Open finance approaches by region 2024| Statista

In 2024, regions showed distinct patterns in open banking approaches. In Europe, Central Asia, and MENA, regulation-led approaches dominated, though some exceptions existed (Switzerland, for example, used a voluntary approach). Sub-Saharan Africa favored market-driven strategies, with Nigeria being the sole regulation-led exception. Latin America showed mixed implementation with no consistent trend. Asia Pacific generally leaned toward market-driven approaches, except for Australia, Indonesia, India, and South Korea. In North America, both Canada and the United States implemented regulation-led approaches.

Open banking and open finance classification of jurisdictions worldwide in 2024, by region

Region	Regulation-led	Guided implementation	Voluntary
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Release date

November 2024

More information

Region

Worldwide

Survey time period

2024

Supplementary notes

The source adds the following information: In total, 95 jurisdictions were identified in the original study, but only 82 could be effectively categorized within the established classification framework. The remaining jurisdictions may still be exploring or preparing frameworks without having yet formalized their open banking or open finance strategies.

The source classified the approaches as follows:

Regulation-led:

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.

Market-driven:

Guided implementation: Authorities issue non-mandatory standards/best practices, create incentives, and facilitate knowledge-sharing.
Voluntary: Markets develop independently with minimal government intervention or support.

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