Open Banking is a movement which provides third-party financial service providers open access to consumers’ data around their transaction data through Application Programming Interfaces (APIs).

Examples of the regulatory approach is the European Union’s PSD2 (The Revised Payments Services Directive). Regulatory bodies in these countries set up frameworks in order to promote healthy competition and innovation in the financial industry. 

Market-driven initiatives are more popular in Asian countries such as Singapore, India, Japan and South Korea. This movement focuses on collaboration and is predominantly driven by market players.