Open Banking and Libra: A New Frontier of Financial Inclusion for Payment Systems?

29 Pages Posted: 21 Jan 2021

See all articles by Andreas Kokkinis

Andreas Kokkinis

University of Birmingham

Andrea Miglionico

University of Reading

Date Written: September 2020


A wide range of digital initiatives have an impact on ‘financial inclusion’, ie, access to banking services both for underbanked and low-income customers. Promoting financial inclusion using virtual platforms in low and middle-income countries enables reaching vulnerable and excluded customers. This article examines the new frontiers of open banking and cryptocurrencies for payment systems from the perspective of inclusive financial development. The possibility for technology-based change in the financial markets is demonstrated in the online delivery of banking services and in the business models and operations of intermediaries that provide them. Enhancing the appropriate public policy on financial data and the availability of ‘open data’ for use by other firms and investors represent the main challenges for regulators. This article argues that there is a public interest in data access that requires coordination at industry level and may also require regulatory intervention to ensure the governance of data technologies.

Suggested Citation

Kokkinis, Andreas and Miglionico, Andrea, Open Banking and Libra: A New Frontier of Financial Inclusion for Payment Systems? (September 2020). Singapore Journal of Legal Studies, Sep 2020, pp 601–629, Available at SSRN:

Andreas Kokkinis (Contact Author)

University of Birmingham ( email )

Edgbaston, Birmingham B15 2TT
United Kingdom

Andrea Miglionico

University of Reading ( email )

Reading, Berkshire RG6 6AH
United Kingdom

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