International Initiatives

Open banking promises innovation and competition, more seamless and frictionless user experiences, according to newly published research by the Emerging Payments Association Asia…

Revolut, the European banking and money transfer app that now claims over 10 million customers, has partnered with open banking API provider TrueLayer to…

Japan’s effort to nudge its more than 100 struggling regional lenders into the digital age is floundering. More than a year after…

The OpenID Foundation has launched a new microsite focused on global open banking initiatives and providing resources for fintech developers implementing the…

The Report on open banking and application programming interfaces (APIs) monitors the evolving trend of open banking observed in Basel Committee member…

In what could be a huge step forward for open banking in Australia, UK-based fintech TrueLayer has announced its entry to the Australian market ahead of the consumer data right regime’s kick-off in February 2020. TrueLayer is regarded as one of Europe’s leading providers of financial APIs (application programming interfaces) which allow businesses and fintechs to instantly receive data from different sources.

Koyo, a fintech startup using open banking to offer loans to people with “thin” credit files and currently poorly served by the market, has closed $4.9 million in funding. The round — a mixture of debt and equity funding — is led by Forward Partners, with participation from Seedcamp. Other investors include Christian Faes (founder and CEO of LendInvest) and Charles Delingpole (founder and CEO of ComplyAdvantage). Founded in late 2018 by ex-Frontline Ventures VC Thomas Olszewski, and launching later this year, Koyo is attempting to tackle the problem whereby people without much of a credit history, such as migrants or those who have never taken credit or aren’t the main bill payer, aren’t able to secure a loan.

A new cohort of global fintech players are eyeing the Australian market, with UK open banking software player TrueLayer planning to launch here in 2020, opening the door for its European clients to access to Australian consumers.

The round was led by US-based fintech funds Nyca Partners and QED Investors, along with support from many others, including: Citi Ventures, Commerce VC, Elefund, Horizons Ventures, Royal Bank of Canada, 500 Startups and several high profile angel investors such as Cris Conde, former CEO of Sungard, and Taavet Hinrikus, founder of Transferwise.

Fidel has announced an $18 million Series A round, its first major funding to make card payment data both more secure and more accessible, so that the fintech ecosystem can develop faster.

The Hong Kong Monetary Authority will focus on ensuring security and safeguarding customer interests as the upcoming phases of its Open Banking API Framework will have more sensitive data and complex functions covered.