Open banking services have been launched by 65 percent of commercial banks worldwide, the National Internet Finance Association of China (NIFA) said in its latest report, Xinhua reports. These banks have deepened cooperation with their partners with such services, building the banking ecosystem through openness and sharing, said the Research Report of Open Banking 2019, which surveyed 51 commercial banks.Open banking is a brand new, secure way for consumers including small businesses to share information, allowing new and existing companies to offer super-fast payment methods and innovative banking products, said the report.
Popular within the fintech sector, the user-centered service involves application programming interface) and software development kit technologies, said the report.
As open banking develops in China, a regulatory framework should be established to guard against systemic risks, and efforts should be stepped up to formulate industry standards, develop regulatory technology and strengthen the self-discipline of the industry, the NIFA said in the report.
