Growth of SME financial services hampered by banks’ restrictions on data: report
The lack of access could be seen as running counter to MAS’ efforts to create a more efficient financial sector
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[SINGAPORE] Local banks’ restrictions on API access to their small and medium-sized enterprises’ (SME) customers’ financial data are holding back growth in financial services for fintech startups, according to a report by think tank Fintech Nation.
API refers to application programming interface, a protocol that allows for two different software programs to talk and exchange data.
Currently, the major banks in Singapore selectively grant API access to certain platforms. Only one SME accounting platform, Xero, has managed to be publicly listed across the three local banks.
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