Open Data for Consumer Empowerment
Open Data aims to build a mechanism that allows consumers to exercise their rights to conveniently and securely transfer their data stored at one provider to another so that consumers can apply for and receive better services from any provider.
The BOT has introduced regulatory guidelines to enable individuals and businesses to exercise their right to share their financial data to other service providers through secure, convenient, and standardized digital channels. This initiative covers data related to deposits, loans, and payment services, including e-Money and credit cards, with the aim of fostering the development of financial services that better meet user needs. Implementation will begin in late 2026 with the sharing of personal deposit data, followed by a phased expansion to other data categories between 2027 and 2028.
Open Banking Data For Consumer Empowerment
The mechanism will allow financial service providers to access and utilize data and key digital infrastructure with standardized processes and connections, which will reduce redundancy and costs. In turn, this will enhance financial services to better serve consumer needs.
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