On the afternoon of May 30, the Launch of Report on Global Open Banking Regulation and Macro-finance Salon (No. 163), organized by School of Finance, Renmin University of China and co-organized by FinTech Institute of Renmin University of China, International Monetary Institute, China Banking Research Center and Peak Initiative of Digital Finance Open Research, was held in the form of online video conference. The conference was presided over by Mr. Song Ke, executive director of FinTech Institute of Renmin University of China and deputy director of IMI, and participating members included Mr. Wang Zhongmin, former deputy chairman of National Council for Social Security Fund of China, Mr Wang Guogang, professor of School of Finance of RUC and director of FinTech Institute of Renmin University of China, Mr. Yang Zaiping, secretary-general of Asian Financial Cooperation Association and former deputy president of China Banking Association, Mr Chen Daofu, deputy director of the Research Institute of Finance, the DRC, Mr. Li Zhenhua, director of Ant Group Research and Mr. Yuan Yang, member of the research group of Report on Global Open Banking Regulation.

First of all, Mr. Song delivers the report, which points out that with the promotion of open banking and the implementation of related policies in the UK and the European Union, open banking is attracting more and more attention as a growing trend in financial industry. On the one hand, open banking will change the way that financial system provides its services to customers, who will be given by open banking access to financial services through third party platforms outside financial scenarios. On the other hand, as banks open up its services and data, they can attract new customers, increase touch points, innovate their services and improve customer experience by aggregating financial data and innovating products. Therefore, as an unstoppable trend, open banking can bring about the overall growth of the market by promoting cooperation and creating a win-win situation among banks, customers and third parties. By now, more than 30 countries and regions have adopted or are considering to adopt open banking. However, we should be aware of the problems and challenges in the development of open banking environment. Related laws and regulations will be needed to guarantee the function of the whole system.

The report puts forward six suggestions: (1) to keep encouraging the opening and sharing of data; (2) to improve data-related legislation and privacy protection; (3) to strengthen government guidance and optimize external environment; (4) to implement open banking in a planned way with experience of other regions as reference; (5) to improve qualification and access management; (6) to clarify the scope of opening data and enhance general consensus.