While Open Banking will signal huge opportunity for the financial industry, there is also an assumption that sharing data will pose numerous threats to a business, be they security centered or the threat of increased competition in the field. However, these fears can be mitigated with a strategically planned data strategy and infrastructure. As Head of Open Banking at DBS Singapore, Jitendra has already begun rolling out Open Banking initiatives in the Asian market and here will be able to shed light upon the necessary steps to ensure data infrastructure, governance, culture and operations all align to create a high functioning Open Banking program within any regulatory environment.

DBS Bank was the first bank in Singapore to dive into open banking, launching in mid 2015. In just 4 years they have become world leaders in the space. A strong data infrastructure and collaborating with 3rd party providers has seen them execute initiatives around Open Banking which have led to huge successes across multiple areas of the business.

Here they share:

- Transforming from a customer-centric to a partner-centric business

- Building the API development portal, DBS Developers : a platform of over 155 APIs across 20+ categories

- Identifying APIs which can be applied to multiple partners

- Onboarding 50+ companies within 4 years to develop solutions for consumers

The larger banks in Australia will be the first to be impacted by Open Banking as the first round of legislation is rolled out. This panel will bring these payers together with leaders from abroad, who have already begun their Open Banking journey, and will address strategies for maneuvering uncertainties and opportunities in the OB ecosystem.