Open Banking in Romania

What is the current status of Open Banking in Romania?

Open Banking seems to be a very low priority for regulators in the country, with little or no guidance regarding implementation. To give you an idea of the infancy of the sector in Romania, the Romanian Fintech Association was only founded in January 2020. 
Another statistic showcasing the country’s readiness levels to adopt OB, is the proportion of individuals using the internet for ordering goods or services. According to Mastercard’s Open Banking Readiness Index, only 26% of people fall into that category in Romania.

Interesting stats about OB potential in Romania

 

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

The best way forward for Romania would be to follow in the footsteps of other European countries such as Lithuania or the Netherlands that have successfully implemented OB. A good first step would be to set up an OBIE-like entity to create a framework around technical requirements, user journeys and overall direction for the technology.


Banks

Here is a list of major banks providing Open Banking in Romania