For subscribers
What you need to know about open banking
Sign up now: Get ST's newsletters delivered to your inbox
Open banking enables so-called fintech platforms to provide services, generally through mobile phone apps, in a competitive and safe banking ecosystem.
ST PHOTO: KUA CHEE SIONG
Do you check all of your account balances on one app? Or use a digital wallet to split the tab with friends? Welcome to the world of open banking, made possible by banks sharing data with financial technology platforms that offer payment, budgeting and other services.
It’s the plumbing behind a seamless, convenient future for consumer finance. The approach was pioneered in the United Kingdom, and now the rest of the world is catching up – fast.
