Under this framework, consent-driven data portability, interoperability, and collaborative partnerships between financial institutions and fintech players are promoted. Consumers will have the power to grant access to their financial data that will shape a customer-centric product development objective.
The framework covers different financial institutions and a broader array of financial products such as, but not limited to, banking products and services, investments, pensions, and insurance. We have also launched programs that will allow more extensive use of QR codes for payments. Soon we will see QR codes being used for various retail payments.