Fan Conglai| Open Bank: The Booster of Financial Integration in the Yangtze River Delta

Release time:2020-01-17Author: Fan Conglai| Open Bank

Finance plays an important role in promoting the allocation of resources in modern economic development. The added value of the financial industry in the Yangtze River Delta exceeds 27% of the country. Therefore, financial integration is not only a key component of the regional integration of the Yangtze River Delta, but also one of the core driving forces to improve the degree of regional integration of the Yangtze River Delta."Financial integration" mainly focuses on a certain region, and its basic connotation can be summarized as follows: financial resource sharing, easy access to financial services and efficient financial allocation. The essence of "open banking" is data sharing, the model is to build an ecosystem, and the goal is to improve the service capacity of the banking industry.Considering the characteristics of open banking and financial integration, they have strong relevance in terms of core ideas. The development of open banks can support the financial integration of the Yangtze River Delta. The key is how to empower science and technology and establish an open banking system. This paper argues that we should strengthen the top-level design of open banks, establish the data base of open banks, build an open banking ecosystem and build a new open banking supervision system.