Summary
Singapore is adopting an organic approach to open banking, facilitated by the Monetary Authority of Singapore (MAS). Although open banking is not mandatory, Singaporean banks are embracing it, actively adopting APIs to build partnerships and participate in ecosystems. We expect to see customers demand more access to and control over their data in an open future. Digital business professionals should read this report to understand what banks and other industry players should do to respond to open banking.
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