Product Launches And Product Expansions – Open Banking Market
TABLE 5 Acquisition and Mergers – Open Banking Market
TABLE 6 Geographical Expansions – Open Banking Market
TABLE 7 Asia Pacific Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 8 Asia Pacific Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 9 Asia Pacific On-premise Market by Country, 2018 - 2021, USD Million
TABLE 10 Asia Pacific On-premise Market by Country, 2022 - 2028, USD Million
TABLE 11 Asia Pacific Cloud Market by Country, 2018 - 2021, USD Million
TABLE 12 Asia Pacific Cloud Market by Country, 2022 - 2028, USD Million
TABLE 13 Asia Pacific Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 14 Asia Pacific Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 15 Asia Pacific App Markets Market by Country, 2018 - 2021, USD Million
TABLE 16 Asia Pacific App Markets Market by Country, 2022 - 2028, USD Million
TABLE 17 Asia Pacific Bank Channels Market by Country, 2018 - 2021, USD Million
TABLE 18 Asia Pacific Bank Channels Market by Country, 2022 - 2028, USD Million
TABLE 19 Asia Pacific Distributors Market by Country, 2018 - 2021, USD Million
TABLE 20 Asia Pacific Distributors Market by Country, 2022 - 2028, USD Million
TABLE 21 Asia Pacific Aggregators Market by Country, 2018 - 2021, USD Million
TABLE 22 Asia Pacific Aggregators Market by Country, 2022 - 2028, USD Million
TABLE 23 Asia Pacific Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 24 Asia Pacific Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 25 Asia Pacific Banking & Capital Markets Market by Country, 2018 - 2021, USD Million
TABLE 26 Asia Pacific Banking & Capital Markets Market by Country, 2022 - 2028, USD Million
TABLE 27 Asia Pacific Payments Market by Country, 2018 - 2021, USD Million
TABLE 28 Asia Pacific Payments Market by Country, 2022 - 2028, USD Million
TABLE 29 Asia Pacific Digital Currencies Market by Country, 2018 - 2021, USD Million
TABLE 30 Asia Pacific Digital Currencies Market by Country, 2022 - 2028, USD Million
TABLE 31 Asia Pacific Value Added Services Market by Country, 2018 - 2021, USD Million
TABLE 32 Asia Pacific Value Added Services Market by Country, 2022 - 2028, USD Million
TABLE 33 Asia Pacific Open Banking Market by Country, 2018 - 2021, USD Million
TABLE 34 Asia Pacific Open Banking Market by Country, 2022 - 2028, USD Million
TABLE 35 China Open Banking Market, 2018 - 2021, USD Million
TABLE 36 China Open Banking Market, 2022 - 2028, USD Million
TABLE 37 China Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 38 China Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 39 China Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 40 China Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 41 China Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 42 China Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 43 Japan Open Banking Market, 2018 - 2021, USD Million
TABLE 44 Japan Open Banking Market, 2022 - 2028, USD Million
TABLE 45 Japan Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 46 Japan Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 47 Japan Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 48 Japan Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 49 Japan Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 50 Japan Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 51 India Open Banking Market, 2018 - 2021, USD Million
TABLE 52 India Open Banking Market, 2022 - 2028, USD Million
TABLE 53 India Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 54 India Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 55 India Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 56 India Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 57 India Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 58 India Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 59 South Korea Open Banking Market, 2018 - 2021, USD Million
TABLE 60 South Korea Open Banking Market, 2022 - 2028, USD Million
TABLE 61 South Korea Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 62 South Korea Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 63 South Korea Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 64 South Korea Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 65 South Korea Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 66 South Korea Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 67 Singapore Open Banking Market, 2018 - 2021, USD Million
TABLE 68 Singapore Open Banking Market, 2022 - 2028, USD Million
TABLE 69 Singapore Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 70 Singapore Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 71 Singapore Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 72 Singapore Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 73 Singapore Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 74 Singapore Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 75 Malaysia Open Banking Market, 2018 - 2021, USD Million
TABLE 76 Malaysia Open Banking Market, 2022 - 2028, USD Million
TABLE 77 Malaysia Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 78 Malaysia Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 79 Malaysia Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 80 Malaysia Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 81 Malaysia Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 82 Malaysia Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 83 Rest of Asia Pacific Open Banking Market, 2018 - 2021, USD Million
TABLE 84 Rest of Asia Pacific Open Banking Market, 2022 - 2028, USD Million
TABLE 85 Rest of Asia Pacific Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 86 Rest of Asia Pacific Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 87 Rest of Asia Pacific Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 88 Rest of Asia Pacific Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 89 Rest of Asia Pacific Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 90 Rest of Asia Pacific Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 91 Key Information – Banco Bilbao Vizcaya Argentaria SA
TABLE 92 Key Information – Finastra Group Holdings Limited
TABLE 93 Key Information – NCR Corporation
TABLE 94 Key Information – Crédit Agricole Group
TABLE 95 Key Information – DemystData, Ltd.
TABLE 96 Key Information – finleap connect GmbH
TABLE 97 Key Information – FormFree Holdings Corporation
TABLE 98 Key Information – Jack Henry & Associates, Inc.
TABLE 99 Key Information – Mambu B.V.
TABLE 100 Key Information – MineralTree, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 4 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2019, Apr – 2022, Jul) Leading Players
FIG 5 Recent strategies and developments: Banco Bilbao Vizcaya Argentaria SA
FIG 6 Recent strategies and developments: Finastra Group Holdings Limited
FIG 7 Recent strategies and developments: Finleap connect GmbH