Regulators, lawmakers, and financial technology leaders are stepping up efforts to bring down borrowing costs, rallying behind open finance reforms that would allow consumers to securely share their financial data and help lenders offer cheaper, fairer loans.
At a high-level industry roundtable, officials and executives from Salmon, Billease, LenderLink, and ADVANCE.AI (http://advance.ai/) joined policymakers in calling for faster implementation of a secure, standardized data-sharing framework.
Participants said high interest rates often stem from a simple problem: lenders lack reliable information about borrowers. Without enough verified data, financial institutions price in higher risk premiums, making loans more expensive — especially for first-time borrowers and those without formal credit histories.
The Securities and Exchange Commission said it is actively exploring systems that would allow regulated institutions to share credit information more effectively, while strengthening identity verification and data protection safeguards. Lawmakers also signaled strong support, pointing to the proposed Open Finance legislation as both a financial reform and a social equity measure aimed at expanding access to credit for students, workers, and underserved communities.
Under an open finance system, customers would be able to authorize lenders to access transaction data from banks, insurers, utilities, retailers, and other service providers through secure digital channels known as APIs. Industry leaders stressed that the technology is already available. What remains, they said, is the need for clear rules, mandatory participation, and standardized security protocols to unlock the system’s full benefits.
Executives argued that creditworthiness should no longer be judged solely by past loans. Everyday financial behavior — such as consistent utility payments or subscription records — can provide a more accurate picture of a borrower’s reliability. With broader, consumer-approved data, lenders can better assess risk, extend credit to more people, and reduce interest rates without weakening underwriting standards.
Speakers cited Cambodia as proof that regulator-led data-sharing frameworks can expand financial inclusion while lowering borrowing costs. They said clear oversight and mandated API access in that market have translated policy into measurable results.
Industry representatives emphasized that artificial intelligence will play a central role in analyzing consolidated credit data quickly and securely, allowing lenders to process applications faster while maintaining safeguards.
The roundtable ended with a unified commitment to move from policy discussion to coordinated implementation, signaling growing momentum behind reforms that supporters say could reshape the country’s lending landscape — lowering loan costs, expanding access, and putting consumers firmly at the center of the financial system.
