India launches Account Aggregator to extend financial services to millions(techcrunch.com)

India launches Account Aggregator to extend financial services to millions

https://techcrunch.com/2021/09/02/india-launches-account-aggregator-system-to-extend-financial-services-to-millions/

1 comments

It's exciting to see open banking taking shape in India. I'm based in Europe and the fact that we have regulated and free open banking (under PSD2 law) is a game-changer for fintechs and developers. Instead of having to build/use hacky screen scraping solutions and ask end users to share their banking passwords, all major banks have real APIs that allow consent-based access to account data and to initiate payments.

On a side note, there was a recent study by McKinsey that estimated that open banking data will be worth 4-5% of India's GDP by 2030, which is a crazy amount of value: https://www.mckinsey.com/industries/financial-services/our-i...