Nydia Remolina (Singapore Management U Yong Pung How Law) has posted “Open Finance” on SSRN. Here is the abstract:
This chapter provides an account of open finance as a regulatory and technological architecture for customer-authorised financial data sharing. It begins by defining open finance and open banking, and identifying its core components: data holders, data users, APIs, consent mechanisms, technical standards and governance arrangements. It then traces the evolution of open finance from open banking initiatives, with particular attention to the UK and EU experiences and their influence on later frameworks. The chapter next examines the main claimed benefits of open finance, including competition, innovation, improved user experience, safer data access, AI-enabled services and financial inclusion. It also analyses the risks and implementation challenges, including fragmented standards, cybersecurity, liability, privacy, profiling, discrimination and platform concentration. Finally, the chapter compares market-development and compulsory regulatory models across jurisdictions.