Icelandic bank Landsbankinn announced in 2021 that it’s opening a sandbox to develop new open banking solutions. That was the first major move that pointed to the commercialisation and adoption of Open Banking in the country. Earlier this year saw more moves in a similar vein with Arion Bank announcing their OB initiatives.
Iceland has broken the Open Banking ice, and things are unfolding favourably for OB technology. What remains to be seen is the position and moves made by the government to support the momentum created in the country. Everyone is waiting for a sandbox or regulatory body that will centralise these efforts.