India launches Account Aggregator to extend financial services to millions

It's exciting to see open banking taking shape in India. I'm based in Europe and the fact that we have regulated and free open banking (under PSD2 law) is a game-changer for fintechs and developers. Instead of having to build/use hacky screen scraping solutions and ask end users to share their banking passwords, all major banks have real APIs that allow consent-based access to account data and to initiate payments.

On a side note, there was a recent study by McKinsey that estimated that open banking data will be worth 4-5% of India's GDP by 2030, which is a crazy amount of value: https://www.mckinsey.com/industries/financial-services/our-i...