Compare Open Banking Regulations

Side-by-side comparison of regulatory frameworks across regions

Compare EU vs UK vs US vs APAC Open Banking Regulations

Compare regulatory approaches, scope, timelines, and key features across open banking and open finance frameworks worldwide.

Quick compare:
Select regions to compare:
Dimension
European Union
United Kingdom
United States
Asia-Pacific
Key Regulations
Regulatory ApproachMandate
Regulatory mandate requiring all banks to provide APIs
Mandate
CMA Order requiring CMA9 banks, now expanding to Open Finance
Mandate
CFPB rule establishing consumer financial data rights
Mixed
Varies: mandate (AU, IN), market-led (SG, JP), hybrid (HK, KR)
Status & Timeline
Active + Evolving
2018 (PSD2), 2026 (PSD3), 2027 (FIDA)
Active + Leading
2018 (OB), 2025+ (Smart Data)
Upcoming
2025-2030 (phased by institution size)
Active (varies)
2018-2022 (most active)
Current Scope
AISPISCBPII
AISPISVRP
AISPIS (limited)
AISPISOpen Finance (varies)
Future / Open Finance
MortgagesLoansSavingsInvestments+2 more
PensionsSavingsInvestmentsInsurance+2 more
Deposit accountsCredit cardsDigital wallets
Cross-border data sharingDigital identity integration
Primary RegulatorEuropean Banking Authority (EBA)CMA / FCA / Open Banking LtdConsumer Financial Protection Bureau (CFPB)Multiple: RBI (India), MAS (Singapore), FSA (Japan), HKMA, FSC (Korea), ACCC (Australia)
Key Features
  • Strong Customer Authentication (SCA)
  • TPP licensing framework (AISP, PISP)
  • Berlin Group API standards
  • Standardized OBIE APIs
  • Variable Recurring Payments (VRP)
  • Premium APIs for enhanced data
  • FDX as dominant technical standard
  • Prohibits fees for basic data access
  • Third-party data security requirements
  • India: Consent-layer AA architecture
  • Singapore: Government data integration (SingPass)
  • Australia: Economy-wide CDR
Strengths
  • Wide geographic coverage
  • Standardized approach
  • Consumer protection focus
  • World-leading adoption (7M+ users)
  • VRP innovation
  • High API quality
  • FDX industry consensus
  • Large market scale
  • Consumer rights focus
  • Innovative approaches
  • Government integration
  • Rapid mobile adoption
Challenges
  • Variable API quality
  • Screen scraping still common
  • Complex consent flows
  • Limited to CMA9 initially
  • VRP expansion slow
  • Commercial API pricing
  • Phased rollout until 2030
  • Political uncertainty
  • Screen scraping legacy
  • Fragmented standards
  • Cross-border complexity
  • Variable adoption
Legend:
Mandate
Mixed/Hybrid
Current Scope
Future Scope
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Understanding Regional Open Banking Regulations

Open banking regulations vary significantly across regions, reflecting different regulatory philosophies, market structures, and policy objectives. While the European Union pioneered the regulatory mandate approach with PSD2, other regions have adopted variations suited to their local contexts.

Mandate vs Market-Led Approaches

Mandate models (EU, UK, Australia) require banks to provide API access, ensuring universal coverage but potentially limiting flexibility. Market-led approaches (Singapore, Japan) encourage voluntary adoption, allowing more innovation but risking uneven implementation.

From Open Banking to Open Finance

Most regions are evolving from open banking (payment accounts) to open finance (investments, insurance, pensions). Brazil leads with the world's largest open finance ecosystem, while the EU's FIDA regulation will expand scope significantly by 2027.

Explore individual regulations in detail

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