9 in 10 professionals say open finance has positively impacted the financial industry

They said it made the industry more collaborative.

Professionals at financial institutions in Singapore view "open finance" more positively compared to their peers in Hong Kong and around the globe, a survey by Finastra showed.

According to Finastra, 90% of professionals in Singapore agree that open finance has positively impacted the financial industry, making it more collaborative.

In Hong Kong, only 76% shared the sentiment, whilst only 85% agreed globally.

Singapore is also more open to collaboration than Hong Kong (90% vs 83%).

“These compelling figures speak to a marked industry shift towards ‘open’ and reflect our journey, creating ways to innovate at scale and pace, and accelerate innovation through collaboration,” said Simon Paris, CEO of Finastra.

“In 2018 we declared that the future of finance is open. And we weren’t just talking about Open Banking, but true open finance – disrupting and reshaping the foundation of financial services. That future is now, and we can simply say: finance is open,” Paris said.

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