Sanya Juneja (Principal Researcher, CCAF), Bill Roberts (CCAF), Dana K. Salman (CCAF), Pavle Avramovic (CCAF), Alan Ainsworth (CCAF), and Bryan Zhang (CCAF).
The Global State of Open Banking and Open Finance Report examines the diverse regulatory and operational landscape for open banking and open finance across 95 jurisdictions. This comprehensive study provides an analysis of governance practices, highlights factors driving convergence or divergence among frameworks, and draws lessons from varying implementation strategies that are shaping the future of data sharing in financial services.
Conducted by the Cambridge Centre for Alternative Finance (CCAF) with the support of the UK Foreign, Commonwealth & Development Office, this precedential offers critical insights for regulators, policymakers, and financial institutions worldwide, with particular attention to emerging markets and developing economies (EMDEs).
Highlights
The main findings of the report include:
1
Global expansion, local differences
Open banking is now established globally, with open finance gaining traction but remaining at a relatively early stage. Frameworks differ significantly across jurisdictions based on each one’s policy priorities, financial market structures, and levels of digital readiness.
2
Regulation is coming, but slowly
Two primary approaches have emerged – 54 jurisdictions follow a regulation-led model, while 28 jurisdictions are primarily market-driven. Notably, 18 jurisdictions with market-driven approaches are now planning or developing regulatory frameworks, signalling a gradual move towards increased oversight.
3
Regional trends: clustering of approaches
Regulatory approaches show regional clustering. For instance, Europe, Central Asia, and the Middle East and North Africa predominantly follow regulation-led models, while Sub-Saharan Africa and Asia Pacific largely adopt market-driven approaches.
4
Competition first, innovation second
among 44 jurisdictions, fostering competition in financial services stands as the leading goal of open banking and open finance initiatives. Innovation, digital, and financial inclusion objectives are also common but secondary aims in most jurisdictions.
5
Regulation broadens data horizons
Regulation-led jurisdictions tend to have broader data coverage across 6 key categories (payments, general insurance, savings and investment, mortgages, consumer lending, and pensions) compared to market-driven ones. This relationship suggests that regulatory oversight can positively influence the scope of data sharing.
6
Small steps toward Open Finance
Both regulation-led and market-driven models show early but limited progress in integrating additional financial sectors, such as open insurance. Six regulation-led and three market-driven jurisdictions have extended frameworks into these new sectors, reflecting both the ambition and the challenges of fully implementing open finance.
7
Adapting to future needs
Both models are expected to evolve in response to technological advances, customer expectations, and regulatory developments. The next phase is likely to see a further shift toward open finance, with certain jurisdictions exploring open data frameworks to support cross-sectoral data sharing and economic collaboration.
This report serves as a critical resource for those shaping the future of financial data sharing, providing a foundation for strategic decisions and the design of governance frameworks that support innovation, security, and financial inclusion across global markets.