Open finance policy objectives worldwide 2024

Published by Statista Research Department, Feb 17, 2025

The primary objective of open banking and open finance implementation in 2024 was to improve competition, with this goal identified in 44 jurisdictions. Also, encouraging innovation and fostering digital and financial inclusion served as primary objectives across various emerging markets and developing economies.

Primary policy objectives driving open banking and open finance implementation worldwide in 2024

CharacteristicNumber of jurisdictions
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Showing entries 1 to 4 (4 entries in total)
Statistic: Primary policy objectives driving open banking and open finance implementation worldwide in 2024

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Sources

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Release date

November 2024

Region

Worldwide

Survey time period

2024

Supplementary notes

Figures only refer to regulation-led jurisdictions. The source identified 95 jurisdictions in total, but only 82 could be effectively categorized within the established classification framework. Of these 82, 54 were classified as regulation-led jurisdictions. 

The source classified the regulation-led approach as follows:

  1. Mandated & standardized data sharing: Authorities require data sharing with customer consent and specify technical standards.
  2. Mandated data sharing: Authorities require data sharing with customer consent but don't specify technical standards.
  3. Standardized data sharing: Authorities don't mandate sharing but require specified standards if institutions participate.

Improving competition: Albania, Azerbaijan, Brazil, Canada, Chile, Colombia, EU, Georgia, Iceland, Israel, Liechtenstein, Monaco, North Macedonia, Norway, Republic of Korea, Türkiye, United Kingdom, United States. 

Encouraging innovation: Bahrain, Jordan, Oman, Saudi Arabia, United Arab Emirates, Ukraine

Fostering digital/financial inclusion: India, Indonesia, Nigeria

Enhancing customer protection: Australia

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