Singapore currently tops the race in open banking readiness, and is the pace-setter for leveraging APIs in data monetization, primarily owing to the maturity of its Open API and data infrastructure, a recent research shows.

The research, called Finastra inaugural Open Banking Readiness Index, comes from a survey across 14 markets in the region. Developed in partnership with IDC Financial Insights, the Index provides a framework for banks in Asia Pacific to assess their Open Banking capabilities and benchmark their readiness against peers in the race towards Open Banking.

Research shows that higher adoption of APIs, bank third-party partnerships, and advanced data-based transformation and innovation were primary factors leading to Singapore ranking as the most advanced market in comparison to other countries surveyed.

Singapore (8.1/10) is followed by Australia (7.1/10) and Hong Kong (6.6/10) as the second and third leading markets in Open Banking readiness in Asia Pacific.

Imad Abou Haidar, Managing Director, Asia Pacific at Finastra said, “Financial institutions in Asia are starting to see the benefits of an Open Banking strategy in broadening customer reach, expanding revenue streams and driving greater innovation. ”

“With this Index, we hope to enable banks to deliver truly transformative financial services, by identifying areas for improvement and moving to more advanced stages of readiness.”