A growing number of countries are embarking on the journey of implementing open finance frameworks, which have the potential to increase innovation, enhance competition within the financial sector, empower customers, elevate their experiences, and foster deeper financial inclusion. While open finance presents many opportunities, it can also pose new and enhanced risks. Public authorities have a critical role in carefully designing their open finance framework, setting up adequate safeguards, and ensuring that the benefits of open finance reach underserved populations.
In this publication, CGAP, the BIS, IMF, UNSGSA, and World Bank present key considerations for public authorities looking to design an effective and inclusive open finance framework that champions responsible financial inclusion and benefits all parties involved, particularly those traditionally excluded and underserved.
Read the press release here.