SINGAPORE
Singapore has embraced Open Banking with a market-driven approach.
Promoting APIs for innovation and interoperability in the financial sector. The Monetary Authority of Singapore (MAS) plays a supportive role, offering the API Playbook as guidance. While not enforcing standardization, the playbook identifies valuable APIs, offers best practices, and maintains an open API registry. Initiatives like APIX, SGFInDex, and SGTraDex further open banking opportunities.
Singapore's focus on Open Banking aligns with its digital transformation goals and commitment to exceptional customer experiences. The API Playbook and MAS initiatives facilitate collaboration between financial institutions and FinTech, enabling real-time account access, seamless payments, and simplified KYC processes. Singapore envisions a connected ecosystem, fostering innovation and digital transformation in finance. APIs enable faster processing, improved data connectivity, and flexible software development, delivering personalized and efficient financial services.
Updated: November 2023
