Open Finance represents a significant evolution in the financial services industry, extending the principles of Open Banking to encompass a broader range of financial data, including insurance, investments, and pensions. This paradigm shift enables consumers and businesses to securely share their financial information with authorized third parties, fostering innovation, competition, and the development of personalized financial products and services.1 This report aims to identify and rank the top five countries that have made the most significant strides in Open Finance over the past year. Through an analysis of recent regulatory developments, adoption metrics, innovation in financial offerings, participation of key stakeholders, and the impact on end-users, this report highlights the leading markets in this transformative space. The ranking methodology considers a balanced approach, evaluating both the progress in establishing supportive frameworks and the tangible advancements in market adoption and innovation.

The findings indicate that the United Kingdom, Brazil, India, the United States, and the European Union are at the forefront of Open Finance adoption. Each of these regions has demonstrated considerable progress through distinct approaches tailored to their local contexts. The future outlook for Open Finance in these leading countries is promising, with ongoing regulatory initiatives and increasing market momentum expected to further reshape the financial landscape.

Introduction to Open Finance:

Open Finance is a concept that builds upon the foundations of Open Banking, expanding the scope of secure data sharing beyond traditional banking transactions to include a wider array of financial services.1 While Open Banking primarily focuses on providing third-party access to payment account data, Open Finance encompasses data related to savings, investments, loans, insurance, and pensions.3 This broader approach aims to create a more interconnected and customer-centric financial ecosystem, empowering individuals and businesses with a holistic view of their financial lives.4 The evolution from Open Banking to Open Finance reflects a growing understanding of the potential benefits of a more comprehensive data-sharing framework, moving from a focus on payments to a more integrated perspective on overall financial well-being.3

The potential impact of Open Finance on the financial services industry is substantial, offering significant advantages across various stakeholders. For consumers, Open Finance promises personalized financial management tools, easier access to a wider range of services, and potentially more accurately priced lending based on a more complete financial picture.1 Businesses can benefit from increased operational efficiency, access to previously underserved markets, and the ability to offer innovative financial solutions integrated into their existing services.1 From an economic perspective, Open Finance is expected to boost innovation and growth by fostering a more competitive market and bringing underserved populations into the formal financial system.1 By enabling real-time and secure access to financial data through Application Programming Interfaces (APIs), Open Finance facilitates collaboration between traditional financial institutions and third-party providers, often fintech companies, leading to the development of tailored and fit-for-purpose financial products and services.1 This shift towards a more open data economy has the potential to redefine how financial services are delivered and consumed.7

Global Landscape of Open Finance:

The adoption of Open Finance is a global phenomenon, with various countries and regions at different stages of implementation and maturity.2 While the United Kingdom and the European Union are often considered pioneers with their established Open Banking ecosystems, the movement towards broader Open Finance frameworks is gaining traction worldwide.12 Some countries, like Brazil and Australia, have adopted legislated frameworks, ensuring a structured and mandatory approach to data sharing.2 In contrast, other regions, such as the United States and parts of Southeast Asia, have seen more market-driven innovation in the absence of unified regulations.2 This diversity in approaches reflects varying local regulatory priorities, market dynamics, and consumer needs.2

The progress of Open Finance is often categorized by the approach taken: regulatory-driven or market-driven.2 Regulatory-driven approaches involve government mandates and specific frameworks that compel financial institutions to share data under defined standards.14 These approaches can lead to faster adoption and greater standardization, as seen in the EU with PSD2 and the UK with its Open Banking Standard.2 Market-driven approaches, on the other hand, rely on industry collaboration and the voluntary development of data-sharing agreements and standards.12 While this can foster innovation, it may also result in fragmentation and slower overall adoption, as was the case initially in the United States.2

Several key factors enable the successful adoption of Open Finance. Supportive regulations that balance innovation with consumer protection are crucial.1 The establishment of standardized APIs facilitates seamless and secure data exchange between different entities.1 Consumer trust and awareness of the benefits of data sharing are essential for driving adoption.1 Collaboration between traditional financial institutions and fintech companies is vital for creating innovative products and services.1 Finally, a robust digital infrastructure is necessary to support the technical requirements of Open Finance.9 A combination of these factors contributes to the development of a thriving Open Finance ecosystem.14

Ranking Methodology:

To identify the top five countries making significant strides in Open Finance over the last 12 months, a comprehensive evaluation was conducted based on several key criteria. These criteria were chosen to reflect both the foundational progress in establishing Open Finance frameworks and the tangible outcomes in terms of market adoption and innovation.

