打开金融大门：来自国际经验的证据（英）

by Hakan Eroglu, Giulio Cornelli, Jon Frost, FriederikeRühmann and Vatsala Shreeti Monetary and Economic Department March 2026 JEL classification: O33, D43, G21. Keywords: Open finance, financial inclusion,competition, data sharing The views expressed in this publication are those of the authors and do notnecessarily reflect the views of the BIS or its member central banks. This publication is available on the BIS website (www.bis.org). Opening doors to open finance: evidence from theinternational experience Hakan Eroglu, Giulio Cornelli, Jon Frost, Friederike Rühmann and Vatsala Shreeti1March 2026 Abstract Open finance is transforming the financial system, with rapid adoption in severaljurisdictions in the years since its introduction. By enabling the sharing and use ofcustomer-permissioned data, open finance can foster innovation, competition andfinancial inclusion. Early evidence highlights a role for open finance in breakingthrough data silos, reducing information asymmetries and driving venture capitalinvestment.Successful implementation depends on standardised data sharingprotocols and interoperability that enable seamless payment system connectivity anddataexchange,all underpinned by robust regulatory frameworks.This paperexamines international experiences with open finance, shedding light on its impacton competition, market entry and financial access, while discussing the challengesthat remain. Keywords: open finance, financial inclusion, competition, data sharing. JEL codes: O33, D43, G21. 1. Introduction Data are the lifeblood of modern economic decision-making, driving innovation andgrowth. Yet access to (personal) data remains uneven across different actors in theeconomy, and users (data subjects) often have limited control over their data andhow they are used. In response, many jurisdictions are rethinking how data are sharedand governed to empower users and broaden participation in the digital economy.In the financial sector, many authorities have introduced open banking or openfinance initiatives. Open finance refers to the sharing and use of customer-permissioned data byfinancial institutionswith third-party firms, other financial institutions and developers,to build applications and services.2Open banking is a narrower concept and refers tothe sharing and use of customer-permissioned data bybankswith such third parties.Both can include both “read access” and “write access” to data. Read access allowsfor service provision based on viewing or reading the data. Write access allows forservice provision based on modifying the data. Open finance practices can arise fromcustomer demands or as a result of policies. Some of the first mandated open bankingandopen finance initiatives include the United Kingdom(UK)Open Bankingframework (Fingleton Associates and ODI (2014)); the European Union (EU) SecondPayment Services Directive (PSD2) (EU (2015)) with a stronger focus on payments; andAustralia’sConsumer Data Right,which adopts an economy-wide open dataapproach(Productivity Commission(2017),Farrell(2023)).3 Over time,otherjurisdictionslike Brazil,India,South Korea and Türkiye have adopted similarframeworks. By 2024, 95 jurisdictions had some form of an open banking or financepolicy framework in place with varied objectives, like promoting competition andinnovation and enhancing consumer protection and financial inclusion (CCAF (2024),CGAP et al (2024)).4 2Throughout this paper, “open finance” refers to both open banking and broader open financeinitiatives. Whereas open banking focuses primarily on bank accounts, open finance extends furtherto cover a broader range of financial products, including insurance, securities and mortgages. Aneven broader concept, used in some cases, is “open data”, which may cover customer-permissioneddatasharing in other industries beyond the financial sector–such as healthcare,utilities,telecommunications or taxes. See Graph A.1 in the appendix. 3In other jurisdictions, like the United States, some market-driven bilateral agreements to sharefinancial data, particularly between banks and financial technology (fintech) companies, emergedpriorto any regulation.Data access and sharing initially developed through market-ledarrangements,eg bilateral agreements and connectivity based on application programminginterfaces (APIs). There were implementations aligned with the Financial Data Exchange (FDX)standard, as well as legacy non-API techniques such as screen scraping used by some fintechaggregators. Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act givesconsumers a right to access information on their financial products and services and to authorisethird parties to access that information on their behalf. The Consumer Financial Protection Bureau(CFPB) has advanced this through rulemaking. 4Meanwhile, 52% of Alliance for Financial Inclusion (AFI) members (spanning 88 countries) are still inthe initial exploration phase of open financ