Workshop on fostering financial inclusion through open finance
Basel, 20–21 November 2024
This workshop, jointly organised by the BIS's Financial Stability Institute, CGAP and the World Bank, covered a range of critical topics, including:
- Designing open finance regimes
- Developing country roadmaps for open finance
- Governance and public-private cooperation
- Inclusive digital infrastructure
- Consumer protection and data protection
- Future innovations in open finance
The insightful discussions with experts and leaders from around the world explored the potential of open finance to enhance financial inclusion.
Key considerations for open finance
In this publication, CGAP, the BIS, the IMF, the Office of the UNSGSA and the World Bank present key considerations for public authorities looking to design an effective and inclusive open finance framework that champions responsible financial inclusion and benefits all parties involved, particularly those traditionally excluded and underserved.
A growing number of countries are embarking on the journey of implementing open finance frameworks, which have the potential to increase innovation, enhance competition within the financial sector, empower customers, elevate their experiences and foster deeper financial inclusion. While open finance presents many opportunities, it can also pose new and enhanced risks. Public authorities have a critical role in carefully designing their open finance framework, setting up adequate safeguards and ensuring that the benefits of open finance reach underserved populations.
See the Key considerations for open finance on the CGAP website.