Open Banking in Sweden

What is the current status of Open Banking in Sweden?

According to Mastercard’s Open Banking Readiness Index, with around 13.0 million active mobile subscriptions, many Swedes own more than one mobile, and mobile device penetration stands at 126.3%. In 2019, 92% of mobile phone users owned a smartphone.

In April 2018, Swedbank invested €3 million in personal finance management and data aggregation platform, Meniga, in a collaboration that marked the desire for a fully customisable digital banking user experience.

Interesting stats about OB potential in Sweden

What will the future of Open Banking look like in Sweden?

Sweden is set to achieve great things in the OB space. Why? Because studying the country’s moves since the introduction of PSD2 show a commitment to making the most of this initiative.

For example, in May 2018, the Swedish FinTech Open Payments launched a PSD2-compliant aggregator platform that enables users to take advantage of a single, open and secure point of access to bank API sets in Europe. Moves like that place the country in an advantageous position moving forward.