Mr. Open Banking and the podcast on banking in China that you shouldn’t skip.

Am grateful to Eyal Sivan, aka Mr. Open Banking, for having me on the show which had a decidedly different focus than most.  While we cover the disruption of digital payment in China we focus on how it impacted banks.

Here’s the good news for bankers, banks were disrupted more in China by Alipay and WeChat Pay than any others in the world, but they’re still standing and prospering.  And do you know what?  They’re fighting back with digital programs that would make the West envious.  Chinese banks are no slackers!

Here is an excerpt from Cashless on “open banking” in China that shows fundamentally how different open banking evolved in China:

“China achieved open banking by disruption rather than legislation. Unlike in the UK, China’s successes in open banking were not the result of a plan or concerted government effort. Instead, they were a survival strategy to combat Big Tech.

It was a case of innovate or die. The irony is, the UK banks required government regulation to open, where China’s state-owned banks opened themselves with no government prodding.

The two systems have one thing in common: banks had to change their organization and computer systems to enable the new required openness. Open banking necessitates a new team that understands both the tech itself and how it can be used to create profitable digital interactions.

These new digital teams face outwardly to the marketplace, trying to entice new partners (and cajole senior bankers uncomfortable with the entire process). “

Hope you enjoy this podcast as much as I did.   Thank you again Eyal, Mr. Open Banking!

Links:

Mr. Open Banking:

https://link.chtbl.com/S2E6_EyalSocials

Apple:

https://podcasts.apple.com/us/podcast/mr-open-banking/id1503523740

Simplecast:

https://mr-open-banking.simplecast.com/episodes/chasing-china-n6OKTLN5

Sponsor Axway:

https://blog.axway.com/industries/banking-insurance/mr-open-banking-an-interview-with-richard-turrin