Mike Dickinson, COO and CPO of open-finance fintech Brankas, is on a mission to make modern financial services universally accessible through innovation and collaboration. 

He explained the importance of consent and authentication in secure data sharing. The company works closely with central banks on risk and regulations. Two types of markets exist in the world of open finance, he said—the regulated markets in the UK and US, as well as non-regulated markets in some Southeast Asian nations. Brankas aligns with regulatory bodies to set open-finance security standards that extend to consent and authentication regulations that are built into the formal banking infrastructure. 

The adoption of open finance creates more access to loans, credit and debit cards, and bank accounts, reducing transaction costs and long waits for customers. Brankas provides an embedded finance experience that includes complementary products like virtual credit cards, insurance and investments. The company plans to deepen its market presence in Southeast Asia and continue its expansion in the Middle East, focusing on international remittance.