InsurTech4Good.com Weekly Newsletter – #23, 2025

Summer may be in full swing, but things are far from quiet on the open insurance and InsurTech front.

As always, I’ve summarised the most important developments from the last two weeks. And there’s been a lot to digest.

July marks the start of Denmark’s EU Council Presidency. One of the key files to watch is the Financial Data Access (FiDA) proposal. 

Member States are set to revisit it this Wednesday, and we should all come out a bit smarter afterward. The core issues remain familiar: scope (including proportionality and historical data), financial data access schemes, gatekeepers, and implementation timelines.

But open finance didn’t stop at FiDA.

Perhaps the most consequential headline comes from the U.S., where JPMorgan announced plans to charge fintechs for access to customer data. A potential turning point for open finance globally. I explore its implications further below.

This issue also covers trends in AI supervision for insurance, new open finance insights from APAC, and the growing cyber and AI risk nexus in financial services.

Enjoy the summer and the read!

Andres

P.S. If you're navigating InsurTech regulation, policy, or innovation—and think I can help—don’t hesitate to get in touch.

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JPMorgan to charge fintech companies for access to customer data

This is the most important fintech and insurtech news you need to read today.

JPMorgan Chase & Co. is reportedly preparing to charge fintech companies for access to customer bank data. A move that could fundamentally reshape how the fintech sector operates. 

It targets a practice that underpins much of the modern digital economy: free, behind-the-scenes access to your bank data. 

This access powers everything from payments and trading to crypto transactions and international money transfers.

If implemented, this would be one of the most consequential pricing shifts in U.S. digital finance in years. 

Read more here. 

The APAC State of Open Banking and Open Finance

This report offers valuable insights into the current implementation of open banking and open finance across 16 jurisdictions in the APAC region.

The study examines implementation differences across jurisdictions within APAC, identifies regional trends, compares them to global trends and explores their underlying reasons. 

The primary objective is to offer policymakers, regulators and industry stakeholders a timely, evidence-based understanding of open banking and open finance in APAC, focusing on governance approaches, data sharing and key stakeholder challenges.

Key findings:

1. Open Banking and Open Finance have gained significant momentum across the APAC region, with 16 jurisdictions adopting frameworks to varying extents.

2. Equally, jurisdictions vary in their approach to implementation.

3. Regional variations exist, with APAC showing a tendency towards market-driven or guided approaches to Open Banking, unlike the regulation led models common in regions like MENA and Europe.

4. Among 16 jurisdictions across APAC, 56% have enacted Open Banking regulations, mirroring the global 63%.

5. Among regulation-led jurisdictions in APAC, the primary goals are competition and financial inclusion, with a stronger emphasis on financial inclusion than in other regions.

6. In jurisdictions where regulatory frameworks drive Open Banking and Open Finance, various types of authority take the lead in implementation.

7. APAC surpasses other regions in live data sharing, with both regulation-led and market-driven jurisdictions exceeding global averages.

8. In expanding Open Finance to sectors such as Open Insurance, both regulation-led and market driven approaches show notable, yet limited, success.

9. Looking ahead, both regulation-led and market driven frameworks are expected to adapt in response to emerging technologies, shifting customer needs and evolving regulatory environments.

Read more here. 

Supervision of artificial intelligence in insurance

Global insurance supervisor IAIS has just concluded that no new standards are needed to address Artificial Intelligence.

However, it found it helpful to publish an application paper to provide practical guidance on how to apply existing rules in the context of AI.

The paper, updated following public consultation in early 2025, reinforces the importance of the Insurance Core Principles (ICPs), outlining how existing expectations around governance and conduct remain essential considerations for supervisors and insurers when using AI systems in insurance.

It discusses five key topics:

1. Risk-based supervision and proportionality

2. Governance and accountability

3. Robustness, safety, and security

4. Transparency and explainability

5. Fairness, ethics, and redress

This aligns with the recent European Parliament AI report, which focused on the EU and reached a similar conclusion: we should prioritise understanding how existing rules - both sectoral (e.g. financial and insurance regulation) and cross-sectoral (such as the AI Act) - interact, rather than rushing to introduce new ones.

I'm personally in the camp that supports this approach.

Read more here. 

10 key elements of an effective open finance framework 

Open finance is a financial innovation that enables customer-permissioned access to and use of financial data held by institutions to provide new and enhanced services and develop innovative business models. 

It expands on open banking by including a broader range of financial products, such as investments, insurance and pensions.

Open finance frameworks have the potential to enhance customer empowerment and experience, impact competition in the financial sector, spur data-driven innovation and improve financial inclusion. 

Yet open finance can also pose new or enhanced risks, especially as more data are exchanged between financial sector providers. 

Open finance can also impose new regulatory and supervisory demands, hinder competition if big players dominate and, in the absence of key supporting elements, risks leaving behind certain segments of the population.

A growing number of countries are considering, designing or implementing open finance frameworks. 

As the development and adoption of open finance becomes a central element of digital financial ecosystems in these countries, there is a unique opportunity to design open finance frameworks in a way that supports responsible financial inclusion and benefits all parties involved, especially those traditionally excluded and underserved.

This note highlights high-level considerations that are intended for financial sector authorities implementing or seeking to implement or improve open finance frameworks.

Read more here. 

Cyber and Artificial Intelligence Risk in Financial Services

This report captures timely and urgent insights into the cyber, quantum, and artificial intelligence risks reshaping global financial services. 

These risks are complex, fast-evolving, and deeply interconnected. 

The accelerating pace of innovation underscores the need for operational resilience, dynamic technology risk frameworks, and agile oversight to remain central to the regulatory agenda.

Read more here. 

Global regulatory trends for digital public infrastructure

Open insurance, open banking, open credit, and open finance can be seen as part of digital public infrastructure (DPI), specifically consent-based data sharing frameworks. 

This report examines how the convergence of DPI and digital financial services is transforming the financial services sector worldwide. 

It explores this convergence through the lens of regulatory authorities, focusing on how core DPI components could impact regulatory objectives such as financial inclusion, market integrity, competition, and financial stability.

Read more here. 

FCA open finance sprint 2025

I have always said that don’t underestimate the impact of a bunch of supervisors and innovators sitting around one table.

Open finance is a key priority for the UK conduct regulator FCA. Not just as a regulatory initiative, but as a national growth opportunity (think of ongoing discussion around growth and competitiveness agenda in the EU).

It supports smarter regulation, better outcomes for consumers, stronger financial crime prevention, and future-proof innovation.

In March, the FCA brought together over 110 stakeholders (including financial institutions, regulators, fintechs, and tech providers) for a two-day Open Finance Sprint. 

The aim? To build a shared vision for the future and explore real-world use cases that unlock the potential of open finance.

Participants co-designed practical data-sharing ideas across four key opportunity areas:

• Financial wellbeing
• Financial growth
• Financial resilience
• Digital identity & verification

The energy, ambition and alignment around the 2030 vision was striking: a future where open finance is secure, intelligent, personalised and built on trust, collaboration and ethical innovation.

The outcomes are now published in a report, with more to come: TechSprints, a Smart Data Accelerator, and a roadmap for open finance by March 2026.

I think we should not copy each other blindly (both in open finance policy and overall innovation facilitation). But we can definitely learn from each other, share best (and not-so-good) practices, and, where relevant, copy from each other too.

Read more here.