State of open banking in Southeast Asia (SEA)

Summary

Open banking in Southeast Asia is entering a period of accelerated growth, shaped by evolving regulatory frameworks, rapid digital adoption, and the rise of superapps and embedded finance. This report examines the state of open banking across key Southeast Asian markets, highlighting the interplay between traditional banks, fintech companies, and technology providers. It explores how open banking APIs are transforming payments, lending, and wealth management, and assesses the readiness of digital infrastructure across the region. The report provides a detailed mapping of regulatory progress, identifying which countries are leading and which are lagging in open banking adoption. It investigates the drivers behind open finance, including regional payment connectivity, cross-border API standards, and the impact of cloud computing, artificial intelligence, and central bank digital currencies. Business model innovation is a central theme, with in-depth analysis of embedded finance, banking-as-a-service, and the evolution of superapps as financial service platforms. Key questions addressed include: What are the regulatory and technological enablers of open banking in Southeast Asia? How are superapps and embedded finance reshaping consumer access to financial products? What role do APIs play in monetisation and partnership strategies? Which countries are setting the pace for open finance maturity, and what lessons can be drawn from their approaches? The report is essential reading for financial institutions, fintechs, and technology providers seeking to understand the competitive landscape and growth opportunities in Southeast Asia’s open banking ecosystem.