Regulatory Advancements: This criterion assesses the implementation of new laws, regulations, or guidelines specifically aimed at promoting Open Banking or Open Finance. Countries that have introduced new frameworks or significantly updated existing ones in the last year are considered to have made substantial progress.9

Adoption Metrics: This includes the growth in the number of active users who are utilizing Open Banking or Open Finance services, the increase in the number of financial accounts connected through these frameworks, and the volume of API calls indicating the level of data exchange within the ecosystem.5 Higher adoption rates and significant year-over-year growth are indicative of strong progress.

Innovation in Products and Services: This criterion evaluates the launch of new and innovative financial products and services that are enabled by Open Finance frameworks. The development of novel use cases and the integration of Open Finance into existing services are key indicators of progress.4

Participation of Financial Institutions and Fintechs: The level of engagement and active participation of both traditional financial institutions and fintech companies in the Open Finance ecosystem is crucial. This includes the number of institutions offering APIs, the number of third-party providers utilizing these APIs, and the extent of collaboration between these entities.1

Impact on Consumers and Businesses: This assesses the tangible benefits that consumers and businesses have realized as a direct result of Open Finance initiatives. This can include improved access to financial services, cost savings, enhanced efficiency, and the availability of more personalized and tailored financial solutions.1

Expert Opinions and Market Sentiment: This criterion considers the analysis and perspectives presented in industry reports, expert commentaries, and market research regarding the progress and future potential of Open Finance in different countries.2 Positive market sentiment and recognition by industry experts contribute to a higher ranking.

While all criteria are considered important, a balanced approach is taken, recognizing that regulatory advancements provide the foundation, but actual market adoption and innovation demonstrate the real impact and progress of Open Finance in a country.

Top Five Countries Leading the Way in Open Finance (Last 1 Year):

Rank 1: United Kingdom:

The United Kingdom has continued to solidify its position as a leader in Open Finance, building on its mature Open Banking ecosystem. Over the past year, the UK has witnessed a significant surge in the adoption of open banking, with active users reaching 12.09 million by December 2024, a substantial increase from approximately 8 million at the end of 2023.5 This growth is further evidenced by the 223.9 million payments made using open banking in 2024, representing a remarkable 72% increase compared to the previous year.19 The establishment of the Open Finance Taskforce in April 2024 underscores the UK's commitment to expanding beyond Open Banking.2 Furthermore, the Joint Regulatory Oversight Committee (JROC) program has made notable progress in addressing critical areas such as consumer protection and financial crime within the open banking framework.19

Key initiatives and regulatory updates in the UK highlight a strategic direction towards a comprehensive Open Finance ecosystem. The announcement of the Data (Use and Access) Bill in 2024 signals the government's clear intention to leverage the data-sharing principles established by open banking to create a broader "smart data economy".19 This bill is expected to enable the necessary secondary legislation for establishing a long-term and commercially sustainable regulatory framework for open banking.19 A significant focus has been on the development of variable recurring payments (VRPs), with efforts underway to establish an independent central operator to coordinate their implementation.23 The potential use of open banking for e-commerce payments is also being actively explored, indicating a move towards integrating open finance into everyday transactions.23

The adoption figures in the UK are compelling, with the aforementioned 12.09 million active users and 223.9 million payments in 2024.19 These numbers demonstrate a significant and growing reliance on open banking services by both consumers and businesses, providing a strong foundation for the transition to Open Finance.

Notable examples of progress in the UK include the development of VRPs, which are expected to be available for recurring payments to utility companies, government entities, and financial services firms.23 The active exploration of using open banking for e-commerce payments also represents a significant step towards mainstream adoption.23

The growth of Open Finance in the UK is driven by strong government and regulatory support, continuous technological advancements in APIs, and the potential for increased innovation and competition within the financial services sector.25 However, challenges remain, including the slower than anticipated progress in fully realizing the initial vision of open banking, the complexities of integrating new systems with existing legacy infrastructure, and the ongoing need to build public awareness and trust in data sharing.25

Rank 2: Brazil:

Brazil has rapidly emerged as a global leader in the Open Finance landscape, demonstrating remarkable progress over the past year. By late 2024 and early 2025, reports indicate a substantial number of active monthly users in open finance frameworks, with figures around 29 million and potentially higher.9 The number of active consents for data sharing has also been impressive, exceeding 43 million.18 A significant aspect of Brazil's advancement is its proactive approach to expanding Open Finance beyond traditional banking, with successful integration into areas such as insurance, investments, and pensions.27

