Readiness of Legacy Systems for Open Banking in Asia Pacific – A Report from Kapronasia in Collaboration with EPAM

Open banking is the use of application programming interfaces (APIs) to streamline the sharing of customer bank data with third parties. While that is the premise of all open banking, there are different “flavors” of it that can be observed across the Asia-Pacific (APAC). At a high-level, these can be roughly parceled into those that are market-led and those that are regulator-led.

Open banking and the broader open finance movement put competitive pressure on banks but also helps them to compete with new digital-first challengers. However, despite the opportunities, there are also significant challenges, especially in the form of legacy infrastructure.

In Readiness of Legacy Systems for Open Banking in Asia Pacific, we seek to understand open banking adoptions and how they are currently being served across the region. The paper also looks at the evolution of the competitive landscape, and shows what players will need to do to stay ahead.