Person A has no credit history, and so, banks have never been keen on them. But A can now show e-wallet transactions to get loans.
Person B, a ride-hailing driver, is now getting financial services by sharing data on daily rides and their income.
A small merchant, Person C, can access loans from banks by sharing how much they’ve sold via e-commerce platforms like Tokopedia.
This is the world of open finance, which allows third-party providers to securely access consumers’ financial data—e.g. account balances, income, expenses—with their consent via APIs or application programming interfaces.