Twimbit open finance radar Q4 2024

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Summary

Open finance continues to evolve rapidly across Asia, and the fourth quarter of 2024 brought a fresh wave of initiatives spanning compliance technology, programmable stablecoins, and cross-border payment interoperability. Banks, fintechs, and regulators are steadily building the next layer of connected financial infrastructure, with the pace of announcements picking up across the region this quarter.

Fraud prevention and regulatory compliance take center stage, with Brankas and Advance AI launching an integrated open banking compliance solution combining API-based verification with e-KYC technology for highly regulated markets such as Indonesia, Vietnam, and the Philippines. In Thailand, SCB 10X and partners introduced a digital wallet built on a programmable Thai Baht stablecoin, aimed at reducing friction and cost in cross-border transactions.

Cross-border payment interoperability also features prominently, reflecting a broader push to connect national payment networks and reduce reliance on traditional correspondent banking rails. Together, these developments show how open finance is expanding beyond simple account-data sharing into programmable money, embedded compliance, and regional payment integration.

  • Open banking compliance and e-KYC technology
  • Programmable stablecoins and digital wallets
  • Cross-border payment network interoperability

Each initiative offers a window into how quickly the boundaries of open finance are shifting across the region's most active fintech markets.

How far can programmable money and embedded compliance push open finance beyond its original account-sharing roots?

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