Key initiatives and regulatory updates in Brazil underscore a well-structured and progressive approach. The phased implementation of Open Finance, initiated in 2021, has continued to expand, covering increasingly complex financial products and services, including those beyond the traditional banking domain.9 To enhance program governance, the Central Bank of Brazil announced the establishment of a central governance body, similar to the role of Open Banking Limited in the UK.26 Furthermore, efforts to improve customer experience have led to the introduction of innovative features like the "No Redirect Payments" API, which aims to streamline the payment process.26

The adoption figures in Brazil are a testament to the success of its Open Finance strategy. The reported 29 million+ active monthly users and over 43 million data sharing consents highlight the widespread acceptance and utilization of the framework.9 In 2023, the ecosystem saw over 1 billion API calls per week, indicating a high level of activity and data exchange.17

Notable examples of Brazil's progress include the strong integration of Open Finance with the PIX instant payment system, which has facilitated seamless and efficient transactions.9 The expansion into Open Insurance, with initial phases already implemented, demonstrates the broadening scope of the initiative.27 The collaborative environment between traditional banks and fintech companies has also been a key factor in driving innovation.6

The growth of Open Finance in Brazil is primarily driven by its robust digital infrastructure, including the highly successful PIX system, a proactive and well-defined regulatory framework established by the Central Bank, and strong government support for financial innovation.9 Challenges faced include the need to continuously balance data openness with stringent security measures, the complexities of integrating legacy systems with modern Open Finance protocols, and the ongoing efforts to build and maintain consumer trust in data sharing.6

Rank 3: India:

India has demonstrated significant momentum in its Open Finance journey over the past year, primarily through the rapid adoption of its Account Aggregator (AA) ecosystem. By March 2024, approximately 64 million accounts had been linked through this framework, which serves as India's version of Open Finance.18 Some reports even suggest that cumulative consents had surpassed 100 million by late 2024.32 Notably, there has been a marked increase in both consumer awareness of and willingness to share data through the AA ecosystem, indicating growing trust and understanding.31 Furthermore, the adoption of Open Finance for personal financial management apps is on the rise, reflecting a tangible benefit for consumers.31

Key initiatives and regulatory updates in India highlight a strategic focus on leveraging digital public infrastructure for Open Finance. The development and active promotion of the Account Aggregator (AA) framework have been central to this progress.9 India's approach heavily relies on its robust digital public infrastructure, including the Unified Payments Interface (UPI), to facilitate open finance adoption and drive financial inclusion.9 The overarching goal is to extend banking services to the unbanked and underbanked populations through these data-driven financial services.18

The adoption figures in India are indicative of the potential scale of Open Finance in the country. The linking of approximately 64 million accounts through the AA ecosystem by March 2024, with further growth reported, demonstrates substantial early traction.18 The phenomenal success of UPI, which facilitates over 10 billion transactions monthly, provides a strong foundation for the expansion of Open Finance.9 Moreover, the significant increase in consumers willing to share data for better loan offers (71% in 2024 compared to 33% in 2023) signals a growing acceptance of the benefits of data sharing.31

Notable examples of the impact of Open Finance in India include a reported 25% reduction in credit application process costs for banks utilizing the AA framework.18 Investment advisors have also observed an approximately 60% increase in user engagement as individuals link their financial accounts via AA.18 Additionally, lenders have reported improved loan application completion rates and processing times due to the availability of comprehensive financial data.18

The growth of Open Finance in India is propelled by high bank account penetration, the widespread adoption and usage of UPI for payments, a thriving and innovative fintech market, and strong government support aimed at fostering financial inclusion.18 Key challenges that remain include the relatively low level of awareness about Account Aggregators among the general population, the ongoing need to build consumer trust in data sharing, and addressing the existing gender gap in awareness and adoption.18

Rank 4: United States:

The United States had

marked a significant shift in its approach to Open Finance over the past year with the issuance of the final rules governing personal financial data rights by the Consumer Financial Protection Bureau (CFPB) in October 2024.9 This development represents a pivotal step towards a more regulated Open Banking environment, which is expected to lay the groundwork for broader Open Finance adoption. Following this, in January 2025, the CFPB approved Financial Data Exchange (FDX) as the first standard-setting body under these new rules.6 Prior to this regulatory push, the growth of open banking practices in the US had been largely driven by market forces and the efforts of data aggregators.37

