Unlike the popular belief, digital transformation mainly gets stymied by legal and regulatory issues related with legacy institutions in Asia rather than technical difficulties. The real challenges triggered by the PSD2 (Payment Services Directive 2) are how the region would overcome the overly fragmented, centralized, and hierarchical legacy framework to allow necessary changes to respond to the digital single market initiatives as promulgated by the European counterpart. The PSD2 is expected to bring about substantial changes in the payment ecosystem by allowing payment service providers to access customers’ accounts and transactions information via API that have been traditionally controlled by banks. This paper suggests an incentive-compatible mechanism design for open collaboration among legacy institutions in the region to help them adapt to the PSD2. As evidenced by case studies in Korea, the Asian equivalent of PSD2 can be implemented and further expanded to create region-wide PCS (payment-clearing-settlement) network by reconnecting the dots of legacy infrastructures. These decentralized, diverse, small payment networks can be further combined with the expanded RTGS-CDS platform to evolve into the next phase of Asian Financial Network.

中文翻译：

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重新连接支付服务指令2的要点-兼容的亚洲金融网络

与普遍的看法不同，数字化转型主要受制于与亚洲传统机构相关的法律和法规问题，而不是技术难题。PSD2（付款服务指令2）引发的真正挑战是，该地区将如何克服过于分散，集中和分层的旧架构，以允许进行必要的更改以响应欧洲同行颁布的数字单一市场计划。PSD2有望通过允许支付服务提供商通过传统上由银行控制的API来访问客户的帐户和交易信息，从而在支付生态系统中带来重大变化。本文提出了一种激励兼容的机制设计，用于该地区传统机构之间的开放式协作，以帮助它们适应PSD2。正如韩国的案例研究所证明的那样，可以通过重新连接旧有基础设施的各个点，来实现和扩展与PSD2在亚洲相当的功能，以创建区域范围的PCS（支付清算结算）网络。这些分散的，多样化的小型支付网络可以与扩展的RTGS-CDS平台进一步结合，以发展到亚洲金融网络的下一阶段。