Open Finance

Open finance refers to the integration of blockchain-based technological applications from both banks and third parties, aiming to revolutionize the traditional finance sector. Its objective is to enable financial institutions, large enterprises, and central banks to conduct their operations in a transparent, efficient, automated, and data-driven manner. Establishing a resilient and transparent open finance ecosystem requires implementing three main parameters. Firstly, the creation of a settlement layer comprising various stablecoins. Secondly, onboarding enterprises and constructing a data layer to support the technology. Lastly, allowing financial institutions to develop financial products using trusted enterprise data.