Key initiatives and regulatory updates in the US now center around the CFPB's Personal Financial Data Rights rule, enacted under Section 1033 of the Dodd-Frank Act. This rule mandates that financial institutions provide consumers with free access to their financial data and establishes legal rights for the sharing of this data with authorized third parties.9 The recognition of FDX is intended to facilitate the development of industry-wide standards for data sharing, promoting interoperability and security.6 A significant focus of the new regulatory framework is on ensuring robust data security and enhancing consumer protection in the context of open banking.37

While a comprehensive regulatory framework for open banking has only recently begun to take shape, adoption figures indicate a strong underlying consumer interest. A 2021 survey reported that 81% of US adults were already connecting their bank accounts to third-party applications.41 By September 2024, 94 million consumer accounts were using the FDX API standard, highlighting the progress made through market-led initiatives.16

Notable examples of open banking in the US include the increasing use of alternative credit models that leverage cash flow data and other sources accessible through open banking to expand consumer credit access.42 The growth of "pay-by-bank" options, facilitated by open banking APIs, is also gaining traction.42 Furthermore, open banking is enabling the development of innovative personal financial management and budgeting tools that provide consumers with a holistic view of their finances.37

The primary drivers for the growth of Open Finance in the US include a strong consumer demand for more personalized and convenient financial experiences, coupled with the potential for increased competition and innovation spurred by the new regulatory framework.37 However, the path forward is not without challenges. The CFPB's rule has faced regulatory uncertainty and legal challenges, with policy controversies surrounding the scope of the rules and restrictions on third-party data usage.37

As per the latest updates, CFPB might scrap the 1033 rule, which is a set back to open finance in the US.

Rank 5: European Union:

The European Union, a pioneer in Open Banking through the Payment Services Directive 2 (PSD2), has continued to evolve its framework and is strategically positioned to advance further into Open Finance. Over the past year, the EU has been actively preparing for the implementation of PSD3 and the Payment Services Regulation (PSR), which are expected to come into effect around 2025-2026.7 These new regulations aim to build upon the foundations of PSD2 by further standardizing data sharing practices and enhancing rules related to fraud prevention.46

Key initiatives and regulatory updates in the EU include the finalization and upcoming implementation of PSD3 and PSR. These regulations are designed to strengthen consumer protection, improve the adoption and performance of open banking services, and ensure more consistent enforcement across all member states.7 Additionally, the introduction of the Financial Data Access (FIDA) framework signals a clear intent to expand data sharing beyond payment accounts to include a broader range of financial products, moving towards a more comprehensive Open Finance ecosystem.7

The adoption figures in the EU's Open Banking landscape are substantial. As of the fourth quarter of 2024, there were 568 registered Third Party Providers (TPPs) across the European Economic Area (EEA) and the United Kingdom, with a significant portion of these TPPs passporting their services across different countries within the EEA.59 Account-to-account (A2A) payments, a key use case of open banking, have reached significant transaction values, demonstrating the practical application of data sharing.5

Notable examples of Open Finance in the EU include banks exploring data monetization as a new revenue stream, leveraging their extensive access to customer data.7 The asset and wealth management industry is also utilizing data sharing to provide clients with a holistic view of their investments, even across different advisors and products.7 The emergence of all-in-one service providers, offering bespoke financial solutions powered by data and technology, further illustrates the transformative potential of Open Finance in the region.7

The growth of Open Finance in the EU is primarily driven by strong regulatory backing through PSD2 and the upcoming PSD3 and FIDA frameworks, coupled with a strong emphasis on consumer protection and security in the digital payments space.7 Challenges include the complexity and potential for excessive regulatory frameworks, inconsistencies in the implementation of PSD2 (which PSD3 aims to address), and the ongoing need to ensure consistent enforcement of regulations across the diverse EU member states.7

Comparative Analysis of the Top Countries:

The United Kingdom and the European Union, with their regulatory-driven approaches, have established mature Open Banking ecosystems and are now strategically moving towards Open Finance. The UK is focusing on innovative payment solutions like VRPs and leveraging open finance for a broader smart data economy. The EU is refining its established framework with PSD3 and looking to expand the scope with FIDA, aiming for greater standardization and enhanced consumer protection. Brazil has rapidly emerged as a leader in Open Finance with a comprehensive and mandatory framework, demonstrating high adoption rates and a successful integration with its instant payment system, PIX. India, with its supported and voluntary model centered around the Account Aggregator framework, is making significant strides in financial inclusion by leveraging its robust digital public infrastructure. While the United States has historically taken a market-driven approach, the recent regulatory interventions by the CFPB signal a move towards a more structured framework, driven by consumer demand and the potential for increased competition. Each country's journey reflects its unique market characteristics and regulatory philosophies, highlighting the diverse pathways to realizing the potential of Open Finance.

