Fintechs and regulators work to reach mainstream adoption
Exemplary actions from regulators in Europe and some APAC countries, fostering and incentivizing innovation, are behind the emerging local open banking (OB) initiatives. As a result, fintechs are introducing innovative solutions, such as simplifying cross-border shopping with local payment methods or streamlining credit rating processes . Promising results are driving the evolution of the OB initiative and hinting at wider adoption of such solutions.
Frank Breuss, CEO of Nikulipe, a fintech company specializing in creating and connecting local payment methods (LPMs) to access fast-growing and emerging markets, believes OB can drive financial inclusion and democratize the payment market. Breuss offers his insights on the current industry landscape, suggesting what’s next for the new wave of finance.