Singapore refuses to compel banks to divulge open banking data

The central bank is taking a more organic approach, enabling banks to share data on their own.

Bloomberg reports that Singapore would not take the approach of Japan and Europe and force its lenders to share data with third-party and fintech firms to accelerate open banking adoption.

Monetary Authority of Singapore chief data officer David Hardoon believes that forcing banks into compliance would only be counterproductive. “You can come and say ‘thou shall do it’ but then nothing happens effectively,” Hardoon said in a Wednesday interview with Bloomberg.

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