1. Startup

Discovering Various Concepts of "Open Finance" in The Digital World

Exploring products and business models of AyoConnect, Brankas and Finantier

Innovation and problems are two related things. As in the world of fintech, especially in developing countries like Indonesia with low bank account ownership, is a firm land to innovate various financial products.

There are new terms emerged, such as open banking, open finance, or banking as a service (BaaS), all of which actually take advantage of the open APIs targeting various sectors. In clarifying this term, DailySocial asks industry players involved in this sector to interpret the views of the two terms. There are Brankas, Finantier, and AyoConnect.

In terms of Finantier, open banking becomes one of the building blocks, but not the only one in the world of open finance. Meanwhile, open finance has a bigger aspect than open banking. On the other hand, open banking is likely centered around bank accounts. Despite this fact, there are still many underbanked people in Indonesia.

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