Andorra is preparing the groundwork for Open Banking with some significant milestones in the past couple of years. In the last quarter of 2020, the country became the 190th member of the International Monetary Fund. Additionally, the country implemented the payment services and electronic money directive in 2018 and in 2019 became a SEPA participant.
The future of OB in Andorra is looking promising. The country has a solid banking sector foundation and it won’t be long before the technology permeates the retail and business sectors.