Expert Perspectives on the Future of Open Finance:

United Kingdom: Experts anticipate a significant acceleration of Open Finance in the UK, fueled by the Data (Use and Access) Bill, which is expected to provide the legislative framework for expanding data sharing beyond banking.19 The focus on commercial Variable Recurring Payments (VRPs) is seen as a key near-term development, with the potential to revolutionize recurring payments and even compete with traditional card payments.19 Interoperability for cross-border data sharing will also be a major area of focus in the coming year, reflecting the UK's ambition to remain a global leader in this space.19

Brazil: Industry experts widely regard Brazil as a global leader in Open Banking and Finance, citing its rapid pace of development, clear API standards, and strong regulatory oversight.26 The future is expected to see continued expansion of the ecosystem, with a focus on seamless interoperability between banking, investments, and insurance through Open Data initiatives.26 Ongoing efforts to enhance the customer experience and increase user adoption, such as the "No Redirect Payments" API, are also expected to drive further growth.26 Experts believe that Open Finance will continue to play a crucial role in enhancing financial inclusion and fostering greater competition within the Brazilian financial system.27

India: The future of Open Finance in India is projected to be one of massive growth, with experts predicting that India will become the largest contributor to the global Open Finance user base by 2030.33 The Account Aggregator (AA) framework is expected to be a cornerstone of this growth, empowering millions with secure, consent-based access to their financial data.32 Leveraging the existing digital public infrastructure, particularly UPI, will continue to be a key driver for adoption and financial inclusion.32 Experts foresee Open Finance revolutionizing access to credit, improving financial planning, and ultimately empowering consumers with greater control over their financial lives.18

United States: While the regulatory landscape for Open Banking and Finance in the US faces some uncertainty, experts believe that the underlying market forces and consumer demand for data sharing will continue to drive progress.16 The role of standard-setting bodies like FDX will be crucial in fostering interoperability and security in the absence of a fully comprehensive regulatory framework.16 Experts anticipate that Open Banking and the eventual transition to Open Finance will enhance competition, provide consumers with greater choice, and lead to the development of more personalized and efficient financial services.16

European Union: The implementation of PSD3 and the FIDA framework is expected to further solidify the EU's position as a leader in Open Finance.46 These regulatory developments are aimed at creating a more standardized, secure, and competitive environment for data sharing in the financial services sector.46 Experts foresee increased collaboration between banks and fintech companies, leading to the development of innovative financial products and services that cater to evolving consumer needs.51

Conclusion:

Based on the analysis of recent developments and adoption metrics, the United Kingdom, Brazil, India, the United States, and the European Union stand out as the top five countries making significant strides in the space of Open Finance over the last year. The UK continues to build on its established Open Banking framework with a clear vision for a smart data economy. Brazil has rapidly emerged as a global leader with its comprehensive and highly adopted Open Finance ecosystem. India is leveraging its digital infrastructure to drive financial inclusion through its innovative Account Aggregator framework. The US is transitioning towards a more regulated environment, driven by consumer demand and recent regulatory initiatives. The EU, as a pioneer, is further refining its framework with PSD3 and expanding its scope with FIDA.

Common drivers for the growth of Open Finance across these leading markets include supportive regulatory environments, increasing consumer demand for personalized and convenient financial services, and the potential for enhanced competition and innovation. However, each country also faces its unique set of challenges, ranging from regulatory complexities and integration with legacy systems to building consumer trust and ensuring widespread adoption.

The global trajectory of Open Finance is clearly towards a more interconnected and data-driven financial ecosystem. The progress observed in these top five countries provides valuable lessons and insights for businesses and policymakers worldwide as they navigate this evolving landscape. The future of financial services is increasingly open, and understanding the developments in these leading markets is crucial for stakeholders looking to capitalize on the transformative potential of Open Finance.

Disclaimer: Views presented in this article are author's own thoughts and do not necessarily represent that of his current or past employer. Author is a tenured industry analyst and FinTech, open finance subject matter expert. 

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