Open finance policy objectives| Statista

Primary policy objectives driving open banking and open finance implementation worldwide in 2024

Characteristic	Number of jurisdictions
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Release date

November 2024

More information

Region

Worldwide

Survey time period

2024

Supplementary notes

Figures only refer to regulation-led jurisdictions. The source identified 95 jurisdictions in total, but only 82 could be effectively categorized within the established classification framework. Of these 82, 54 were classified as regulation-led jurisdictions.

The source classified the regulation-led approach as follows:

Mandated & standardized data sharing: Authorities require data sharing with customer consent and specify technical standards.
Mandated data sharing: Authorities require data sharing with customer consent but don't specify technical standards.
Standardized data sharing: Authorities don't mandate sharing but require specified standards if institutions participate.

Improving competition: Albania, Azerbaijan, Brazil, Canada, Chile, Colombia, EU, Georgia, Iceland, Israel, Liechtenstein, Monaco, North Macedonia, Norway, Republic of Korea, Türkiye, United Kingdom, United States.

Encouraging innovation: Bahrain, Jordan, Oman, Saudi Arabia, United Arab Emirates, Ukraine

Fostering digital/financial inclusion: India, Indonesia, Nigeria

Enhancing customer protection: Australia

Citation formats

The primary objective of open banking and open finance implementation in 2024 was to improve competition, with this goal identified in ** jurisdictions. Also, encouraging innovation and fostering digital and financial inclusion served as primary objectives across various emerging markets and developing economies.